Buying a business after 50
[...] Americans 55 to 64 have launched more businesses than any other age group during the past decade, closely followed by those 45 to 54, reports the Kauffman Foundation, a nonprofit dedicated to entrepreneurship.
For some, the change has been forced upon them by the tough job market. Others are taking the leap to escape boredom, become their own boss, pursue a passion -- or simply in hopes of hitting it rich.
Whatever the motivation, entrepreneurs face a tough road. Half of businesses fail within the first five years, the U.S. Small Business Administration reports. Some research shows that boomerpreneurs have more staying power than younger folks, but the stakes are also higher: You have little time to recover from failure, you have higher living expenses to cover, you may have a family depending on your income, and though you've likely amassed more wealth, you're closer to the time when you need to tap those assets.
So how can you beat the odds if you want to join the boomerpreneur boom? MONEY put that question to small-business experts and dozens of fiftysomething entrepreneurs for their best advice.
This is the first of three articles on how to become a boomerpreneur. This one will help you to see if you've got what it takes to own your own business and how to put time on your side. You can also get tips for changing your lifestyle, knowing the real costs of starting up a business and financing with caution. [...]
Well it makes sense to me. Older folks have gained more experience managing finances, interacting with many different kinds of people, and generally understanding how the world works. Plus, they may have saved up some cash and other resources to live on, while they are growing their business. All that would give them an edge.
Read the full article, for embedded links and more.
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