Boomers bitten by the entrepreneurial bug

Posted On August 13, 2013

Whether it is due to fears about the economy, finally getting tired of the corporate grind, or simply a desire to stay busy in retirement, it seems more and more Baby Boomers are putting on the entrepreneur’s cap.  In fact, the Rapid City Journal recently profiled a Boomer entrepreneur whose bright idea for business is a support service company specifically for helping Boomer entrepreneurs get their businesses off the ground. Talk about niche. And yet he already has 50 businesses signed up.

What does this trend mean to your business?  Are you losing experienced professionals because they are ready to do something that is more personal and meaningful?  If so, consider how you can adapt their role within your organization to become more flexible or collaborative.  Many established Boomer professionals are happy to shift to a consulting role, for example, with more flexibility to work on special projects and with flexible schedules. They get to maintain their status as knowledgeable experts while rolling up their sleeves to work on something new and creative.

If keeping Boomers is not your challenge, perhaps this trend toward entrepreneurialism is an opportunity for your company to serve an unmet need.  Like the gentlemen in Rapid City, is there something your business can offer that will help Boomer entrepreneurs quickly establish and grow their business?  Most entrepreneurs are good at what they do – the idea behind their company – but not necessarily at building and running a company in general.  From taxes to technology, marketing to payroll, consider where your business can provide added value.  Then keep your ears open for Boomers talking about side businesses that may actually be more than hobby.

Categories: Baby Boomers, Work