The startup business world conjures up images of young entrepreneurs who are go-getters with a devil-may-care attitude and audacious ability to take risks. But, there’s another kind of entrepreneur -equally energetic and passionate, just over the age of 60 and drawing on a lifetime of experience to take a second shot at the working life.
Typically, baby boomers are referred to those born between the mid-1940s to 1964, putting their current age at 54-72. Following World War II, there was a ‘baby boom’, and hence the nickname. Contrary to popular belief, there are still many baby boomers out there who are not retired. In fact, many baby boomers are at the peak of their earning years now. They are not slowing down. Forget retirement, they are making their mark in the small business segment.
Many “senior citizens”—for want of a better word—have launched their own startup and are successfully running their business in areas as diverse as technology and food manufacturing. Their secret to success is their lifetime of experiences and skills. A staggering percentage of business owners over the age of 50 got into business ownership by starting their own business or buying existing businesses.
Baby boomers use their retirement cash and savings as a means to fund their business. Other options include secured and unsecured loans. Since people over 50 are more likely to have significant savings, they are more likely to use their savings in order to foray into business. Younger people are most likely to approach banks and investors for help with funding their business.
Statistics have it that entrepreneurs over the age of 50 make up nearly half of the county’s small business owners. Although startups are cropping up everywhere, a huge chunk of it includes baby boomers.
Specifically, retirement is far from this generation’s minds, to say the least. Instead of getting ready to slow down and thinking about retirement, the baby boomer generation is getting ready for its new lease on life. The baby boomer generation is tapping into their experience in the professional as well as personal front and applying their life experiences to their business idea.
The baby boomers age is an advantage when it comes to launching their businesses, as they can tap into their own experiences and make more involved decisions. Also, they have comparatively large discretionary incomes to spend. Far from looking forward to retirement, baby boomers are energetically foraying into the small business segment enthusiastically.
The baby boomer generation has the advantage of networking—done in person. The generation after baby boomers mostly networks online, which the baby boomers thankfully didn’t have the chance to do. They have got the upper hand when it comes to networking effectively.
Also, know-how is invaluable. Starting a business venture in the golden years of life means you now have decades of life experience to draw upon. It makes the baby boomer generation more seasoned, and their business acumen is more honed than ever it was in their youth. This generation has got the gift of patience and is willing to take baby steps.
When it comes to funding, investors are more likely to fund those who have already “been there and done that”. The boomer generation is more likely to be financially stable, present a business model that is effective, and prove their overall competency to investors.
So, in order to answer the question in simple terms: Do baby boomers succeed above the age of 50? Yes.
Ourbusinessladder is a business consultant company in India, specializing in business advisory and market research. Are you a baby boomer looking to launch your own business? Contact us today to know-how! We are also one of the leading market research firms in India. We aim to help people with business ideas and turn them into entrepreneurs.