Baby boomers have always been masters of reinvention. In every decade of our lives, we have challenged the status quo and lived life on our own terms. Some have accused us of being selfish for exactly this reason. But, deep down, our attempts to reinvent ourselves were rooted in our desire to get the most from life.
According to this report, most baby boomers had about 12 jobs between the ages of 18 and 48. As such, we were the first generation to abandon the idea of working for just a few companies during one’s lifetime.
The article also points out that we got off to a fast start with our careers. In our 20s and 30s, most of us experienced significant growth in our income as we developed our skills and switched companies. Unfortunately, as we reached our 40s, our career growth leveled out.
This is consistent with a report by Dr. Ros Altmann, who found that women’s careers tend to grind to a halt in their mid-40s. Men tend to progress until around age 55, but, even they experience career stagnation eventually.
Armed with a lifetime of experience and faced with age discrimination from every direction, more baby boomers than ever are deciding to start their own businesses. In fact, people aged 55 to 64 are now starting businesses at a higher rate than people in their 20s and 30s. In other words, older entrepreneurs are the “new normal.”
Baby boomers have many advantages when it comes to starting a business. We have the contacts, skills, experience and, in many cases, money necessary to set out on our own.
Having started several businesses in the last few years, I can say firsthand what a fulfilling experience being an entrepreneur can be.
It’s not just about the money. Being an entrepreneur can give you independence, a sense of purpose and the opportunity to do something that you love.
I’d love to hear your thoughts on this. Do you plan on starting a business after 60?
If you plan on starting a business, what kind of business would you like to establish? If not, why not? What is the biggest thing, other than money, that is preventing you from getting started? Please join the conversation.
Here’s a short video that I recorded on starting a business after 60.