Contrary to the stereotype of 20-somethings starting Web-based businesses in their basements, it’s actually the baby boomers who best embody the entrepreneurial spirit. Over the past decade, the highest rate of entrepreneurial activity was among people between the ages of 55 and 64, according to a recent study by the Kauffman Foundation.
Luckily, many people age 50 and older may be particularly well suited to entrepreneurship. “The more experience you have, the more likely you are going to be successful. You’re also more secure financially,” says Vivek Wadhwa, a Duke University professor who previously started two businesses and now studies entrepreneurs. “The average entrepreneur starts a company because they want to build wealth, they are tired of working for other people, and they have ideas.”
Check out these 10 Great Places for Entrepreneurs to Retire:
Arlington, Va.; Columbia, Md.; Fargo, N.D.; Fayetteville, Ark.; Fort Collins, Colo.; Knoxville, Tenn.;Lincoln, Neb.; Madison, Wis.; Round Rock, Texas; West Des Moines, Iowa.
Photo by TheSeafarer.