Many retiree’s today are not happy with that status. They may be of age, but they are not ready to stop. That is why so many people are escaping retirement and starting a business.
Mature entrepreneurs differ from their younger counterparts in several critical ways. For one, they are usually in a much better financial position than younger entrepreneurs. Their bigger financial cushionâ€”retirement packages, nest eggs, or home ownershipâ€”affords them flexibility in the initial stages of a start-up, where funding is often critical. Because they can often rely on other sources for current income, they are in a better position to take entrepreneurial risks.
Creativity and business acumen are also key characteristics of older entrepreneurs. Having been tested again and again in their lives, they’re not afraid of failure or worried about what others will think. Instead of that urgency to “make it,” they get their satisfaction from the process of building their companies.
The type of businesses typically started by folks who have retired varies widely. Consulting, small retail businesses, and bed-and-breakfast establishments are perennial favorites. A growing number of late-life start-ups also involve Internet-based businesses. While most start-ups are related to an individual’s former career, some break into completely new territory.
Photo by Alan Levine