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Baby Boomers – Retire or Start a Business?

There is some interesting information on the Baby Boomer generation that a large number are starting businesses versus retiring.

So… Ask yourself  >>> Do you want to retire or start a business?

An interesting article at Entrepeneuer points out some interesting research on Baby Boomers starting their own business.

baby boomers

 

From the article (Click Here for the Article):

“According to the Kaufmann Foundation, baby boomers (born between 1946 and 1964) are twice as likely to launch a new business in 2015 compared to millennials. This staggering statistic, revealed in the State of Entrepreneurship Study, is great news for everyone. It may not seem like it, but successful entrepreneurial ventures haven’t recovered from the Great Recession. Shows like Shark Tank and everyone on your social media talking about their small business may suggest otherwise, but a failed startup doesn’t really count as living the American Dream.”

Baby boomers may not have the same energy as millennial’s, but Baby Boomers have a better handle on work/life balance. They also have the drive and ambition to chase success.

Plus, boomers have lots of work experience that can’t be faked or gained in a hurry. Many of them have a relatively decent amount of wealth and/or equity. They also have better financial sense compared to the typical millennial. There’s no getting around the fact that you need money to make money. Getting a business going requires cash flow. For boomers, that’s a major obstacle that may be easy to overcome.

The Kaufmann Foundation reveals some interesting details about boomers as entrepreneurs and why they are winning the game. There’s a 35 percent chance that an older business owner started the business he or she currently manages. In 1996, 14 percent of entrepreneurs were older than 55. However, in 2014 that was true of 23 percent of entrepreneurs. Boomers are the wealthiest living generation, and since 1992 every year more and more people are working past the age of 65.

Baby Boomers – Maybe it is time to start a business… Good Luck!

Related Post: Retirement Checkup

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