Why Baby Boomer Startups in the US Are On the Rise

Baby boomers throughout the US are arguably leading the entrepreneurial movement. Last year overall entrepreneurship in the US decreased; however, baby boomer entrepreneurship increased. This is an ongoing trend for in the last decade the 55 to 64-year-old age group has shown the largest increase in entrepreneurship, with 14.3% of all entrepreneurs composed of baby boomers in 1996 growing to 23.4% in 2012. (According to Dallas Morning News) The recent success among baby boomers is due to more than just financial need.

Why Baby Boomers Are Poised to Succeed

Starting a company is risky business. There is a chance the product won't sell and the company fails. And like one million other things.  But that is okay for many baby boomers, a recent survey by Monster.com discovered, which showed that 43% of generation X were not afraid to take risks, a higher percentage than any other age group. 

Baby boomers have relevant work experience, too. Those close to retirement, or already past the retirement age, have decades worth of experience and knowledge to draw on. With age and experience also comes a bigger network of people to not only help baby boomers with their startups, but spread the word as well. 

Baby boomers are notoriously hardworking. It takes time and effort to launch one's own startup and it usually requires a pay cut, something generation X are less discouraged by than any other generation. At this point in their life, baby boomers are generally more financially secure and can afford to make less. 

Tips For Baby Boomers Starting A Business

Due to their experiences, baby boomers are more likely to be able to identify their own weaknesses. While it is always possible to learn something new, Sean Castrina, a prominent business coach, says it is a better idea to hire someone who can handle those weaknesses. (Entrepreneur) Learning how to use technology, though, is absolutely required, as technology has become an integral part of life these days.  Baby Boomers that do not adopt the efficiency that many technologies offer to startups, often times for free, will have a substantially smaller chance of success.

It's not just about finding one's passion, either. While that certainly helps, finances are more important and they need to be conducive to the field one wishes to enter. In other words, can you realistically afford to start a business in a certain field?

And last, but not least, seek counsel. Take time planning before committing to the idea, and use that lifetime of professional contacts to help out. 

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