The boomer generation isn’t using retirement as an opportunity to leave the workforce all together. Instead,
with entrepreneurship down in the Untied States, this demographic is picking up the torch — and it’s not the 20-something computer geniuses — it’s the 55-plus crowd with years of experience to draw from.
A 2012 study by the Ewing Marion Kauffman Foundation, an organization that studies trends in entrepreneurship, found that adults ages 55 to 64 comprised 23.4 percent of all U.S. entrepreneurs. This number represents a 60 percent increase since 1996, and it signifies a larger growth rate than any other age group…including those fresh out of college.
Retirement and entrepreneurship aren’t usually two words that go hand in hand, but really, this group has a few things to offer that no other demographic does.
Time
When not busy finishing school, supporting a family, or in an entry-level job living paycheck to paycheck, your mind is free to create and invent. A USA Today article featured 65-year-old Patrick Althizer who decided that he wasn’t suited for retirement and started his own business leading picture-loving tourists through Yosemite National Park’s most photographic areas.
Passion
While chasing dreams and pursuing passions typically conjures up images of young graduates throwing their caps high into the air, research indicates that the under-30 crowd has trouble deciding which passion to follow. In a study released by SEEK, 25 percent of 18 to 30 year olds are unsure of which field they want to build their career in. The boomer generation has had years to identify, pursue and research their passions. Most are already established and know who they are, what they want to do and where they are headed.
Experience
In an NPR story, 68-year-old Paul Tanser draws on his life-long career in operations management to start and execute his idea of using pulp and recycled materials to replace those difficult-to-open plastic blister packs. To successfully run his start up, Tanser uses what he’s learned in over 40 years in the workforce. Experience is something most 22 year olds lack. They may have a great idea, but according to USA News, start ups rarely fail because the idea wasn’t good enough. Instead, they do not succeed because the execution of that great idea failed. Boomers have real-world business experience to draw from to not only come up with a great idea, but to ensure that it’s well executed.
For most reitrees, the college years of staying out late and sleeping all day are over, and working intense hours and making sacrifices are not new concepts. In many ways, that makes the boomer generation more qualified to work for often time-consuming start ups. On average, entrepreneurs work 63 percent more than the average employee, according to research by the firm Penelope. To be an entrepreneur, a strong work ethic and sense of responsibility is essential. After 40 years in the workforce, these traits are more commonly ingrained in those nearing retirement.
It really should be no surprise that baby boomers are leading the way for American entrepreneurs. They do have the time, experience and sense of responsibility it takes to execute the ideas that start thriving organizations. With the largest generation in the history of America nearing retirement, the future looks bright for entrepreneurship in the United States.