Baby Boomer Entrepreneurship Surging Throughout the US
When we think of entrepreneurs we envision young people, energetic and fresh from school. There is evidence, though, that the face of entrepreneurs might be considerably older; Baby Boomer entrepreneurship throughout the US is exploding on the business scene. In fact, a survey done by Monster.com said 45 per cent of Boomers( those between 50 and 69) saw themselves as entrepreneurs compared with just over 30 per cent of their younger counterparts who are just finishing degrees and beginning careers. More Boomers also saw themselves as risk takers.
Why shouldn’t they be? They do not have the distractions of parenting or finances. A Huffington Post article says they have the experience, the connections and the resources to be successful. Many older people have passive income that allows them to explore business building when their salaries stop. That is why so many Baby Boomers are reinventing themselves as they reach retirement age.
Historically, older Americans have often done their best work after they reached the age of “seniority.” Alfred Hitchcock directed some of his beat films after he was 50, Colonel Sanders was 65 when he started his first chicken restaurant and Julia Childs didn’t even learn to cook until she was 40. The difference in the Boomer generation is that they are entering new fields and expect to succeed as a group, not as isolated success stories.
Susan Jones left her career as a psychotherapist and educational therapist at 60 years of age and started a company called Quad2Quad which has an app that helps prospective students make college visits. Venturing into the “techie” world is something she says she could not have done alone. It was made possible by the resources that exist for older entrepreneurs today. For instance, AARP partners with the Small Business Administration to sponsor monthly entrepreneurship mentor meetings.
It is a new mindset. In 2012, almost one-fourth of new businesses were started by people 50 and older. That should encourage the rest of the US. It is never too late to start again. For more information and insight into entrepreneurship at any age, contact us.