Call it a sign of the times. USA Today reports that more older Americans than ever before are starting their own business at a time when we might expect them to retire. And most of these will likely be home-based businesses. According to their report,
Folks 55 to 64 represented the second-largest jump in entrepreneurial activity by age (just behind 35- to 44-year-olds) from 2008 to 2009, according to an Index of Entrepreneurial Activity released last week by entrepreneur-focused group Ewing Marion Kauffman Foundation.
There are several factors here, including increased longevity and the individualistic tendencies of this age group. But probably the single largest factor is economic. These entrepreneurs are at the age when we must look at our retirement finances. In many cases, the retirement funds just aren’t up to par — and this can drive an entrepreneurial spirit later in life.
Most people of this age group can draw on their experience to start their own business. For example, the man profiled in the article has drawn on his experience as a photographer to build a photography expedition business. This prior experience is a very important advantage to the older person starting a business — it’s something that people in their 20’s, for example, just don’t have.
How much of this experience can be used to start a home business will vary from person to person. However, it’s a sure bet that when you reach your 60s, if you look hard enough you’ll find something in your past that might be a foundation for a new business venture.
You can read the whole story, “More older Americans start own businesses.”