THE OPPORTUNITY FOR COMMUNITY COLLEGES TO WORK WITH ENCORE ENTREPRENEURS A Presentation for the NACCE Conference October, 2013 Jackie B Peterson Portland Community College

The Population There are 79 million Baby Boomers- those born between While life expectancy in 1900 was 47, life expectancy in 2000 had grown to 78. Many Boomer and those even older, are experiencing a “longevity bonus” which mean they will have years of life between the time they “retire” and end of life. Opportunities in Encore Entrepreneurship

The Population Many in this group have not saved for retirement Social Security is under attack and in fact was never meant to be a retirement program. The benefits much change for US fiscal responsibility Pensions are basically a thing of the past. Many people lost their 401K in the Great Recession Opportunities in Encore Entrepreneurship

The Population So, there is a conundrum: More years, less money. How will people cope? Already we are seeing a rise in Entrepreneurial activity by those 50+ Fast Company has identified that more people in the 50+ age category are starting businesses than those in other age groups. Entrepreneurship is the answer for many seeking financial independence. Opportunities in Encore Entrepreneurship

Encore Entrepreneurs SBA (Small Business Administration) and AARP have recognized this growing population and trend. They named this group Encore Entrepreneurs. They are developing joint programs to serve them. Encores are showing up at Community Colleges to get training to “re-career” or start new businesses Opportunities in Encore Entrepreneurship

Needs of Encores Encore Entrepreneurs have needs to support Physical health, Mental health and Financial health. Entrepreneurship is a perfect solution to issues of financial health. Solopreneurship is a perfect model for Encore Entrepreneurship. And the solo business model is not the same as the traditional business model!!! Opportunities in Encore Entrepreneurship

Solopreneurship Solopreneurship used to be called Self Employment or Home Based Business or Freelancer Through the Better Smarter Richer program we have identified 7 principles that make solopreneurship financially successful and solo businesses scalable. Opportunities in Encore Entrepreneurship

Why Solopreneurship for Encores? Many solos come with the most basic requirement for success as a solo: Expertise gained over 30+ years in the work force. They already have possibility for a deep and narrow niche. Solo businesses do not require a deep capital infusion- most solo businesses are service based; most of the required capital is knowledge or "know-how.” Opportunities in Encore Entrepreneurship

Why Solopreneurship for Encores? Solo businesses can be expanded with intensity and amount of time spent – and contracted almost at will to give to solo flexibility to travel or time off for health or issues. Solo businesses can provide a very nice flow of income to support retirement or to supplement other retirement income. Opportunities in Encore Entrepreneurship

Why Solopreneurship for Encores? Solo businesses are designed to be hands on. The entrepreneur can be assured, because in a solo business model they outsource administrative needs and office support through sub contracting, that they will be able to actually DO the work of the enterprise and not wind up in a management of employees role- one that many encores do not want to do; they want to make money doing what they love. Opportunities in Encore Entrepreneurship

Barrier to Solopreneurship Lack of General Understanding about the differences between a solo business and a traditional business. Fear and uncertainty of Encores. They have often spent so much time working for someone else that they cannot see that they know anything that is marketable. They do not see that expertise is opportunity. Encores often think their only choice for financial independence is low paying work such as store greeter, house cleaning, or maintenance services with no barrier to entry. Opportunities in Encore Entrepreneurship

Encore Entrepreneurship Program We see encore entrepreneurship as the missing link two ways: As a bridge between for credit and not for credit sides of our college As the “missing piece” in plus 50 workforce programs such as AACC program and Work systems program (Portland Community College is one of the schools included in the AACC grant study) Opportunities in Encore Entrepreneurship

Encore Entrepreneurship Focus Creates Opportunities for Collaboration At PCC we are using this focus to build strong collaborations with: Small Business Administration AARP PCC Gerontology Department Other PCC Certificate Programs Other Community Colleges Opportunities in Encore Entrepreneurship

Collaborations in More Detail SBA and AARP- at a national level they are committed to talking with 100,000 encore entrepreneurs in At PCC we have participated in 4 Encore Events with SBA and AARP throughout the State of Oregon Opportunities in Encore Entrepreneurship

Collaborations in Detail Gerontology Department of PCC- This department is being inundated with Seniors looking to find ways to support themselves and find a stream of income. We are working with them so they can deliver the Better Smarter Richer program to seniors, possibly in their for credit program, through that Department. We are working with other PCC certificate programs to identify those who are gaining skills so they can start businesses. We are working with the PCC Life by Design N. W. Program already focused on needs of Baby Boomers Opportunities in Encore Entrepreneurship

Collaborations in Detail Other Community Colleges. We have created a collaboration with two other community colleges in the region, Columbia Gorge and Lane County, to deliver the Better Smarter Richer program as part of their service to solos and Encore Entrepreneurs. Opportunities in Encore Entrepreneurship

PCC Encore Entrepreneurship Program Being offered on a scholarship right now to people over fifty- Grand funding through Atlantic Philanthropies to Life by Design N. W. Which as in turn made a two year grant to PCC-SBDC Consists of: Introduction or Encore Studies program – identifying your skills and entrepreneurial aptitude Directed Self Study- our business plan writing program Entrepreneur Development Program Better Smarter Richer- support of solopreneurship Opportunities in Encore Entrepreneurship

PCC Encore Entrepreneurship Program Marketing the Program Working directly with Gerontology Department to present the opportunity to Certificate Programs Presenting to other department heads who offer certificate programs Publicizing through ASA, AARP, SBA and through 8 identified “re- careering” support groups Opportunities in Encore Entrepreneurship

Results so Far 115 students have participated in the Better Smarter Richer program so far. 53% are 50 plus students Results have been: Increased profits, business starts as well as skills development and increased confidence. Opportunities in Encore Entrepreneurship

Next Steps Track students 50+ who participate in the program over our grant period- two years Publish results to interested parties Adapt the program where needed to meet the needs of those over 50 who are struggling with financial issues. Contact me: See our special materials offer at Opportunities in Encore Entrepreneurship