Is Entrepreneurship The Answer To Ageism?

By 2024, nearly 25% of the workforce is projected to be adults aged 55 and over, becoming one of the largest professional demographics. Yet 60% of workers aged 45 and up say they have experienced age-related discrimination and unfairness within their workplace, potentially going far enough to mean termination and replacement. Fed up with the age-related competition within the corporate structure, boomers are calling on their industry know-how to build their very own brand from consulting work, to home repairs, to financial services.

Today, American seniors aren’t looking at retirement the way they used to. In fact, four out of five boomers expect to keep working instead of retiring, out of financial necessity. “Many baby boomers are not interested in retirement,” says Sylvia DeWitt, administrator for the Iowa Entrepreneurs Coalition. She continues, “They’re always interested in building something.” Almost 50% of all self-employed workers are baby boomers, and 57% of small business owners are over 50, painting a very different portrait for what an entrepreneur looks like. Millennials are increasingly finding themselves without the financial means to start their own businesses; that paired with a lack of business and industry experience puts them well behind their older entrepreneurial counterparts. Older workers enjoy the gig economy more than any other generation, utilizing their extensive professional network to generate business, rather than relying on only technology.

It is possible to create opportunities at any age - for older Americans especially, compounding experience from years spent in business give a competitive edge. Take a look at this infographic for more on building a career past 50, how older Americans are making use of the gig economy, and why you’re never too old for entrepreneurship.