Going your own way

Only 44% of the respondents said they were considering opening their own businesses. People over 61 years old had the greatest zeal for entrepreneurship, while those under 30 had the least.

Older people have the time, resources and experience to succeed on their own, said Matthews. "A 26 year old doesn't have the borrowing power. But someone who has worked for 30 years--and has built up a portfolio--can leverage their own money against capital assets."

According to [Doug] Matthews [EVP at Right Management Consultants], nearly 40% of older entrepreneurs go into consulting, a field where they can sell their years of experience and expertise. The others, he said, run the gamut. "I have seen a Fortune 50 CEO go into the car-washing business, and a head of human resources start a commercial real-estate business," said Matthews.

Inc.com has a brief article on Unemployment Doesn't Translate to Self-employment.  The idea of self-employment is enticing to many, but most find themselves better off with finding employment within the areas they are trained for or have experience.  It is not until later in life, after a corporate career in most cases, that many are secure enough - economically and emotionally - to exercise their interest and freedom to pursue self-employment.  Many of the middle managers that were cashiered during the great industry consolidations of the last couple of decades made productive second careers by opening franchises or setting out their shingles as management consultants.  More recently there has been a trend among B-Schools to focus on preparing students for entrepreneurship with coursework and sometimes entire programs dedicated to minting entrepreneurs.  Will that influence push younger people into self-employment sooner than unemployment pushed their elders?  Time will tell.

Comments

[Domain Blog]

> People over 61 years old had the
> greatest zeal for entrepreneurship...

I would have thought that most people that age wouldn't have the energy to invest in a startup. I should think that most 60+ individuals are ready for golf, traveling, relaxing and spending time with family. Go figure.