Retire, reboot, become an entrepreneur.
Makes sense. One has years of experience to enable new experiences with a bit of common sense.
The 55- to 64-year-old age group accounted for 26% of new entrepreneurs in 2017, according to the Ewing Marion Kauffman Foundation. That’s a significant increase over the 15% figure from 1996. Research by the Global Entrepreneurship Monitor shows the same age group has the highest rate of business startup activity globally over the past decade.
And they partner with younger people.
One of the most powerful motivators comes from dissatisfaction with the traditional view of retirement. Full-time leisure isn’t always as engaging as it’s usually portrayed. Mike Fronk, 77, spent much of his career working in management for two large companies, General Mills Inc. and Land O’Lakes Inc. He took early retirement near his 60th birthday in 2002. Soon after he partnered with his adult children and bought a small networking IT business in his native Minneapolis. “What many of us stereotypically expected was we’d get up at 9 a.m., have coffee, read the papers, watch the news—and we had no clue after that,” he says, laughing. “I always looked for meaning.”
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