How Baby Boomers Are Turning
Their Knowledge into Profits
BY RICHARD GREHALVA
Graham Royce My thoughts on Richards book ” How Baby Boomers Are Turning Their Knowledge into Profits” Baby boomers are boomerprenuers
I’m not quite a baby boomer per say but I’m 61 very shortly. That puts me just outside the real baby boomers. However my friends and associates are baby boomers and does this book fit. Well it’s an interesting view on the world all of which I like and agree with. This book was pointed out by Donncha Hughes http://www.bridgewatermcg.com/promoter_profile.html. I have had the pleasure of working with Donncha and when it comes to start-ups he’s the man to talk to. However back to Richard Grehalva and his book.
In the first instance the boomers have had the 50’s major growth in the car industry and the Hot-rod culture became acceptable. 1 in 6 Americans were employed in the automotive industry. The ordinary person began to have disposable income in their pockets.
During the 1960s the United States experienced its longest uninterrupted period of economic expansion in history. Whereas automobiles, chemicals, and electrically powered consumer durables were the leading sectors in the 1950s, they were supplanted by aerospace, housing, and the computer industry well into the 60’s. New ideas like Lean Start-up and other techniques began to be talked about and studied.
In the 70’s the workforce in the westernised world began to flex its mussel. The large scale mainly public owned corporate industry, Electricity coal mining began to see the havoc they could cause the might of the Unions. Come the end of the 70’s into the eighties Margaret Thatcher and here government made up of the owners of these rebellious corporate industries decided enough was enough and she took the unions out. Was that a bad or a good thing to me bad the balance has gone.
Before the late 1990s, no one was using the phrase “business model.” Or at least, it hardly appeared in written form. The phrase has since morphed, subtly but quickly, from an abstract theoretical term to one with animate, even living connotations. This linguistic shape-shifter has the capacity to tell us something about the idiosyncrasies of business language.
Corpus linguistics—the study of large bodies of published text to find language usage patterns—has become much easier to do since Google launched its Ngram Viewer. It’s a nifty toy for analysing lots of words from lots of books. The Ngram Viewer pulls data from more than eight million books, and really flexes Google’s big data muscles. It also makes for a fantastic Tumblr project. And when you put the phrase “business model” into it, you get this result:
These are the only business models so don’t try an invent a new one it’s not possible
- Bricks and clicks business model
Business model by which a company integrates both offline (bricks) and online (clicks) presences. One example of the bricks-and-clicks model is when a chain of stores allows the user to order products online, but lets them pick up their order at a local store.
- Collective business models
Business system, organization or association typically composed of relatively large numbers of businesses, tradespersons or professionals in the same or related fields of endeavour, which pools resources, shares information or provides other benefits for their members. For example, a science park or high-tech campus provides shared resources (e.g. cleanrooms and other lab facilities) to the firms located on its premises, and in addition seeks to create an innovation community among these firms and their employees.
- Cutting out the middleman model
The removal of intermediaries in a supply chain: “cutting out the middleman”. Instead of going through traditional distribution channels, which had some type of intermediate (such as a distributor, wholesaler, broker, or agent), companies may now deal with every customer directly, for example via the Internet.
- Direct sales model
Direct selling is marketing and selling products to consumers directly, away from a fixed retail location. Sales are typically made through party plan, one-to-one demonstrations, and other personal contact arrangements. A text book definition is: “The direct personal presentation, demonstration, and sale of products and services to consumers, usually in their homes or at their jobs.
- Distribution business models, various
- Fee in, free out
Business model which works by charging the first client a fee for a service, while offering that service free of charge to subsequent clients.
Franchising is the practice of using another firm’s successful business model. For the franchisor, the franchise is an alternative to building ‘chain stores’ to distribute goods and avoid investment and liability over a chain. The franchisor’s success is the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business.
- Freemium business model
Business model that works by offering basic Web services, or a basic downloadable digital product, for free, while charging a premium for advanced or special features.
Other examples of business models are:
- Auction business model
- All-in-one business model
- Chemical Leasing
- Low-cost carrier business model
- Loyalty business models
- Monopolistic business model
- Multi-level marketing business model
- Network effects business model
- On-line auction business model
- On-line content business model
- Premium business model
- Professional open-source model
- Pyramid scheme business model (Illegal)
- Razor and blades business model
- Servitization of products business model
- Subscription business model
Into 2000 and hay ho we are all making good money but we are also through those that are 55 upwards on to the scrap heap the knowledge is disappearing with the bath water. Then 2005/6 the price of Oil went through the roof and pop, the bubbles her in Ireland went with an almighty bang.
So Baby Boomers yep we have gained the knowledge and it’s time to fight back use that knowledge the Richard Grehalva talks a lot of sense. Some quotes from the book and a few of his points.
Did you know that the next business to be launched will not be from a 20-something, but more than likely it will be someone over the age of 55?
According to the research done by the Kauffman Foundation:
“In every single year from 1996 to 2007, Americans between the ages of 55 and 64 had a higher rate of entrepreneurial activity than those aged 20-34.”
The Bureau of Labour Statistics data shows self-employment as an even more extreme pattern. The rate of self-employment is higher among people in their 60s than even those in their 50s, let alone those in their 20s or 30s. In fact, the bureau’s surveys of American workers reveal that people aged 65 to 69 are self-employed heads of corporations at four times the rate of people aged 25 to 34.
The Small Business Administration reports in its recently released publication Small Business Economy that, from 2000 to 2011:
- Self-employment for people under 25 dropped 9 per cent.
- For people aged 25 to 34, it fell 8 per cent.
- For people between 35 and 44, it declined 24 per cent.
Here is the big news!
The Boomerpreneur Revolution
- Self-employment for people aged 55 to 64 rose 54 per cent!
- It increased 36 per cent for those over 65.
Okay, you get the picture now. More than ever, baby boomers are becoming entrepreneurs… Boomerpreneurs.
Richards Grehalva 5 Principles of Change
Principle Number 1 - Change means — you have to take action immediately.
Now you’re saying to yourself, “d’uh,” Take action.
Principle Number 2 - Change means — you have to change
your thinking. I know you’ve heard this one before: “If we keep thinking the same
way, we will get the same results,”
Principle Number 3 - Change means – you have to change your environment.
The environment that I’m talking about is the one inside your mind.
Principle Number 4 - Change means – you have to change your focus. You know what Steve Jobs did when he returned to Apple? Focus. He eliminated 350 products to focus on 10. He removed the clutter.
Principle Number 5 - Change takes time. Stick with it and each day is better than the day before.
- I have begun take action.
- I have changed the way I think.
- I am changing my environment.
- I have changed my focus.
- I also accept that change takes time.
As I said at the start I am 61 I have the network of well establish business people I think I have a track record that’s worth something and I don’t charge for the help I give through the various business start-up programmes I have worked on and with since 1995.
This will change after reading this book in the near future.