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A lot of ink gets spent taking time to understand how to bend to the interests, communications, and whims of the bright shiny new generation. We all do it because it’s an essential part of business. Millennials represent a large piece of the market share of customers for companies because of their sheer size. They already outnumber the Boomers. And Generation Z, is the next shiny group. But those past middle age are reinventing as encore entrepreneurs. 
 
So, while we all pay attention to those under the age of 40, another group is making a big dent in business, particularly as entrepreneurs. They are the encore entrepreneurs starting their own businesses.
 

Who Are Encore Entrepreneurs?

Encore entrepreneurs are men and women in their 50s, and 60’s who may have taken a financial hit in the aftermath of the 2008 Recession. They may have also lost their jobs in an economy that has changed since they started their careers. People in their 50s and 60s today are in better health, live active lifestyles, and want to continue to contribute meaningfully to society. Medicine and technology have also changed what it means to be professionally middle-aged.
 
Boomers and Generation X understand that they have to keep going. But, the reality is once people are on the other side of 50, they may have a tough time finding employment. And that’s especially true if they want a position like what they lost. Also, we know about ever rising health care costs. There’s also need for extra savings for retirement since people in middle age might not have saved enough. As a result, they represent the largest segment creating new start-up companies. And that’s according to The Kaufman Index and the Small Business Administration.

Overlooked Demographic Group

Unfortunately, encore entrepreneurs have to figure it out primarily for themselves. As mentioned in an article from The New York Times, “Older entrepreneurs comprise an overlooked demographic group and need more resources and support services, said Jonathan Bowles, the executive director of the Center for an Urban Future.” Bowles mentioned that New York City should create an incubator program tailored to them, including start-up funds, because often. But, older prospective entrepreneurs have ideas and desires. They lack the resources and even the confidence to do it.
 
Still, older workers are jumping and becoming encore entrepreneurs because they have a lot to offer the business community.
  • They have experience and valuable knowledge they can bring to start-ups. 
  • For instance, older workers have a certain amount of credibility on business development and sales because of their extensive experience.

How to Entrepreneurs Could Get Started

If you’re in your 50s or 60s, perhaps you have always wanted to start your own business. Or maybe you just got downsized and wondered what to do next. Whatever the reason, there are a couple of resources that you can refer to so you can get your start-up off the ground.
  • Small Business AdministrationThe SBA provides middle-aged entrepreneurs with insight and support for creating start-ups.
  • SCORESCORE is a resource partner with SBA, providing mentorship and training for small businesses, including those by encore entrepreneurs.
  • AARPAARP Foundation has created resources for older workers looking to begin their businesses.
You can also find resources that may be available in your local community by going to your local library, SBA office, or Googling for encore entrepreneurial information in your hometown.

 

 

Author of “Not Your Father’s Charity: Grip & Rip Leadership for Social Impact”(Free Digital Download)

© 2018 Wayne Elsey and Not Your Father’s Charity. All Rights Reserved.