Economy Creating “Involuntary Entrepreneurs”

More boomers are becoming entrepreneurs out of necessity, says a Business Insider article posted this week.   After being laid off, they’re starting businesses to pay the bills and make ends meet, rather than being motivated by a hot product idea or the thought of being their own boss.  In addition to findings from a new Kauffman Foundation study, the article mentions research from the Employee Benefits Research Institute that shows half the baby boom generation is living without pensions or has minimal retirement savings.   Read the full article here.

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About Lynne Strang

I'm a writer who blogs about 40-and-older business owners. I am also the author of "Late-Blooming Entrepreneurs: Eight Principles for Starting a Business After Age 40." Outside of work, I enjoy reading, cooking, vegetable gardening and exercise (especially cycling).
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One Response to Economy Creating “Involuntary Entrepreneurs”

  1. senecus says:

    Boy,can I relate here. After leaving an ever diminishing industry state-side(electronics) to go to Federal employment and have an interstate transfer fall through(freeze at the time),decide to go the route of business ownership(again). Had done it once before in same area(janitorial & building maintenance) ,chose a franchise to “ramp up” quickly(first time around was self-start ,mid ’80s), and been a roller-coaster ever since. Wife and I did want to start this type of business,but gradually,and add employees as we “grew”. But job lose didn’t leave us options,especially when work in our new location was sparse and low paying.

    Climate very different this time ’round(everyone says “No kidding!”),there is no customer “loyalty” as had been before and has become a quite “thankless” occupation- in short-just a job. Hiring employees never materialised as accounts now “change hands” to the one willing to do something for a buck less. I’m tellin’ ya (). So, to make up for the “valleys” I work two P/T jobs on the side. Floating resumes at this time ,really ‘fishing’ as the market is flooded and being older (53) ,employers have ‘pick of the litter’.

    But, STILL would like to be in own business-exploring other ideas,just haven’t found anything that really ‘lights the fire’. And that is so important,to have passion for what you do, lest it just become “another J.O.B.”(J-ust, O-ver, B-roke).

    Thanks for the platform,for give my “semi-rant”- but in our rapidly changing economic climate this and other venues like it are helpful to nudge others into thinking ‘outside the box’.

    P.S.- I subscribed:)

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