from – Tarkenton.org
One of the most remarkable trends in recent years has been the explosion of senior entrepreneurship. In 1996, 14.8 percent of new entrepreneurs were ages 55-64; in the latest data from 2014, that number is 25.8 percent, the second largest demographic age group just a sliver behind the 45-54 age bracket (26.6 percent). And a higher percentage of that 55-64 age group are starting businesses than any other age group.
There are a lot of reasons for that, including financial as people look for additional sources of income. But there are many other reasons seniors are starting businesses. Here are three more reasons to start a business—and why you might start a business, too.
Keep Skills Sharp
We all gain and develop skills over our lifetime. And it can be difficult to simply put them aside and stop using them once we hit retirement age. Things we’ve been doing our whole life become important to us, and letting skills gradually diminish with disuse is unpleasant. So many seniors start businesses that allow them to use their skills and knowledge, to stay sharp. Someone who worked in an industry for a long time might go independent, or start a consulting business that keeps those skills in play. So entrepreneurship can be a way to hold onto valued abilities.
Learn New Things
But it’s not just about holding on to what we have. Starting a business is also a way to learn something new. There is always more to learn, and entrepreneurship often requires us to do new things and pick up new ideas. There are new business skills. The accountant learns how to market and find customers. The marketer learns how to manage finances and legal requirements. The engineer learns how to use social media. There are also new industries and skills in general. What was once a hobby or side interest—or even something one didn’t know much about at all!—during earlier years might become the focus of a brand new business.
Live a Vocation
For seniors who are looking for more financial security, a business is a way to earn additional income. But even if you are confident in your nest egg, a business can be an important addition to your life. A business doesn’t just have to be a way to pay bills; it can also fulfill a calling your life. Work doesn’t just have to be toil; it can be a vocation. When you are able to do something that is both personally fulfilling and financially rewarding, there’s no better place to be. And personal fulfillment and vocational living never go out of style.
If you’re considering starting a business, there’s no better time to get started than now. And the Tarkenton Certificate in Entrepreneurship is a great way to learn both the fundamentals of entrepreneurship and the practical necessities of starting and running a business.