Alexandra Levits Water Cooler Wisdom Why Boomers Make Better Business Owners

Alexandra Levit's Water Cooler Wisdom Why Boomers Make Better Business Owners A study by the Ewing Marion Kauffman Foundation reported that the highest rate of entrepreneurial activity over the last few years is not Gen-Y upstarts, but Baby Boomers in the 55-64 year age group. In fact, Boomers are actually driving a new entrepreneurship boom as they retire from their traditional corporate jobs and seek more meaningful sources of work. According to the U.S. Bureau of Labor Statistics, 60 percent of the country’s workforce is currently made up of senior employees, but long-term employment has fallen dramatically for people ages 35-64. Since the first Internet-era recession, transaction costs and barriers to entry have fallen for entrepreneurs of every age. And with longer life expectancies and greater health in later life, older generations are starting new firms and mentoring young entrepreneurs in record numbers. According to Jeff Mariola, the Boomer CEO of online marketing firm Digital Brandworks, Boomers are also more likely to succeed as entrepreneurs. When I asked Jeff why this was the case, he provided four compelling reasons. Greater emotional intelligence The rapid growth and constant change environment inherent in a start-up business requires steady and consistent leadership. Boomer CEOs have worked through countless change management initiatives over the years. They can provide their coworkers with the guidance, inspiration and motivation required to get everyone focused on the vision of the business while acknowledging that the road to get there will naturally be filled with anxiety, fear and exhilaration. Check out the whole post at Intuits Fast Track blog.