Fact is, there has never been a better time to be in this phase of life and succeed and you won’t be alone.
It’s a megatrend: Baby Boomers are starting more businesses than anyone in this age bracket ever have before, outpacing millennials by a two-to-one margin.
- The Kaufmann Foundation report states that Baby Boomers are almost twice as likely to create successful startups than those age 20 to 34.
- Individuals over the age of 50 accounted for 64 percent of current business owners, a 31 percent increase year-over-year. Among aspiring entrepreneurs, 43 percent were 50 or older. Guidant Financial
- Boomers aren’t just doing it to make money. Many are following a passion or looking to fulfill a need.
- Funding options are better for Boomers with personal savings being a major funding source rather than traditional avenues. Entrepreneur Magazine
Baby Boomers have the experience, networks, and access to capital necessary to be successful. At this stage in life there is a greater focus to make a difference, be relevant and leave a legacy that drives Boomers to not only start a business but often create one that seeks to solve a problem.
- Make smart financial choices for funding by fully leveraging your place in life as an older founder.
- Seek out younger mentors and mentees. You both have a lot to offer each other. Embrace it (See Get a Mentor – Be a Mentor).
- Be proud of what you know, be humble about what you don’t. This is basic and critical. Identify your strengths and weaknesses. Play to your strengths. Find people to fill those areas where you are weak (See Realize Your Dream: Overcoming the Top 5 Excuses).
Most importantly of all, Baby Boomer entrepreneurs are happy. Overwhelmingly. According to a survey by Guidant Financial 76 percent of boomer business owners reported their happiness as an 8 or above on a scale of 1 – 10.
The reasons are as deep as they are obvious. Fulfillment, purpose, significance, success and profit. Those in turn lead toward better mental and physical health and a deep level of satisfaction.
Truly some of your best years can still be ahead of you.