While most people might think of a young, ambitious, risk-taker when referring to an entrepreneur, the truth is that a growing number of people over the age of 50 are starting their own businesses. According to a recent study by National Trends, those ages 55 to 64 have a higher rate of new entrepreneurial activity than the 20-34 age group. These “encore entrepreneurs” are putting the skills and talents they’ve acquired over their lifetime to start a new challenge. Encore entrepreneurship allows older individuals many of whom have been downsized, to pursue alternative ways to make money, to start the business they have always wanted of simply to start something whereby they can leave a legacy..

There’s something special about the later years in life, including the freedom to do different things like travel, explore, and even start a business.

Those individuals who endeavor to create their own business at this stage in life are often referred to as  “encore entrepreneurs”. Individuals who start business after 50 accounted for nearly one-quarter of new businesses started last year. People in this age range actually start businesses at a higher rate than those in their 20s. If you consider full-time independent workers, baby boomers and seniors combined are actually the largest segment at 37 percent according to the MBO independent workforce study.

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.