Baby Boomer Retired Entrepreneurs in it for the Fun
Monday July 7, 2008
Brent Bowers, contributor to the New York Times, in his Early Retirees in New Ventures, Mostly for Fun piece profiles several baby boomers who were nearing retirement who decided to become entrepreneurs and start their own business. Those profiled in the article went into business more for fun than profit. Bowers discusses how these retiring baby boomers found themselves with extra time on their hands and decided to pursue their passions and hobbies as entrepreneurs.
The difference with the entrepreneurs being profiled and with many retiring baby boomers Bowers points out, is there is no expectation for their business to ever grow into money making machines. In fact, if they never turn a profit at all, that would be just fine with them, too.
Bowers puts himself in this category of graying entrepreneurs. He was an editor for the New York Times who took early retirement two years ago and "Redirected my creative juices at freelance writing projects and, twice, giving speeches."
It's great that these folks are financially able to start a business and not worry about having to bring in an income, and starting a small home business in your retirement is a really nice thing to do, especially if you've always wanted to be your own boss or you just want to pursue a passion or interest that you weren't able to pursue while you were chasing the almighty dollar during your career. However, you really don't need to wait until retirement is on your doorstep. You can pursue your interest with a small part-time business while you are still in the active workforce. Who knows, if you are very good at what you do and manage your money well, you might just be able to retire early someday. At least you'd have something to fall back on in the event of a layoff.
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The difference with the entrepreneurs being profiled and with many retiring baby boomers Bowers points out, is there is no expectation for their business to ever grow into money making machines. In fact, if they never turn a profit at all, that would be just fine with them, too.
Bowers puts himself in this category of graying entrepreneurs. He was an editor for the New York Times who took early retirement two years ago and "Redirected my creative juices at freelance writing projects and, twice, giving speeches."
It's great that these folks are financially able to start a business and not worry about having to bring in an income, and starting a small home business in your retirement is a really nice thing to do, especially if you've always wanted to be your own boss or you just want to pursue a passion or interest that you weren't able to pursue while you were chasing the almighty dollar during your career. However, you really don't need to wait until retirement is on your doorstep. You can pursue your interest with a small part-time business while you are still in the active workforce. Who knows, if you are very good at what you do and manage your money well, you might just be able to retire early someday. At least you'd have something to fall back on in the event of a layoff.
10 Things You Should Do Before You Start a Business
Do You Really Need a Business Plan?
9 Personality Types of Entrepreneurs (About: Small Business Information)
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