Today is the last day of the year (aka New Years Eve), Year 2012. Continue reading this short article. It’s never too late! I have to agree. Enjoy.
For some, early retirement means a fresh start as an “encore entrepreneur.”
It’s not just youngsters who feel frustrated with being out of work or stuck in a dead-end job. Many people in their 50s and 60s either have been laid off or taken early retirement in the past five years since the economy hit the rocks. Others would love to quit their jobs and start afresh. They all have one thing in common: they feel they still have a lot left to give and they want to start a small businesses.
Just because people may be well into their working lives it doesn’t mean they’re not willing to take a risk and start up a new venture. More than 12 million Americans between the ages of 44 and 70 want to be “encore entrepreneurs”, according to a2011 study by Encore.org, a think tank concentrating on the baby boomer generation.
Silver surfers like starting up new businesses, the data shows. Americans aged between 55 and 64 were the most entrepreneurial age group between 1996 and 2010, according to research from the Kauffman Foundation. Their wealth of experience can help encore entrepreneurs guide their start-ups to success. They’ve been around the block a few times, so they know – and are good – at what they do. They also know how to manage people and budgets (85% of them have an average of 15 years experience as managers). It’s not a case of teaching old dogs new tricks, more of putting their old tricks to new uses.
What’s different about this group of entrepreneurs is that they don’t just want to make a living – they want to make a contribution to society as well. A very high percentage of would-be encore entrepreneurs want work they are passionate about and that gives them a feeling of accomplishment.
Most of them want to use their entrepreneurial spirit to give back to the community and help fix problems they see in their neighborhoods. Many already work as volunteers in local non-profit ventures and have ambitions to set up a local business along those same lines. If only half of those 12 million people start a businesses and go on to hire a handful of people each, they would still create an awful lot of jobs that are sorely needed right now.
But the lack of available funding is a big sticking point, as it is many would be entrepreneurs. About half of those who want to set up on their own say they have delayed launching their ventures because they don’t feel financially secure right now. They aren’t letting the tough economic climate dampen their dreams, however. Almost 50% say they are prepared to draw on their own savings to launch their start-ups.
Protecting yourself with the right insurance is one way to reduce the risk of starting a new firm. Choosing the right small business insurance enables you to start a business that you’re passionate about and reduce the risk to your life savings. That way you can give something back without the fear of losing what you already have.
- It’s Never Too Late to Become an Entrepreneur (hiscoxusa.com)
- What makes for a great entrepreneur? | Andy Rachleff (entrepreneurshipmatters.com)
- One Simple Idea for Startups and Entrepreneur (business-opportunities.biz)