What We’re Reading: Retirement Spawning Entrepreneurs
April 4, 2013 1 Comment
According to a survey conducted by the Kaufman Foundation, Americans from the ages 55 to 64 are starting businesses more than any other age group. In fact, 23 percent of all entrepreneurs fall into this age group, quickly turning retirement into an opportunity for a new career for many retired Americans. There are a number of reasons for this surge in post-retirement startups; many seniors are more financially secure and have the startup capital to finally be their own boss, some are looking for a more stable gig after being laid off in the struggling economy, and others finally have the time to turn a passion into a steady income. With people living longer and healthier lives retirement is as good a time as any to turn a business idea into a reality. Below are articles with personal stories from these “encore entrepreneurs,” as well as some sound business tips for any retirees considering beginning a business venture of their own. Are there any encore entrepreneurs you’d like to give a shout out to? Tell us about them by tweeting to @IPNTeam.
Boomers Turn to Encore Careers After Retiring
USA Today: article by Rodney Brooks
Sitting at home through a 20-or 30-year retirement is no longer an option for an increasing number of Baby Boomers. Some are looking to do something else because they have to for financial reasons. But, increasingly, Boomers are embarking on entirely different “encore” careers after retirement. “The reality is people are living longer, healthier lives, and when they get to the point when the need to make a change — they retire, are laid off or sell their business — they are 60 years old, and they say ‘I still have another 10, 15, or 20 or years and I want to do something,’” says Nancy Collame
Encore Entrepreneurs: Big Dreams for Older Small-Business Owners
Forbes: article by Northwestern Mutual contributor
If you’re age 50 and considering a new career as an entrepreneur, you’ll want to make sure you are pursuing a viable business venture. Consider asking yourself these questions: Does your business fill an unmet or underserved need? What does the competitive landscape look like? How can you leverage your personal, professional and other key relationships to help you succeed? Once you have identified your opportunity, here are three steps you can take to move your new venture toward success.
1. Make a business plan.
2. Get advice.
3. Figure out financing.