Retirees Largest Group of New Entrepreneurs
Jul 5, 2006 - Linknet Finance News

July 5, 2006 - Linknet Finance

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Retirees Largest Group of New EntrepreneursAccording to a study released in May by the Ewing Marion Kauffman Foundation, adults aged 55 to 64 have been the most likely to start a new business. This has been the case for the last 10 years.

This trend is expected to speed up as millions of baby boomers reach retirement age over the next few years. According to the Public Policy Institute of AARP (seniors group), about 80 percent of boomers claim they want to work in retirement

Many boomers have been highly successful in the corporate world and have made a lifetime of contacts. These are the very things that make it relatively easy to move to self-employment after retirement.

Those who have already done it suggest planning for such an eventuality is the wise thing to do. Develop the skills required in a more entrepreneurial role, and start making the adjustments now.

Older entrepreneurs often use retirement savings or home equity for working capital. The banks are another reliable source of funding for this group. After years of steady relationships, financial stability, and asset accumulation retiring boomers are a perfect match for the traditional banking system.

Building a network of associates and business colleagues is very important when considering starting a business. So people looking to become entrepreneurs after retirement should be building those networks well before they strike out on their own.

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