Entrepreneurial drive and willingness to take risks are often regarded by Texas residents as characteristic of younger workers. A recent study, however, refutes this myth and shows that the baby boomer generation defines itself by its entrepreneurial spirit and tolerance for taking risks. This entrepreneurial spirit is evidenced by the increasing number of baby boomers who are ending one career and starting another by launching a new business formation.
Monster.com and Millennial Branding conducted a survey of more than 2,800 users of the Monster website and asked them whether they considered themselves entrepreneurs. This study showed that 45 percent of the baby boomer generation, which is made up of individuals between the ages of 50 and 69 years old, classify themselves as entrepreneurs. This compares to 41 percent of employees between the ages of 30 and 49 years old and 32 percent of workers between the ages of 18 and 29 years old, known as “Generation Y” or “Millennials.”
Baby boomers may be more comfortable taking career risks because they have financial stability, years of experience and a list of business contacts. Older individuals armed with these tools are taking more calculated and informed risks than younger employees whose careers have not lasted long enough to yield financial stability, business experience and business contacts.
While financial stability and business experience provide a cushion of sorts to baby boomers starting a new business or engaging in other entrepreneurial activities, it is the establishment of a network of business contacts that may be the most valuable. Learning from and relying on another’s expertise may be able to ease the growing pains of a start-up venture. In particular, a relationship with an experienced business law attorney may be able to increase the odds of entrepreneurial success and reduce some of the risk associated with start-up ventures.