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  • Senior Citizens are Becoming Entrepreneurs!


    May is Elder Awareness Month!

    Since there’s more proportionate RI residents over the age of 85, than any other US State, we can’t let this month go by without acknowledging how amazing our Seniors are. We often associate aging with retirement, leisure, and travel. While this is true for many people, there’s a bold new demographic of senior entrepreneurs we need to recognize!

    According to recent research, these days those 55 and over are more likely than young people to be starting businesses, says Professor Scott Shane, writing in BusinessWeek.

    He cites research by Dane Stangler of the Ewing Marion Kauffman Foundation that showed in every year from 1996 to 2007, Americans aged 55 to 64 had a higher rate of entrepreneurial activity than those aged 20 to 34.

    Corroborating this data, the 2008 U.S. Global Entrepreneurship Monitor report released recently showed that from 2007 to 2008, the rate of entrepreneurial activity (that is, people actively starting businesses and people owning established businesses) among senior Americans increased while the rate among younger Americans declined.

    What gives? Why would someone opt to plunge into the risky trade of entrepreneurial endeavors? There’s a couple of theories as to why this boon in taking place:

    1. Money is no longer an issue. Any start up founder can tell you it’s the funding that determines growth, attractiveness for investment, and scaling potential

    2. It’s all about the passion. Many of us find fulfilling hobbies in adulthood, but several people are taking that love and channeling it into a second or even third career.

    And what types of businesses are Seniors drawn to these days? You may be surprised! From Instagram influencer Baddie Winkle with close to 4 million followers, to Bed & Breakfast proprietorship, Real Estate Consulting, and even Chef. It’s a startup surge from our most unlikely of places. There’s a lot of resources available to Seniors who are looking to launch a venture. Please contact us for a list of referrals.

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