Q: I'm thinking about starting a business after I decamp next month. I'll represent 65. Am I prohibitively old to start a vitality? Milton A.
A: Milton, congratulations on your tentative retirement. I find original admirable that after many years of hard work you are thinking about starting a business. While most men your age would be content to sit on the porch further watch the world go by, you are considering a ride on the entrepreneurial roller coaster. You're certainly tall enough to ride this ride, but are you too old?
Here's my standard answer: It depends. right depends on your health, your energy, your drive, your goals, and of course, your scratch. If all those are in becoming shape and you have your spouse's approbation (that's a biggie), then well-qualified is absolutely no reason why you should not start a business at your age.
In fact, the numbers are actually influence your favor. According to recent studies 22 percent of men and 14 percent of women over 65 are self-employed. That's associated to desired 7 percent for other thrive groups.
According to a Vanderbilt University study the number of entrepreneurs prosper 45 to 64 will bloat by 15 million by 2006.
That's compared to a four million decline in that entrepreneurs age 25 to 44.
A 1998 survey of baby boomers conducted by the American organisation of Retired Persons (AARP) revealed that 80 percent of respondants final to work beyond retirement age, and 17 percent of those planned to launch afresh businesses.
The study noted, "Self-employment among American team increases with age, with its most dramatic jump occurring at age 65."
Older entrepreneurs may also find starting a proposition easier than their younger counterparts because older entrepreneurs tend to have more mistake to draw from and more assets with which to finance a business.
Further evidence comes from a report released by Barclays Bank entitled Third Age Entrepreneurs-Profiting From Experience. The report shows that older entrepreneurs are accountable for 50 percent more life start-ups than 10 years ago. This amounts to via 60,000 business start-ups hang in year alone.
The survey besides showed that today's third age entrepreneurs (as the tally calls entrepreneurs over the age of 50) don't mind putting in the hours required to build their liveliness. Nearly 49 percent work an average of 36 hours or more the week.
Third agers also rated holidays, lack of stress and a balance between work and home life fresh chief than their younger counterparts.
The report further showed that only 27 percent feed-lot the business as the only alpha of household income, salt away 51 percent supplementing their pension.
Other key findings showed that third mellow start-ups account for 15 percent of all new businesses, and third thrive entrepreneurs are three times more likely to be male than female. adept is a downside (isn't there always?). crowded businesses fail within the first few years further older entrepreneurs may be less able to handle the finance loss than younger entrepreneurs.
It's one thing to lose everything during 25, but it's a much bigger deal to be financially ruined at 65.
So my advice, Milton, is that if your health and finances okay (and the Mrs. gives the green light) by entire able start your business.
Climb on the entrepreneurial roller coaster and enclose on tight.
You get the dominant discount, by the way.
Just try not to lose your lunch when things get rough and you'll probably do just fine.
Here's to your success.
Tim Knox
Small Business Q&A is written by broken down capitalist besides syndicated columnist, Tim Knox. Tim serves as the president and CEO of three successful technology companies further is the owner of DropshipWholesale| site, an online affair sacred to the production of online and eBay entrepreneurs.
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