For some members of the baby boomer generation, the shifting economy and job market has lead to weak employment prospects. With diminishing options, some of these individuals have turned to entrepreneurship as an alternative to finding a new employer.
In 2013, 23.4 percent of individuals who started their own businesses were between the ages of 55 and 64, according to data from the Ewing Marion Kauffman Foundation. According to an article in the Wall Street Journal, this could be because individuals in this age group want to keep working, and have turned to starting their own ventures as opposed to trying to maintain a regular job.
There are several advantages that baby boomers have when it comes to entrepreneurship. As the article explains, older entrepreneurs have more experience and skills. They can use these skills to create successful ventures.
However, it was noted that funding is an aspect that individuals in this age bracket should give careful consideration to, as they are near retirement age and must take steps to protect their assets. Finding alternative sources of funding is one way to accomplish this.
For experienced individuals looking to take the entrepreneurship path, there are resources available to help them be successful. The Small Business Administration and the AARP offer small business resources for Americans over 50, including in-person events and educational resources available online that can help with writing a business plan, how to find financing, among other important aspects of starting your own business.
Incorporating your business is an important step that small business owners should take when starting a venture. An online incorporation services company can serve as a trusted resource for learning about the benefits of incorporation, selecting an entity for your business, and more.