Have you been thinking about your exit strategy? Wanting to retire smart and achieve financial security? Imagine transforming your hobby into a business or materializing that idea that has been in your head for a long time. Becoming an encore entrepreneur might be what you have been looking for.
What is an encore entrepreneur?
There are many definitions for encore entrepreneur and this term has been resonating more and more every year. We now live in an age of longevity and many baby boomers need to change the way they think about retirement.
Encore entrepreneurs are men and women in their 50s, 60s, or 70s, who start a new business in the light of their retirement or as a way to start their second chapter to build their legacy and live their life on their own terms.
Living in an age of longevity
Life expectancy is increasing, creating opportunities to have multiple experiences, careers or ventures during one’s lifestime.
Encore entrepreneurship is the new baby boomer’s lifestyle. Many successful startups have been founded by middle-aged. Indeed, according to this report from The Ewing Marion Kauffman Foundation:
- More than half of all U.S. small-business owners are age 50 years and over.
- People over 50 launch more businesses than any other age group.
Even though age is just a number, entrepreneurial success comes because of a variety of ingredients, many of which appear to increase with age. Many people in their 50s and beyond have all the attributes and vitality needed to create a small business and run it to its success.
Retirement is definitely not what it used to be and the large majority of people over 65 are still healthy and enjoy working. If you feel that you have more to share with the world and you are not ready for retirement, those are signs that you might be ready to become an encore entrepreneur.
Age is just a number
If you have been dreaming all your life to own your own business, but put that dream on hold, now could be the time to turn your age into an advantage, and transform your dreams of entrepreneurship into a reality.
Technology is serving as a vehicle to transform ideas into business and help seniors learn new skills. Encore entrepreneurship brings older and younger generations together creating a multigenerational workforce bridging the age gap.
Finding meaning and purpose through entrepreneurship
Experience never goes obsolete; you have wisdom, connections, a valuable set of business skills, and vitality to follow your passion and move towards your next chapter after retirement.
Leveraging your skills and decades of experience, you can transform longevity into a gift.
There are very insightful reports about finding meaning in your later years. They highlight how people over 50 are willing to stay active, follow their passions and often put purpose and being of service before financial rewards.
Individuals in midlife and beyond strive towards self-actualization and many find new ways to share their skills and expertise with their community. They want to have a positive impact on society and leave a better world for the younger ones.
By becoming an encore entrepreneur you can start building your legacy by changing the way you age, aging with attitude. You can find meaning and purpose by making a difference in the world.
