Business Opportunities Weblog

Entrepreneurship In Retirement

By on September 14, 2011 in News

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 cushion—retirement packages, nest eggs, or home ownership—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

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Angela Shupe has added 5,783 posts to Business Opportunities Weblog.

Another Idea: How to Start a Retirement Planner Business

  • http://www.reminicents jeff byer

    The Reminicents Company is a direct result of retirement and is an example of breaking into new territory by the use of coins.

  • http://wahm.business-opportunities.biz Angela Shupe

    You’re a great example of what can happen after “retirement.” Sometimes I think retirement should be called the new beginning. It’s a great time for retirees to discover new ventures, and they have the time to do something about it.

    KFC is another example. Colonel Sanders began marketing his fried chicken after he reached that retirement age. Look where entrepreneurship after retirement put him!

  • http://www.numenko.com Tom Lennett

    When I retired I set up my business selling a numbers game that I had invented and developed called Numenko. Retirement is just a number reached, but as our business motto says “It’s the player that counts, and this player still counts.

  • http://businessrebirth.blogspot.com Shallie Bey (Smarter Small Business Blog)

    Thank you for this post. The trend of people going into semi-retirement as baby boomer entrepreneurs is becoming more and more common. Many people will fail because of lack of preparation. It is important for people to have some preparation as they begin this journey.Thank you for sharing this brief map of what lies ahead.

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