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.