Reinventing Yourself Over 40: Key Insights for Aspiring Entrepreneurs

If you’re thinking about leaving your corporate gig behind and starting your own business, especially if you’re over 40, you’re in good company. The journey from corporate life to entrepreneurship can be daunting but immensely rewarding. I’m Patty Dominguez, the founder of More Leverage, where we help service-based entrepreneurs streamline their lead flow through automation powered by artificial intelligence. Here, I want to share the insights that transformed my life, insights, and tips for business success I wish I’d known sooner.

The Corporate to Entrepreneurship Journey, Key tips for business success

For over 11 years, I’ve been an entrepreneur, but before that, I worked in corporate for a Fortune 50 company. The decision to step away from a stable job into entrepreneurship wasn’t easy, especially when you’re over 40. In fact, it can be downright terrifying. The idea came years ago when people on LinkedIn would ask, “How did you do it?” Leaving a structured corporate world for the uncertainties of entrepreneurship requires a radical mindset shift and a whole lot of courage.

Finding Inspiration in Successful Entrepreneurs

One inspirational story that sticks out is that of Susie Batiz, the founder of Poo~Pourri. Susie began her business journey at age 43, having previously faced bankruptcy twice. Remarkably, she credited her experiences with eliminating her fear of failure. This mental resilience is a cornerstone for anyone pondering a similar leap. Your journey is as much about mental toughness as it is about business acumen.

Quiet Quitting and Career Dissatisfaction

If you find yourself increasingly dissatisfied with your job, you’re not alone. Many of my colleagues in the corporate world used to say things like, “I’m just hanging in there” or “Eight more years and I can get out of here.” That was a significant moment for me; it made me realize I didn’t want to spend my life counting down the days until retirement.

Back in 2008, during the market crash, my husband and I were both unemployed, which served as a wake-up call. It shattered the illusion of job security that led me to question everything I had believed about my career path. The year 2009 was a difficult but enlightening time for me.

The Mindset Shift: Thanks to “Rich Dad Poor Dad”

One book that changed my perspective entirely was “Rich Dad Poor Dad” by Robert Kiyosaki. It exposed the errors in my approach to financial security, making me realize that my educational qualifications weren’t enough. The real question was: What kind of business structure was I building for myself? Understanding this shift in mindset was crucial for my transition to entrepreneurship.

Tip 1: Hire a Coach

One of the most impactful steps I took was hiring a coach. While my first coach wasn’t specifically focused on transitioning me out of my corporate job, he helped me navigate the early stages. Today, you can find coaches for almost everything—wealth, health, mindset, energy, and more. A good coach helps you identify your values, priorities, and how you see yourself.

Having a coach can help you solidify your entrepreneurial identity. Initially, I felt like I was trading time for money. The abrupt stop to my regular paycheck was jolting, but having saved some money beforehand gave me a cushion to fall back on.

Tip 2: Find Your Community

It’s crucial to find a community of like-minded people. When I quit my job, many around me thought I was making a massive mistake. The feelings of excitement and sheer terror were overwhelming. It’s a roller coaster ride of emotions—exhilaration followed by doubt and fear. Surrounding yourself with other entrepreneurs can help you navigate these turbulent times.

I recall a significant breakthrough during a conference. Being around other entrepreneurs who understood my journey was invaluable. One conversation with a fellow entrepreneur, Kurt, changed my outlook entirely. He reminded me that entrepreneurs create new money, a concept that helped me shed my employee mindset and fully embrace an entrepreneurial one.

You can find your community on social media platforms like Linkedin and Facebook

Tip 3: Embrace the Entrepreneurial Mindset

Kurt’s advice was a game-changer. Instead of worrying about trading time for money, I began to see the potential for creating new income streams. This shift was vital. Embracing the entrepreneurial mindset means understanding that your value isn’t tied to the hours you work but to the impact you can create.

Tip 4: Leverage and Outsourcing

In the early stages of my entrepreneurial journey, I tried to do everything myself. This approach led to burnout and adrenal fatigue. A book that really helped me was “Who Not How” by Dan Sullivan, which emphasizes the importance of finding the right people to help manage different aspects of your business. Delegating tasks can free up your time to focus on what truly matters.

Understanding leverage was another turning point for me. It’s not just about sales tactics but strategically understanding where your leverage points are—time, money, and energy. The realization was so profound that it inspired the rebranding of my business to More Leverage.

Tip 5: Authentic Positioning

One mistake I see often is entrepreneurs trying to copy what others are doing. Authenticity is crucial. You should highlight your unique strengths and positioning in the marketplace. I used to charge for a positioning course that I now give away for free because I believe everyone should understand the power of their unique voice.

It’s important to stand out and not just replicate someone else’s success. You need to get clear on your messaging—who you’re helping, what problem you’re solving, and how you’re solving it. This clarity will make it easier for your audience to connect with you as an expert in your field.

Conclusion

Taking the leap from a corporate job to entrepreneurship can be a transformative experience, especially if you’re over 40. By shifting your mindset, finding a supportive community, leveraging your strengths, and positioning yourself authentically, you can pave the way for a successful entrepreneurial journey.

I invite you to share your thoughts and experiences in the comments below. How long have you been an entrepreneur, or are you considering making the switch? What questions or concerns do you have? I’ll personally respond to your comments.

For more tips and insights, don’t forget to subscribe. Also, check out the free Positioning Super Bundle in the description below. It’s designed to give you the clarity you need to navigate your entrepreneurial path successfully.

Here’s to more leverage and a future where you thrive!