I’ve written before about the growing trend of Baby Boomers to start their own businesses. It’s an ideal way to handle the economic “triple threat” of today – real or potential job loss, under-funding for retirement, and lousy rate of return on those funds that have been set aside. Now comes evidence that women are outnumbering men as “encore entrepreneurs.”
This interesting report from BBC News cites data from a Kauffman Foundation study to show that the Boomer entrepreneurship trend is growing: in 2012, people aged 55-64 started 23.4% of all new businesses in the US, up from 14.3% in 1996.
But according to data from another source – Babson College – 10% of US women between 55 and 64 had taken steps to start their own business, compared to 7.5% for men.
The BBC story includes several interviews with women who have taken this step. The main reasons are what you’d expect – job loss, income reduction due to the recession, inadequate retirement funds. What’s different this time – compared to people of that same age in previous generations – is the perception that there is still time to turn things around, the willingness to start again, and the presence of a strong entrepreneurial mindset.
That – and a growing amount of support information and services. Books, seminars, consultancies – the trend to Boomer entrepreneurship has fueled an entire mini-industry of people (with real or self-proclaimed expertise) ready to help.
This is just the beginning. And it’s another nail in the coffin of “retirement at 65.”