For many seniors, retirement doesn’t mean a life of watching television and playing cards. Most seniors are not ready to give up working. They want to spend their days involved in something that interests them. Senior entrepreneur stats are growing. In fact, they are the fastest growing segment of the population that are becoming new business owners.

Facts on Senior Entrepreneurship

  • Seniors have skills, experience and initiative. They take these qualities into their businesses with them.
  • Becoming a senior entrepreneur is not easy. Seniors face a different set of challenges than younger entrepreneurs when starting a business. Up until recently there hasn’t been support for senior based new businesses and they have been left to themselves to figure it out.
  • More than half of baby boomers have either started or are considering starting a small business prior to their retirement.

The seniors who have started their own businesses state that their quality of life has improved. They enjoy the flexibility of working for themselves, especially since the present workforce is not set up to accommodate seniors. Seniors prefer their own personal style of working and setting goals while most companies who are hiring have very strict and set rules about everything from time schedules to holidays.

Older business owners also tend to be more community driven, focusing on businesses that will help those in their own area. They think of their businesses as a legacy, not only for their families but for their towns and local areas. Their major focus is not on getting rich but on doing it right and enjoying themselves while they work.

Overall, senior entrepreneurs have an advantage in that they have more knowledge of what people need, will work harder to provide it and quite often have more sources of income to start a business. To read the complete article on how senior entrepreneurs see a better quality of life, click here.