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Industry News

Baby boomers are becoming entrepreneurs

A number of people are starting their own business later in life.

A number of people are starting their own business later in life.

Even if you never followed the path of the young entrepreneur and didn't start your own company before taking the traditional path towards joining corporate America, that doesn't mean you'll never be able to pursue this endeavor. In fact, more Americans are starting their own companies later in life as a way to ease the transition from the working world into retirement. 

You get up every day and work your nine-to-five job because it's necessary for you to afford the basic life essentials. Even if you enjoy it, is it your passion? If the answer's yes, consider yourself one of the lucky ones. People have a number of interests they are passionate about outside of their working lives, and many are turning these passions into side businesses.

An article in the Concord Monitor, a publication based out of New Hampshire, baby boomers are increasingly leaving their jobs for entrepreneurship. Over the past 10 years, this trend has intensified. In 2003, 23 percent of the self-employed workforce were made up of Americans over 55. Today, that demographic represents 37 percent of the self-employed. 

Jamie Coughlin, the director of New Venture Incubator Programs at Dartmouth, spoke with the news source about this trend. Ultimately, as Americans near retirement age they either feel that they don't have enough to stop working or their careers are missing something, so starting their own businesses feels natural. 

"The essence of retirement is changing," Coughlin said. "There is a need for additional income, and that sector of the population has the time to think about how can they marry a passion or interest with a potential generation of even part-time income."

This is a great opportunity for you if you are looking to begin a new act in your career, but you must ensure you properly position your organization before you begin operating. Just like young entrepreneurs, you will need help incorporating your business if you want to ensure it succeeds.