A new economic study shows that older people are more likely to venture into entrepreneurship than the younger ones. This study particularly focuses on those born after the second world war. The youth were gaining critical acclaim for their interests in entrepreneurship. However, their older counterparts have started taking the lead. The rise in baby boomer entrepreneurs can be attributed to the factors listed below.
The ever-growing and changing economic sector is among the factors favoring old people to start businesses. These individuals can start and run their preferred ventures from their houses or office. Through a computer or phone connected to the cyberspace, they can easily monitor and run the businesses. Furthermore, they get lots of time to spend with their children while closing lucrative business deals.
Baby boomers have also taken advantage of the low costs of launching businesses. Using their retirement savings, most of them manage to start and run profitable ventures. The modern financial services industry also helps them to manage their cash. Nowadays, it takes less than a second to send or receive money irregardless of your location.
The availability of startup help is another reason for old people to start their enterprises. This type of help can be sought through the Internet or by visiting the corporate offices of the providers. Older people receive prompt support every time they submit their questions. While most providers are offering it for free, others charge certain fees for the education service.
A large number of baby boomers can be regarded as individuals who are about to retire. Most of these individuals were employees of different companies and institutions. As they held different job positions, they gained lots of managerial knowledge. In business, this managerial knowledge enables a person to foster growth when it is effectively used.
In addition to knowledge, people nearing retirement have plenty of work experience. Their experience lies in financial planning endeavors like investing, saving and budgeting. The success of any startup depends on how these endeavors are undertaken. Old people may also be experienced in establishing healthy business relationships and sourcing for capital. For one to make an impact in the world of entrepreneurship, one must have extensive connections and experience.
The economic study conducted on old individuals also found out that more of them are venturing into entrepreneurship as a lifestyle choice. These individuals are driven by the desire to start their own ventures despite their ages. This entrepreneurial desire is key in the development of any profitable endeavor. This is because, without passion or desire, one cannot be motivated to succeed in any aspect of life.
From the factors explained above, it can be concluded that technology is pivotal in driving baby boomers into entrepreneurship. Their passion, education, and experience are also among other factors that drive them into starting and managing enterprises. For global economic growth to be recorded, young and old people should learn from each other. They need to share the entrepreneurial knowledge they have for economic sustainability.
The ever-growing and changing economic sector is among the factors favoring old people to start businesses. These individuals can start and run their preferred ventures from their houses or office. Through a computer or phone connected to the cyberspace, they can easily monitor and run the businesses. Furthermore, they get lots of time to spend with their children while closing lucrative business deals.
Baby boomers have also taken advantage of the low costs of launching businesses. Using their retirement savings, most of them manage to start and run profitable ventures. The modern financial services industry also helps them to manage their cash. Nowadays, it takes less than a second to send or receive money irregardless of your location.
The availability of startup help is another reason for old people to start their enterprises. This type of help can be sought through the Internet or by visiting the corporate offices of the providers. Older people receive prompt support every time they submit their questions. While most providers are offering it for free, others charge certain fees for the education service.
A large number of baby boomers can be regarded as individuals who are about to retire. Most of these individuals were employees of different companies and institutions. As they held different job positions, they gained lots of managerial knowledge. In business, this managerial knowledge enables a person to foster growth when it is effectively used.
In addition to knowledge, people nearing retirement have plenty of work experience. Their experience lies in financial planning endeavors like investing, saving and budgeting. The success of any startup depends on how these endeavors are undertaken. Old people may also be experienced in establishing healthy business relationships and sourcing for capital. For one to make an impact in the world of entrepreneurship, one must have extensive connections and experience.
The economic study conducted on old individuals also found out that more of them are venturing into entrepreneurship as a lifestyle choice. These individuals are driven by the desire to start their own ventures despite their ages. This entrepreneurial desire is key in the development of any profitable endeavor. This is because, without passion or desire, one cannot be motivated to succeed in any aspect of life.
From the factors explained above, it can be concluded that technology is pivotal in driving baby boomers into entrepreneurship. Their passion, education, and experience are also among other factors that drive them into starting and managing enterprises. For global economic growth to be recorded, young and old people should learn from each other. They need to share the entrepreneurial knowledge they have for economic sustainability.
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