Right now, entrepreneurs over the age of 50 are making their mark. It is the highest rate of entrepreneurship in the United States. At a time when most people over 50 are thinking about investments for retirement, another group of baby boomers aren’t ready to retire and have no intention of slowing down. These older people are twice as likely to launch successful companies than those in their 20's and 30's. A revolution has begun and it’s not a small group of people by any means. In fact, more than 54% of American small businesses are owned by people who are over 50 years old.
According to Forbes, “The 2018 small business transfer baby boomer survey of more than 2,600 small business owners and entrepreneurs uncovered some surprising information about Americans over 50. Instead of getting ready to slow down, the 50-plus crowd is tapping into their experience in the workplace, their expansive professional networks, and their stable financial position to become successful business owners.”
They are being called Encorepreneurs and here is a closer look at these over 50 success stories.
According to Score:
33% of U.S. small business owners are between the ages of 50 and 59 years old
17% are 60 to 69 years old
4% are 70 and up
Men account for 3/4 of the small business owners over 50
Women are quickly rising in business ownership, as well as the trend of encorepreneurs starting a business with their spouse. Couples over 50 are joining forces, leaving their professional careers and co-owning a business. The most popular industries are: business services, food and restaurant businesses, retail businesses, health and fitness businesses, and automotive businesses. Some 86% of business owners over 50 got into business ownership through starting or buying independent businesses; 14% purchased franchises.
One of the reasons there is an explosion in business owners over 50 is that age discrimination doesn’t exist when you own your own company and you get to call the shots. For many of these baby boomer encorepreneurs they realized they didn’t stop dreaming at the age of 50 and still had a lot of life they wanted to pursue. Many of them want to make a difference in the world and leave a legacy.
These encorepreneurs believe that age is just a number and that if you’re physically and mentally ready, starting a new business is a great adventure that adds quality of life. Many of the over 50 generation, realized that after the romance of retirement wore off, they still had a lot of life left in them. They also realized their experience mattered and they still had a lot left to give the world. In this over 50 business revolution, age is an asset when it comes to entrepreneurship and success.
They’ve had a few years to practice and time to master their skills. They’ve learned from their past failures and are simply a more seasoned professional. Many of these business owners are interested in making a difference over making a lot of money. To an encorepreneur, money is icing on the cake. It allows them to have fantastic experiences and also helps to keep them involved in their communities.
Vickie Helm is a bestselling author, business and asset strategist, and the CEO of Smart Group Firm. She has improved the success of more than a thousand companies and the lives of thousands of individuals throughout her career. You can learn more about Vickie at https://thesmartlifeclub.com or https://vickiehelm.com.