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Encore Entrepreneurship, Another Way to Succeed as a Senior in the World of Small Business

What’s the best age to become an entrepreneur? There’s no definite answer, but one strong argument is that the best entrepreneurs are knowledgeable and experienced. Many senior citizens are choosing to bring their expertise to the business world. If you hadn’t heard of them, Encore Entrepreneurs are older individuals who have chosen to start their own businesses, and they’re quickly growing to be the largest group of entrepreneurs in the entire United States.

According to Forbes, Americans aged 55-64 start new businesses at a higher rate than any other age group. A full 23% of new entrepreneurs are in that age group, and they’re using the financial security they’ve developed over their careers to help fund their new small businesses. In addition, there are over twice as many technology company founders over the age of 50 than under 25. The percent of entrepreneurs who are Baby Boomers has increased over the last 20 years, and it doesn’t look to be stopping!

Who are encore entrepreneurs? Some are retired and are seeking the freedom of running their own business. Others are having trouble finding jobs as business trends have headed toward shorter job tenures. However, there will always be a need for the knowledge and experience that encore entrepreneurs provide!

Want a great example of an encore entrepreneur? Feel free to click the image below for a TEDTalk video on how Paul Tasner became an entrepreneur at 66:

Think encore entrepreneurship is for you? Come to the University of Pittsburgh Small Business Development Center’s Two Step Workshops! The First and Second Step go over the Mechanics of Starting a Small Business and Developing a Business Plan. The two workshops have helped countless businesses from the Pittsburgh and surrounding areas get started and grow into successful businesses. We hope to see you there!