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Small Business News & Notes

Is Being an Entrepreneur Right for You?

By Kenneth Bryant

If you are over 50 and thinking about starting up a business of your own, you certainly have company. It’s estimated that more than five million people age 50 and over are now self-employed. That’s a 23 percent increase since 1990.

Experts say this may be a particularly good time to set up shop on your own. That’s because in today’s economy, you often don’t have to give up your full-time job to become an entrepreneur. 

You may want to consider a venture that you can start as a sideline, such as providing a service, turning a hobby into a business or selling a service or hobby through direct sales, which is also known as person-to-person selling.

While the economy is constricting in some areas—such as manufacturing–it is expanding in other areas, such as the service-providing industry. The Bureau of Labor Statistics refers to the professional and business services group as a “supersector” of the economy and projects a 30 percent grown in jobs between 2010 and 2020. 

One of the attractions of this area is that many find it requires no particular level of education, experience, financial resources, physical condition, age or gender requirements.

One of the primary attractions for many is flexibility when it comes to working hours. Entrepreneurs can enjoy the opportunity to see a child in a school play or spend time with an aging parent.

Many report that given current trends such as job insecurity, flat wages, longer hours, and decreased benefits, the appeal of striking out on their own has never been higher. 

Plus, older entrepreneurs often have a level of experience that makes them uniquely qualified. Studies show that more than 65 percent of women who started businesses in the past decade learned the ropes as managers in big corporations.

The guidance of financial professionals can often be useful when making plans to carve out a career as an entrepreneur.

Kenny Bryant is a financial professional with licenses in states across the US.  He can be reached for questions and comments at 973-464-6373, by logging onto his website at http://www.managingmoneygodsway.net or via email at minbryant@managingmoneygodsway.net.

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