Laura Lorber's article Older Entrepreneurs Target Peers in the Wall Street Journal's online edition discusses how Americans in the 55-to-64 age group have posted the highest rate of entrepreneurial activity - beating out youngsters just finishing college and even 30-somethings embarking on second careers. This according to research by the Ewing Marion Kauffman Foundation.
Very interesting. I had no idea.
The article discusses how many of these "older" entrepreneurs target their age group as customers - "inspired to create a product or service because they feel no one else understands or is interested in the older demographic".
Linda Brown, age 65, is also profiled in the article. After losing her job in the insurance industry she started a business to help people with Medicare claims. And then there is Jennifer Campbell, 56, who founded a memoir-writing service. Her typical clients are age 60 to 65.
According to Art Koff, there are drawbacks to running a business in retirement - such as raising capital. According to Art, "Banks don't like to lend to people in their middle 70s. They don't think they're going to be around that long. A lot of people will make assumptions until you spend some time with them." There's also the risk of losing one's retirement savings if the business does not work.
Read Laura Lorber's article here. It's really great. Kudos to Laura for writing such a wonderful article on a really interesting topic - and to the Wall Street Journal for publishing it..
Very interesting. I had no idea.
The article profiles Art Koff who founded RetiredBrains.com in 2003 after "retiring" from a 40 year career in recruitment-advertising communications. Mr. Koff figured that many of his age-group peers needed a diversion or some extra income, too.
"I got up at the crack of dawn," Art says. "I can't imagine what would happen if I didn't have someplace to go and something to do."The article discusses how many of these "older" entrepreneurs target their age group as customers - "inspired to create a product or service because they feel no one else understands or is interested in the older demographic".
Linda Brown, age 65, is also profiled in the article. After losing her job in the insurance industry she started a business to help people with Medicare claims. And then there is Jennifer Campbell, 56, who founded a memoir-writing service. Her typical clients are age 60 to 65.
According to Art Koff, there are drawbacks to running a business in retirement - such as raising capital. According to Art, "Banks don't like to lend to people in their middle 70s. They don't think they're going to be around that long. A lot of people will make assumptions until you spend some time with them." There's also the risk of losing one's retirement savings if the business does not work.
Read Laura Lorber's article here. It's really great. Kudos to Laura for writing such a wonderful article on a really interesting topic - and to the Wall Street Journal for publishing it..
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