There was a flurry of media attention yesterday around the release of a new study about baby boomer entrepreneurs. The Ipsos Reid study, commissioned by Bank of Montreal, confirmed much of what I already knew from my informal discussions with baby boomer entrepreneurs: many baby boomers are starting a business instead of retiring and this business is not a hobby, its serious stuff.
The study shows that boomers are serious about being successful. The majority of baby boomer entrepreneurs are working 26 to 40 hours per week or more on their businesses. Many plan to work beyond the normal retirement age – some until they die.
The reasons baby boomers are starting businesses include:
1. Keeping busy during retirement (40 percent)
2. Fulfilling a lifelong dream (29 percent)
3. Because they need the money (26 percent)
Based on my informal research however, I suspect that many baby boomer entrepreneurs have gone into business for all three of these reasons.
Not surprisingly, baby boomer entrepreneurs have concerns about their businesses that are fairly universal among entrepreneurs: not finding enough customers and not having enough money.
What is surprising however is the study reports that many boomers (20 percent of men and 15 percent of women) report not having any fears about running their own business.
Perhaps this is because baby boomers have more life and work experience than younger entrepreneurs. The successful baby boomer entrepreneurs I’ve met know their strengths, know their market and more importantly, know they can overcome obstacles – because they’ve done it before.
Andrea J. Stenberg
