Some older entrepreneurs are learning how to get their retirement savings to finance the business of their dreams.
Jim Butenschoen left his industry to start a styling academy in Arkansas. Randal Smith left the corporate world to open a retail optical store in Missouri with his wife.
Contrary to what people think, entrepreneurship is not just for 20-year-olds. According to the Kauffman Index of Entrepreneurial Activity, in 2012 nearly one-quarter of new businesses were started by entrepreneurs 55 and older.
While twenty-somethings have what it takes when it comes to being willing to stay up all night eating pizza while working, older people have great advantages: a deeper and more extensive knowledge of many years of experience in the workforce.
In addition, some entrepreneurs have management experience and large professional networks.
Not everyone over 50 finds the prospect of entrepreneurship attractive. Financial uncertainty can be too much for the stomach, and the amount of work involved in a business launch is substantial.
However, owning your business equates to a level of autonomy and fulfillment that you could not have otherwise.
The MetLife Foundation in the United States reported that 25 percent of baby boomers surveyed expected to start a business within the next five to 10 years.
Jim Butenschoen, 65, was fed up with the corporate world after spending 20 years there and wanted to start a business on his own. Eight years ago he opened the Professional Hair Design Academy starting with six employees. He now has 32 and four establishments.
“Despite the ups and downs, I haven’t done anything more satisfying,” he said. Every day has more challenges and obstacles, but they are my challenges. Although many people his age retire, he says “I don’t want to stop working because I’m having so much fun.
Older Entrepreneurs can do.
Observed a new company. After working for 30 years in the optical industry, Randal Smith decided to go into business with a reliable partner, his wife Janeel
The Smiths, both in their 50s, withdrew their savings funds Two years ago they opened eyeSmith Sport & Fashion Optical, an optical shop in Kansas City, Missouri. Which sells prescription fashion and sporting goods to help you see well.
“Rand was tired of corporate life,” says Janel. “It’s been so much fun getting up every day and going to work because we know what’s important: our customers.”
Transforming a hobby into a way of life. These entrepreneurs of more than 50 years transformed their passions into second careers and could not be happier.
For those who dream of turning their hobby into a way of life or want to be their own boss, a second career as an entrepreneur can be a good solution.