Why We Become Entrepreneurs

R-E-S-P-E-C-T: What my means to me. Aretha got it right in 1967, and she still speaks the truth today.

Whether we've been entrepreneurs for years or are just starting out, we own our businesses for many reasons. And some of those reasons are more important when we cross the over-55 threshold. It's as simple as RESPECT: regard, esteem, solvency, passion, employment, connection and time.

Regard: Some advertisers are finally portraying us as something other than little old ladies. Thank goodness. But where do we see ourselves as the vital, competent businesswomen we really are? Certainly not in the media. Entrepreneurship offers us a way to reach out to the public and build ourselves up as experts.

When we identify ourselves as business owners, we're perceived as more accomplished and more interesting. We've taken the risk of starting, growing and maintaining a business. This places us outside the traditional roles open to us years ago as high school and college graduates. And, well, it feels good to have grown.

Esteem: Having a business is wonderful for our self-esteem. In the past, the expectation was that we'd retire in a few years. Today, we're proving that we're still full of vitality and ready to take on new challenges daily. It's energizing, exciting and fun.>

Solvency: Let's not kid ourselves, earning an income is important. Owning our own business allows us to set our own financial goals. And through hard work, good planning and solid marketing, we have the potential to secure our financial future. Not every woman wants or needs a million-dollar business. It's important to recognize that big isn't always important. At this stage of our lives, we can assess what we need and what we need to do to get it, then set our course.

Passion: Having an idea, product, talent or service we're so passionate about we must bring it to market is one of the most wonderful aspects of owning a business. For some over 55, this is the first chance they have to devote their energy to what makes their hearts soar.

Employment: Many of us become entrepreneurs simply because we are over 55. If we would find ourselves in need of employment or income, we know our chances of being hired by a corporation--no matter how great our resume--are significantly lower than a woman 20 years our junior. The chances are even lower if we've let our hair go gray and our waistlines thicken. Owning our own businesses is one way of taking our wellbeing into our own hands.

Connections: Every over-55 woman entrepreneur readily acknowledges that owning a business connects her to people, places and ideas outside her previous circle. These broadening connections enhance our lives and the lives of those around us.

Time: When we're over 55, our perception and use of time is different. We've spent a lifetime focusing on others as daughters, spouses, mothers, working women and volunteers. Yes, we want respect, but we also want time to do the other things that matter to us: travel, grandmother, mentor and explore creative outlets. Owning our own business can allow us to determine our own calendars. And as women entrepreneurs over 55, all these rewards can be ours.