While it might surprise you that Baby Boomers — those 50 and over — make up one of the fastest growing segments of entrepreneurs, it shouldn’t. They are, it seems, pretty well-equipped to handle the ups and downs that running a business brings. Let’s look at the reasons Baby Boomers may be more likely to succeed than entrepreneurs of other ages.
Boomers Aren’t Looking to Get Rich Quick
Young, impetuous entrepreneurs and startup founders are known for building their businesses fast so they can cash out and go hang on a beach somewhere. Boomer ‘preneurs, on the other hand, have usually made their money and are on their current business endeavor out of passion and love. It’s not about the money, in other words.
They’ve Seen it All
Younger entrepreneurs tend to get rattled by recessions and economic downturns. Boomers, on the other hand, have been through many bumps in the economy and know that things always work out. That makes them more capable of seeing the big picture through rough times, and can make decisions accordingly.
They Have Different Financial Responsibilities
They’re not saving to buy their first house, or to pay for that big wedding. They don’t have newborns or student loans to cover. Financially, Baby Boomers are the most secure. That means they’re able to take the risk of starting a business that doesn’t make much — if any — money.
They Open Tried-and-True Businesses
Not every successful business comes from creating a one-of-a-kind product or services. Boomers don’t care about being the new hotness, and instead focus on building a business around something that has already proven itself as a business model.
They’re Old School…in a Good Way
Boomers may not be the most tech-savvy entrepreneurs, but they’ve got something else going for them: good old face-to-face contact. They’re more about sitting down and chatting over coffee than the new generation of Tweeters and Instagrammers. And for many, that’s what sells. They’ve found a path to prosperity simply by staying true to their preferred methods of communication.
Baby Boomer entrepreneurs can benefit all of us in that they can share their years of wisdom and experience. We could all stand to learn from them!