Twenty-six percent of new business startups are older Americans aged 55-64. The Kaufman Index of Entrepreneurial Activity has seen this percentage continually rise . In fact, these older Americans start new businesses at a higher rate than those in their 20’s and 30’s. This has been the case every year since 1996. Possible explanations for this include—-
*Senior entrepreneurs are less likely to worry about experience, risks or family life
*Despite the economic downturn of late, seniors are more financially secure with a variety of income sources—-retirement savings, pensions, social security.
*With greater work experience, senior entrepreneurs are more confident about their abilities.
Source: Ewing Marion Kaufman Foundation.