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After a lifetime of working for other people, the idea of being your own boss can be enormously appealing. If your inner entrepreneur is ready to come out, how do you go about going it alone?

Many of us would like to stay active—both financially and mentally—when we stop working. Starting your own business seems ideal: a way to make money and keep life interesting without giving up your independence. This may well be the case, but it’s crucial both to assess your mental preparedness and put careful plans in place before you start.

A risky business?

You should take a clear-eyed look at how comfortable you are with risk. There’s no point spending your ...

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