Baby boomers are nearing their retirement age, but still a huge rate from this demographic is finding an encore career as entrepreneurs. A new research has shown that adults over the age of 50 make up one of the fastest-growing groups of entrepreneurs across the globe, particularly in the United States. Baby boomers are among those people who in the present time do not own a business but are as willing as the millennials to build a business from ground up in the succeeding years.

With a desire for lifestyle modification, a large number of these potential entrepreneurs are likely to find fulfilment in the later stages of their careers if their desire to launch a new venture comes into reality. As the figures reveal, 32% of baby boomers report that building a new business will help them feel more independent and 27% cite it will allow them to pursue their interests and passions.

Of course, money comes in as a main reason, too. Almost a quarter of those surveyed want to have a new business so they can increase their income. Unfortunately, only 10% are focused on delivering the right solutions to meet the needs of the current market – the type of business which is highly likely to have massive growth potential.

Despite the years of experience many baby boomers have acquired from working for successful companies, they are still likely to experience the same challenges young entrepreneurs face. This is due to the lack of readily available information and training courses about business and entrepreneurship in the communities. Furthermore, the statistic shows that 44% of baby boomers surveyed said that the city where they live makes a good residential place for entrepreneurs setting up a fresh venture, whereas only 9% had an easy time obtaining business loans from where they live.

With the results researchers have gathered, they suggest that communities trying to nurture entrepreneurial advancement among baby boomers must target these key areas:

  1. Readiness for the role: Communities must help business-minded baby boomers understand the great difference between owning a business and working for an organisation.
  2. Local resources: Communities must initiate the move when it comes to assisting prospective entrepreneurs connect with local resources and professional networks in order to strategically plan their business.
  3. Effective coaching: Even though they have established a credible working experience, baby boomers still have a lot to learn from coaches, mentors and business advisors who can provide them thorough counselling and support.