The Kauffman Foundation's recent study found that the largest group of entrepreneurs are 55-64 years of age. The results of the study are published in The Coming Entrepreneurship Boom paper. Here are some of the key findings:
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In every single year from 1996 to 2007, Americans between the ages of 55 and 64 had a higher rate of entrepreneurial activity than those aged 20-34
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For the entire period, the 55-64 group averaged a rate of entrepreneurial activity roughly one-third larger than their youngest counterparts
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These trends seem likely to persist: in the Kauffman Firm Survey, a longitudinal survey of nearly 5,000 companies that began in 2004, two-thirds of firm founders are between the ages of 35 and 54.3
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Additionally, Kauffman research has revealed that the average age of the founders of technology companies in the United States is a surprisingly high 39—with twice as many over age 50 as under age 25.4
The study sites some reasons for the trend, including the "continued decline of lifetime employment", longer life expectancy, and fewer barriers to entry due to technology.
It makes sense that Baby Boomers are starting their own businesses. Baby Boomer Magazine shares 10 Reasons for Retiring Baby Boomers to Become Entrepreneurs:
1. Baby Boomers are healthy with many years ahead of us.
2. Baby Boomers want to stay involved and engaged.
3. Baby Boomers enjoy generating extra income.
4. Baby Boomers get to build a business around something we enjoy and are passionate about.
5. Baby Boomers have a full Rolodex and 20-30 years of experience to back us.
6. Baby Boomers want the independence and flexibility that comes from working for ourselves.
7. Baby Boomers have confidence and experience, and know what we're good at.
8. Baby Boomers may already have a pool of money saved to help finance our business.
9. Baby Boomers can do business from home, using the Internet as our storefront.
10. Baby Boomers won't be discriminated against because of our age.
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