It is a survey finding that surprised even the experts. Since 1996, entrepreneurs in the 55-64-year-old age group have initiated more new businesses every year than those in the 20-34 age range.
Dane Stangler, senior analyst for the Marion Kauffman Foundation located in Kansas City, Mo., which conducted the survey, said its results were surprising even to him. They shatter the stereotype of the young college graduate (or dropout: Bill Gates of Microsoft, Mark Zuckerburg of Facebook) as the expected founder of a new business. The involvement of baby boomers who should logically be considering retirement instead of new ventures is a growing trend, Stangler said. The number of Baby-Boomer entrepreneurs continues to rise over the younger age groups each year. The foundation’s research was reported in an AARP publication.
The reasons for the phenomenon are, of course, multiple and complex. For one thing, Americans are living longer and more healthfully. Full retirement at the usual age isn’t appealing to many who have spent their normal career years cultivating skills that can be transferred to a business they control themselves.
The AARP article points to Doug Wolf, a man in his 50’s who had spent his career years in the medical field, working at hospitals as an MRI or CT technologist. When he tired of the job, he determined, despite a bad economy, to strike out on his own. He started, wisely, by researching franchises he felt would work for him. He paused for awhile over the possibility of opening a bird feed store, but ultimately opted for a carpet cleaning business. Among the reasons: carpet cleaning is a useful service; it is year-round and indoors. So despite discouragement by some of his family, he stepped out and joined the ranks of middle-aged first-time business owners.
The franchise of choice for the 21st Century seems to be a home-based, computer-supported business. Multi millionaires such as Donald Trump, Robert Kiyosaki and Warren Buffet, all are involved to some degree with businesses like this.
From the entrepreneur’s standpoint, the advantages are obvious. What other business offers — for an initial investment in the neighborhood of $500 — the lure of low overhead (you probably have no additional housing expenses for the business beyond your own home) no need for expensive advertising and the prospects of unlimited growth, which translates into unlimited wealth.
Those who have already succeeded are proof-positive that age doesn’t need to be a factor if you have the desire.