A recent post on Gallup’s website states that Baby Boomers are a fast growing group of business owners. We think it is incredible that people are finding success in their encore careers.

The article highlights:

  • More than 80% launch ventures as a lifestyle choice or to boost income
  • Are twice as likely as millennials to plan to start a business
  • Among challenges: access to credit and training

Interestingly, the post says that when business owners were asked about the environment for Boomer Entrepreneurship, they cite the challenges as “fairly similar to the ones that confront younger entrepreneurs: access to credit, availability of training and information and coping with regulations, among others.”

What do you need to consider to develop a successful business as a Baby Boomer?

  • Entrepreneurial boomers must consider their readiness for the role.
  • Prospective entrepreneurs must connect with local resources that can aid in business planning.
  • A good coach can help even established entrepreneurs.

We also know that a good workplace environment can make a difference. A Very Fast-Growing Group of Entrepreneurs: People Over 50 is part of an ongoing series analyzing how baby boomers — those born from 1946-1964 in the U.S. — behave differently from other generations as consumers and in the workplace.