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Q: I'm thinking about starting a business after I retire nextmonth. I'll be 65. Am I too old to start a business? -- Milton A.A: Milton, congratulations on your pending retirement. I find itadmirable that after many years of hard work you are thinkingabout starting a business. While most men your age would becontent to sit on the porch and watch the world go by, you areconsidering a ride on the entrepreneurial roller coaster. You'recertainly tall enough to ride this ride, but are you too old? Here's my standard answer: It depends. It depends on your health,your energy, your drive, your goals, and of course, your finances.If all those are in good shape and you have your spouse's approval(that's a biggie), then there is absolutely no reason why youshould not start a business at your age. In fact, the numbers are actually in your favor. According torecent studies 22 percent of men and 14 percent of women over 65are self-employed. That's compared to just 7 percent for otherage groups.According to a Vanderbilt University study the number of entrepreneurs age 45 to 64 will grow by 15 million by 2006.That's compared to a 4 million decline for entrepreneurs age 25to 44. A 1998 survey of baby boomers conducted by the American Associationof Retired Persons (AARP) revealed that 80 percent of respondantsplanned to work beyond retirement age, and 17 percent of thoseplanned to launch new businesses. The study noted, "Self-employment among American workers increaseswith age, with the most dramatic jump occurring at age 65." Older entrepreneurs may also find starting a business easier thantheir younger counterparts because older entrepreneurs tend tohave more experience to draw from and more assets with which tofinance a business.Further evidence comes from a report released by Barclays Bankentitled Third Age Entrepreneurs - Profiting From Experience. The report shows that older entrepreneurs are responsible for 50percent more business start-ups than 10 years ago. This amountsto around 60,000 business start-ups last year alone.The survey also showed that today's third age entrepreneurs (asthe report calls entrepreneurs over the age of 50) don't mindputting in the hours required to build their business. Nearly49 percent work an average of 36 hours or more a week.Third agers also rated holidays, lack of stress and a balancebetween work and home life more important than their youngercounterparts.The report further showed that only 27 percent run the businessas the only source of household income, with 51 percentsupplementing their pension.Other key findings showed that third age start-ups account for15 percent of all new businesses, and third age entrepreneursare three times more likely to be male than female.There is a downside (isn't there always?). Many businesses failwithin the first few years and older entrepreneurs may be lessable to handle the financial loss than younger entrepreneurs. It's one thing to lose everything at 25, but it's a much biggerdeal to be financially ruined at 65.So my advice, Milton, is that if your health and finances allow(and the Mrs. gives the green light) by all means start yourbusiness. Climb on the entrepreneurial roller coaster and hang on tight. You get the senior discount, by the way. Just try not to lose your lunch when things get bumpy and you'llprobably do just fine.Here's to your success.Tim Knox, FounderFor more information on starting your own online business visithttp://www.dropshipwholesale.net, the website for onlineentrepreneurs. Article Tags: Older Entrepreneurs
Small,Business,amp,#58,Entrepr