When seniors go see financiers about making an investment in an idea they have for a business, they can face some hurdles. Their age is just one of them. Bankers may fear that boomers, who are retired, may be out of touch with today's global marketplace. They certainly have to consider whether or not the seniors will live long enough to pay back a loan. There are good reasons however, why baby boomer entrepreneurs are good risks.
First of all they have a lifetime of experience. The business they want to start may not be at all related to what they did in their first careers, but seniors can take the knowledge from one enterprise and apply it to a new one. Even though they may be older, most of them are not afraid of putting in the effort necessary to succeed at their latest venture.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Senior entrepreneurs have other advantages. They aren't raising children who get sick, have recitals, and get into trouble that takes their parents away from their jobs for extended periods of time. Boomers are over all that. They can spend all day on a project and be ready to start in again the next day. These are individuals who can stay focused on the business at hand.
Boomers are more likely to understand and appreciate the concerns of investors than younger entrepreneurs. They have already experienced managing big budgets, repaying loans, creating business plans, and participating in quarterly reviews. This not something a lender or investment banker will have to explain to them. Senior business owners don't take as much for granted as younger business people.
Starting a new business is not right for every senior. Many of them are happy to spend their retirement in the garden or traveling around the world. For a few however, this is a time to explore new business opportunities and see what comes of them.
First of all they have a lifetime of experience. The business they want to start may not be at all related to what they did in their first careers, but seniors can take the knowledge from one enterprise and apply it to a new one. Even though they may be older, most of them are not afraid of putting in the effort necessary to succeed at their latest venture.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Senior entrepreneurs have other advantages. They aren't raising children who get sick, have recitals, and get into trouble that takes their parents away from their jobs for extended periods of time. Boomers are over all that. They can spend all day on a project and be ready to start in again the next day. These are individuals who can stay focused on the business at hand.
Boomers are more likely to understand and appreciate the concerns of investors than younger entrepreneurs. They have already experienced managing big budgets, repaying loans, creating business plans, and participating in quarterly reviews. This not something a lender or investment banker will have to explain to them. Senior business owners don't take as much for granted as younger business people.
Starting a new business is not right for every senior. Many of them are happy to spend their retirement in the garden or traveling around the world. For a few however, this is a time to explore new business opportunities and see what comes of them.
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