Based on the success stories of entrepreneurs like Mark Zuckerberg of Facebook and Sergy Brin and Larry Page of Google, it’s a common misconception that entrepreneurs are young. In this article by Alana Muller, president, Kauffman FastTrac she shares insights gained from a recent retreat weekend hosted by Vail Leadership Institute about the face of entrepreneurs.
The group ranged in age from their 30’s to their 60’s and all had unique reasons for pursuing their current path but Alana was struck by the story of one entrepreneur in particular. John is a ‘boomer’ who has reached the point in his life and career when he is ready to embrace his dreams. Alana said that an “April 2013 Kauffman Index of Entrepreneurial Activity found the percentage of firms created by Americans ages 55 to 64 grew more than any other age demographic, up 9.1 percent to 23.4 percent in 2012 vs. 14.3 percent in 1996.”
The piece went on to describe some of the primary reasons that ‘boomer’ cite for becoming entrepreneurs. The reasons include:
- To replace or supplement income
- Insufficient retirement funds
- Not ready to retire
- Pursue a dream
If you are an entrepreneur, why did you decide to build your venture?