Millennials seem to dominate as entrepreneurs in the world of startup companies and innovative businesses. In reality, however, baby boomers are significantly more likely to plan launching a new business in the next year than the younger generation. Only 24.7% of people ages 20 to 34 are becoming entrepreneurs compared to over half of people ages 45 to 64.
Bill Zinke, founder and president of Enrich Life Over 50 and co-author of “The Evolution of Adulthood: A New Stage,” gives several reasons for baby boomers to consider joining or founding a startup company.
- As a baby boomer, you bring years of experience to the table, which gives you an advantage over younger people. With more experience comes better judgement and a better understanding of what you’re getting into.
- People with more experience have also had more time to build up and expand their network. You can skip the step where you have to establish a reliable reputation because you’ve probably already done it.
"In many cases they have a contact base of people in the business world. They have a reputation [and] standing. They're using business contacts to reach out to potential sources for financial support. ... They may have contacts in the banking world. And they have a track record of performance."
- Taking risks and starting a new business is fun and exciting. After raising a family and/or working for years, you finally have time to realize a dream or become your own boss.
"Boomers often decide they've been successful enough and want to do something different. They've always had this burning idea of doing x, y or z...so they start a new business. And they've demonstrated that older people want to continue in productive activities ... and not necessarily for the money."
If you still aren’t convinced, Zinke provides several more reasons for baby boomers to become entrepreneurs.
0 comments:
Post a Comment