According to the Small Business Administration, entrepreneurship rates are rising faster among Americans 45 to 60 than amonth those 20 to 30. The SBA’s National Small Business Week in June, a weeklong, cross-country tour with stops in Seattle, St. Louis, Pittsburgh and Washington D.C. to honor small businesses, highlighted the partnership between the SBA and the AARP to support older entrepreneurs. The AARP reports that one in four people between ages 47 and 70 intend to start a business within the next 5–10 years, with 100,000 encore entrepreneurs entering in the next year.
Of the AARP’s 37 million members, 5 million to 10 million are interested in starting a small business, says AARP President Robert Romasco.
“Encore entrepreneurs,” as AARP calls them, are bringing to the table what their spring-chicken counterparts can’t: decades of work experience, real-world understanding and the seasoned desire to start businesses.