Friday, September 21st, 2018

Baby Boomers Move to Self-Employed

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Rising unemployment reinforces Boomers’ entrepreneurial bent.

This was the headline from a recent Forbes Magazine article by Ashlea Ebeling.

There is always negative news as the article reports, but Boomers do not expect to be handed anything. Do you know which age group has the highest rate of new business creation? 55 to 64. That is us!

We know…We know… that “entrepreneurs under 25″ sounds sexier than “50 entrepreneurs over 50.” But the reality is that many entrepreneurs–those who will hopefully lift us out of the recession–are older folks.

The article states….The news again is grim. Unemployment rates in June continued to climb for those aged 55 and older–to 7.7% for men and 6.4% for women, up from 3.1% and 3%, respectively, in December 2007.

Sure, that’s lower than the national 9.5% rate. The problem is, once older workers lose their jobs, they have trouble finding others.

Fortunately (for those in this age group and for the economy), older workers have recently demonstrated they have a plan B: Work for themselves.

Read more below:

Over the past decade, the highest rate of new-business creation has been posted by the 55 to 64 age group, Dane Stangler, senior analyst at the Kauffman Foundation, a Kansas City, Mo., charity devoted to entrepreneurship, notes in a new report, “The Coming Entrepreneurship Boom.” Using data from the Kauffman Index of Entrepreneurial Activity, the study finds that from 1996 to 2007, Americans aged 55 to 64 averaged a rate of entrepreneurial activity roughly one-third higher than those aged 20 to 34.

And the parting upbeat paragraph from this article:

So if you’re looking for a silver lining in the latest unemployment numbers, it might be this: According to Stangler, well over half of the largest companies in the U.S. and close to half of the fastest-growing firms were founded during previous recessions or bear markets. “This might be the start of a new entrepreneurial era,” he says.

Boomer 54

Mark

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