Starting your new business at the age of 60

There’s a common perception that we are less likely to take risks as we get older. Yet, research has found that baby-boomers are the fastest growing entrepreneurship cohort anywhere in the world, with the trend likely to increase as the population ages.

Business people having meeting in cafe Source: Digital Vision

Professor Maritz says evidence shows that mature-aged entrepreneurs are more capable of starting a business than their younger counterparts.

Interestingly, while younger entrepreneurs work an average of 23 hours a week, earning about $115,000 a year; their senior counterparts work only 18.5 hours a week, making about $264,000 a year.   Grey entrepreneurs are also getting into what Professor Maritz calls “hybrid entrepreneurship”. 

Now, hybrid entrepreneurship is when people are employed in full-time employment and they do entrepreneurial activities on the side. They get involved in passion project. It’s not within the same domain as their full time employment. 

Listen to SBS Punjabi Monday to Friday at 9 pm. Follow us on Facebook and Twitter.