Baby boomer business owners are on the rise. In fact, they’re the fastest-growing group of entrepreneurs in the country. From 2007 to 2008, the Ewing Marion Kauffman Foundation found that businesses launched by 55- to 64-year-olds grew 16 percent, or about 10,000 new businesses a month, said MSNBC.com.
The Kauffman Foundation predicts that trend will continue as the workforce ages and with an employment landscape that may have changed permanently. As traditional full-time employment opportunities shrink and people needing to earn income later in life, more boomers will get pushed in entrepreneurship, say experts.
Older entrepreneurs bring decades worth of career experience, knowledge and industry contracts, and often some savings to fund a startup. But time isn’t necessarily on their side – older entrepreneurs can’t wait years for a business to turn a profit, and if they fail, they don’t have time to earn that money back, says Edward Rogoff, author of “The Second Chance Revolution: Becoming Your Own Boss After 50.”
Some boomer entrepreneurs say they opened a business based on a hobby or passion they always had but didn’t have the time to pursue.
John Olson, 45, carved table-top fountains as a hobby, but after taking an early retirement, he turned his hobby into a $2 million business. He only wished he started sooner. “I thought you had to be some kind of Harvard Business School graduate,” Olson told MSNBC.com. “But I realized you just have to apply basic business principles.”
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to