The baby boomer generation, also referred to (less affectionately) as the over-50 crowd, is not looking forward to retirement. Far from it – they are tapping into their workplace experience, their stable financial positions, and their expansive professional networks to become successful entrepreneurs.
Where do most over-50 businesspersons live?
According to a nationwide survey, enterprise owners over 50 are most likely to live in Texas, California, New York, Florida, and North Carolina. They make up more than 50 percent of small business owners in the United States.
17% of small business owners are between 60 and 69 years of age. 33% are between 50 and 59 years old; and 4% are over 70. 75% of entrepreneurs over 50 are male, while 25% are female.
Why do they start their own businesses?
What is their startup motivation? Of course, it can vary from person to person, but it’s not because they’re losing their jobs and can’t find new ones. At least that’s not the main reason.
Almost half of them say they launched a startup in order to pursue a passion. 22% reported “dissatisfaction with corporate America”, and 36% did so just because they had a chance to. Only 15% – a distinct minority – started their business after they were laid off or their jobs were outsourced.
The most popular industry for baby boomer business owners is business services. Restaurant and food businesses come in a close second. General retail, fitness and health, and automobiles are the other industries of the top five.
Making Money
67% of baby boomer business owners report their companies are currently making a profit. This could correlate with personal satisfaction levels – over three-fourths of 50+ business owners rate their happiness level as 8 or more on a scale of 1 to 10.
Plans for Growth
The majority (44%) of older business owners who were surveyed had between two and five employees. 12% have six to 10 employees, and 32% are their company’s only employee.
