There are now about 100 million people in the U.S. over the age of 50 - and most of them are going to live a very long time. Life expectancy has increased dramatically over the last century. Now when you turn 65 you can look ahead to 20, 25, even 30 more independent, energetic, active years. Never before in the history of humanity have we had such long life expectancy. What an apportunity.
There is no age limit in the business world. Indeed, a group known as “encore entrepreneurs,” people over the age of 50 who start a business, is on the rise. According to a Kauffman Foundation survey cited by Forbes, those aged 55 to 64 invest in new business ventures at a higher rate than other age groups—making up 23% of all new entrepreneurs. With so many middle aged and older adults taking the lead, entrepreneurs and business leaders from every age group are starting to take note.
Turning your passion into a career may seem like a great way to ensure you love what you do every day, but sometimes your vision and reality do not align. It takes more than passion to know how to capitalize on the things you enjoy and create a profitable business. Recognizing that starting your own business will be a challenge is the first step.