Boomer Entrepreneurs Are Hot!

Marketplace, one of my favorite programs from American Public Media and a good source of information for business/finance news, recently broadcast a story on entrepreneurs, “Elders dominate among entrepreneurs.” Business Reporter Mitchell Hartman looked at 50+ entrepreneurs and concluded that entrepreneurs over 50 surpass the younger generation two-to-one.

Hartman interviewed Dane Stangler, a researcher for the Kauffman Foundation (Kansas City) who completed a new study, The Coming Entrepreneurship Boom. Stangler learned that entrepreneurs aged 55-64 have founded new companies at nearly twice the rate of 20-to-34-year-olds. Another researcher, Benjamin Jones from Northwestern University, reported young entrepreneurs tend to be more willing to take risks and challenge existing paradigms; however, his research showed that in advanced fields such as biotech, nanotech, and aeronautics older entrepreneurs have the advantage. This is because middle aged individuals have the necessary range of experience, but are still nimble and flexible enough and have the cognitive capacity to put together a successful venture. Stangler said that boomers have the advantage of a larger capital cushion and a deeper network of people to draw upon and that these factors are more important in a recession.

The Library has dozens of books on entrepreneurship and how to create and grow business. If you are a Boomer who has successfully launched a new business and/or have experience you can share with others, or are a Boomer looking to create the next “big” thing, please post a comment below and share your thoughts with us.