I've written before about the older entrepreneur phenomenon. For many years through the Small Business Center at my local community college, I counseled hundreds of small business owners in branding and marketing. A considerable percentage of those business owners were 50 or older.
A recent New York Times article confirms the high level of interest in business ownership by Boomers. The article cites a compelling statistic: According to the Small Business Administration (SBA), "one in four people between 44 and 70 are interested in becoming entrepreneurs." The article also mentions that the Ewing Marion Kauffman Foundation, which studies entrepreneurship, found that over 24 percent of new entrepreneurs in 2015 were 55 to 64 years of age.
When you think about it, Boomers are perfectly positioned to go out on their own. Unlike younger entrepreneurs, Boomers have already acquired a portfolio of skills and a wealth of knowledge, distilled from their own careers working for someone else. Both their business experience and their maturity combine to make them credible business owners and potentially reduce the risks of starting a new business. Still, many Boomers may lack the funding or confidence to take the plunge. That's why it's encouraging to see more and more programs popping up in support of older entrepreneurs. The Times article references a number of such programs around the country, including a partnership between AARP and the SBA.
As I've mentioned before, I'm an example of the older entrepreneur trend. My wife and I leveraged our skills and started a small service business together in our fifties, ran it successfully for seven years, and then sold it. Operating our business was a great midlife experience that allowed us to do something we enjoyed and generate income after we left our professional careers. Admittedly, not every couple can work together, but it worked for us.
So if you have the urge to start a business, know that you are in good company. There are plenty of Boomers doing the same thing.