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Fox News, Elderly Entrepreneurs Thrive

Fox News, Elderly Entrepreneurs Thrive

Older Americans took more entrepreneurial risks in 2008 while their younger counterparts took fewer.

In Photos: 6 Pieces of Advice From Successful 60+ Entrepreneurs

New research shows that entrepreneurial behavior among older Americans (44-99) rose significantly in 2008. Younger adults in the 18-44 age range — traditionally the hotbed of US entrepreneurial activity — reduced their entrepreneurial activity in 2008, according to the Global Entrepreneurship Monitor’s 2008 National Entrepreneurial Assessment for the U.S., produced by Babson College and Baruch College.

Babson College Entrepreneurship Professor and GEM author Julio O. de Castro, said she believes the increase in entrepreneurial activity by older Americans presents some interesting questions to consider in the next GEM report: “Is this a temporary or permanent trend? Or just a reaction to the economic recession?”

Entrepreneurial activity across the globe also took a dip, the number of people starting businesses with the potential to boost the economy and create new jobs declined 10 percent in the wealthiest nations during the recent global slowdown, according to GEM’s research.

“Throughout the world, would-be entrepreneurs reported greater difficulty in obtaining financial backing for their start-up activities, especially from informal investors– families, friends, and strangers,” said Professor Bill Bygrave of Babson College, one of the founders of GEM. “This pool of money declined from $400 billion to $350 billion, a 12.5 percent drop.” This comparison is for 33 countries that participated in both the 2008 and the 2009 GEM surveys.

But there may be light at the other end of the tunnel of innovation.

In 2009, even as the number of people starting businesses in wealthy countries declined, a quarter of new entrepreneurs felt the prospects for their businesses are rosier than a year earlier, according to GEM’s research. New entrepreneurs tended to be more optimistic than established business owners.

“Clearly, the slowdown has led to changes in the environment for entrepreneurs with investors holding back financing and consumers buying less,” said Kristie Seawright, Ph.D., Executive Director of GEM. “What is needed is for entrepreneurs to feel comfortable venturing out again, because they are the real engine for creating new jobs.

Unfortunately, there is not a silver bullet for entrepreneurs. Each country needs to develop the right formula to encourage business startups.”

4 Responses to “Fox News, Elderly Entrepreneurs Thrive”

  1. DianeStephenson says:

    Hey! We’ve got a long way to go yet! The survey was for people 44 – 99. I’ll never see 44 again or anywhere near it, but I’ve sure got a lot of years to work at my business before I get to 99. And as you said, Mark, there will be little money from the government by then. I’ll be collecting the pension this year, so I’ll make the best of it while it’s there, but will definitely be preparing for my own financial “survival kit” in the meantime.

  2. Hi Mark,

    You are absolutely right! Us baby boomers have to be entrepreneurs to invest in our future as there won’t be any government funds to rely on in the future. We are all too darned healthy and energetic and we are going to live for a veeeeery looooong time and enjoy our lives. 🙂

    Denise McNerney

  3. MKWeb says:

    I may not be a Sectarian (yet) but I do KNOW that the way this government is going, there will not be any Social Security or if there is, it won’t be anywhere near what I will need to maintain my lifestyle when I am eligible for it.
    So I am in the process of building my retirement fund now on my own instead of depending on Uncle Sam or my children to provide for me in my ‘Golden Years’

  4. Chuck says:

    Wow Mark!
    What a timely article.
    In spite of the Political chicanery and Government Spending out of hand…
    The Opportunity for the Business Mindset, driven with a burning Desire to Succeed is HUGE.
    2010 could go down in record as the beginning of the Decade of Solid Entrepreneurship
    If other get the lick above
    CLICK HERE for great examples

    What me retire….


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  2. Chuck Bartok - Fox News, Elderly Entrepreneurs Thrive What an Exciting time to have a desire for Self-Directed Business
  3. Chuck Bartok - Our group is red Hot!! Another outstanding Up beat post by @BestScripts Let's everyone Grab the Gold Ring in…

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