Ask an Expert: Older entrepreneurs, bear this in mind

This is not to say "don't do it." Rather, it is just a word of caution. Be sure you really want to invest the time necessary to make it a go.

2. Be careful not to invest too much. Especially when so many people have taken a huge hit on their retirements accounts, you have to be extra careful not to lose another chunk. As I said, entrepreneurship is a risk and your business may — or may not — fly. By being careful not to invest too much you hedge yourself against taking an unacceptable loss.

By the same token, if you decide to take out a loan to start your business, be prudent. Don't get in over your head with indebtedness that you will be unable to afford if things go poorly.

3. Use your transferable skills:The skills you have acquired over a lifetime of working are an incredibly valuable asset so make sure you are able to use them in the new endeavor. Sure, the thought of trying something new is exciting, as well it should be, just be sure that the new thing utilizes your old skills.

4. Consider buying some sort of established business:You essentially have two choices here:

• First, you might want to buy an already-established business. This is a tried and true way to reduce the inherent risk of the entrepreneurship (ad)venture. Established businesses are known quantities; they have a track record, a record of profit (or loss), an established clientele, and so on. Those are valuable things.

• Second, you might also want to consider buying a franchise. Like an established business, a franchise is a business where most of the kinks should already be worked out. There is less trial and error.

5. Have fun. Being you own boss after 55 can be a blast, if your venture makes money and does not take too much of your precious time. Choose wisely.

Today's tip:I recently participated in a couple of events for AT&T and Blackberry for the new Blackberry Bold. I haven't been excited about a new cellphone in a long time, but man, was this one cool. Steve says check it out!