For a variety of reasons, the Baby Boomer generation is demonstrating an exceptional drive to start businesses. In an article published by Money Magazine, (May 11, 2012), author Donna Rosato notes that “Americans 55 to 64 have launched more businesses than any other age group during the past decade, closely followed by those 45 to 54, reports the Kauffman Foundation, a nonprofit dedicated to entrepreneurship.”
For those over 50 who aspire to own a business, the challenges — and rewards — can be markedly different than they are for younger entrepreneurs. With half of businesses failing within the first five years, having an understanding of the pros and cons of becoming a boomer start-up is critical.
In a series of three articles, Money explores the topic of how to be a “boomerpreneur,” with tips on how to assess if you’ve “got it,” capitalize on your advantages as a more mature business person and approach financial planning for starting your business.