Reuter’s Wealth Blogger, Mark Miller, shared the statistics of Entrepreneurs age 55 to 64 now represent a rising share of start-up activity, according to the Kauffman Index of Entrepreneurial Activity, accounting for 23 percent of new entrepreneurs in 2010, up from 14.5 percent in 1996. As this age group experiences the early buyouts, early retirement and layoffs, many are looking to become their own bosses. Some people have juggled part-time activities for years and now take the steps to expand those interests.
This trend seems to be a combination both internal motivation and business economics. Boomers are having difficulty finding new jobs because employers need a new skill sets that many don’t have. Labor cost containments mean lower salaries in many sectors. When a company has to cut costs, the layoff is the jump-start that we need to move from our comfort zone of a stalled job. I know it was the bungee jump for me! It becomes the opportunity to following one’s dreams. Having built confidence and skills from previous employment, this transition offers us time and motivation to learn entrepreneurial skills.
Whether you join the ranks of contingent work force, contract your knowledge and skills to an organization, or hang out your shingle in a brand new field, its a powerful feeling to be your own boss. There are plenty of free and low-cost resources to stimulate this critical part of our economy. Start with your local (county) small business association. Participate in local business functions, such as professional organizations and your local chamber of commerce. Be the Leader you always knew you could be.