When seniors go see financiers about making an investment in an idea they have for a business, they can face some hurdles. Their age is just one of them. Bankers may fear that boomers, who are retired, may be out of touch with today's global marketplace. They certainly have to consider whether or not the seniors will live long enough to pay back a loan. There are good reasons however, why baby boomer entrepreneurs are good risks.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Most older entrepreneurs have weighed the risks associated with starting a business and decided it is worth it. They don't have as much to prove as their younger counterparts, and they are often more single minded. Their goals tend to be shorter term and more realistic. These are people who would like to get back into the working world, but they want to do something they love. It isn't just for the paycheck.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Boomers are more likely to understand and appreciate the concerns of investors than younger entrepreneurs. They have already experienced managing big budgets, repaying loans, creating business plans, and participating in quarterly reviews. This not something a lender or investment banker will have to explain to them. Senior business owners don't take as much for granted as younger business people.
Not all boomers are interested in starting new businesses after retiring. Some are content to putter in their gardens or travel the world. Many do have commercially viable ideas and interests however, that they finally have time to explore.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Most older entrepreneurs have weighed the risks associated with starting a business and decided it is worth it. They don't have as much to prove as their younger counterparts, and they are often more single minded. Their goals tend to be shorter term and more realistic. These are people who would like to get back into the working world, but they want to do something they love. It isn't just for the paycheck.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Boomers are more likely to understand and appreciate the concerns of investors than younger entrepreneurs. They have already experienced managing big budgets, repaying loans, creating business plans, and participating in quarterly reviews. This not something a lender or investment banker will have to explain to them. Senior business owners don't take as much for granted as younger business people.
Not all boomers are interested in starting new businesses after retiring. Some are content to putter in their gardens or travel the world. Many do have commercially viable ideas and interests however, that they finally have time to explore.
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