Move over millennials, while fresh-faced college grads are getting their feet wet, business savvy baby boomers are moving full speed ahead to turn their favorite hobbies into flourishing careers. According to a 2014 publication of the Kauffman Index of Entrepreneurial Activity, 23% of new entrepreneurs were between 55, and 64 in 2013, compared to just over 18% ten years prior. For anyone who’s spent a mundane day at the office asking themselves why they aren’t waking up to do what they love, well why not? For many “retirees” the honeymoon phase after leaving the corporate grind is the perfect the time to start brainstorming ways to pursue passions instead of a paycheck.
The freedom of being one’s own boss opens up a world of possibilities. Baby boomers with their own start-ups have the advantage of channeling their creativity into something of their own making, creating their own schedules, and enjoying the flexibility that comes with business ownership. Whether someone’s spent years creating award-winning cuisine in their home, or fixed up vintage cars as a past-time, they’ve probably been asked at one time or another if they’ve considered making a living out of it. Transforming those interests into a potentially lucrative business opportunity is pushing the notion of retirement into the far distant horizon.
The 55 and better crowd has work experience under their belts, greater financial stability, and are in the know when it comes to technology. Getting themselves out there is even easier now than it was ten years ago with social media serving as a primary outlet to promote their businesses, and network with fellow entrepreneurs. Between smartphones, tablets, and other mobile technologies, it’s not uncommon to see older adults setting up business meetings than spending the afternoon hanging out at the golf course. The main difference between the twenty-something 9-5 employee and the seasoned business owner is the dedication to work hard out of desire, versus putting in overtime out of necessity.
Boomers are paving the economic path to success and reinventing their parent’s idea of retirement. This generation of determined individuals has become a major societal influence from inspiring the 55+ housing market to city development, and now being the driving force behind small business growth. Whether they’re wanting to make money to put away or afford things they’ve dreamed of having someday, these entrepreneurs have no plans to call in quits anytime soon.
