Boomers Look to Create Jobs, Meet Community Needs

On experience:

• 37% of Americans in the 44–70 age group have already started businesses or nonprofit organizations; of these, 42% are still actively involved in their ventures.
• Aspiring entrepreneurs reported an average of 31 years of work experience and 12 years of community involvement.
• 85% reported having management experience, averaging 15 years.

On the motivation and interests of potential encore entrepreneurs:

• More than 80% of encore entrepreneurs said they wanted work they "are passionate about" and that gave them "a sense of meaning and a feeling of accomplishment."
• Encore entrepreneurs expressed interest in social services (37%); poverty alleviation (28%); working with at-risk youth, economic development and health care (all at 24%); the environment (19%); and human rights or social justice (18%).

On the goals and needs of potential encore entrepreneurs:

• 68% of potential encore entrepreneurs said they would consider their businesses or nonprofit ventures worthwhile if they earned less than $60,000 a year.
• 67% said that they would need $50,000 or less to get started, and only 20% said they would need more than $100,000.
• 67% planned to have a positive effect on the local, state or regional (as opposed to national or international) level.

The research found that compared with aspiring entrepreneurs in the boomer age group without a social mission, potential encore entrepreneurs are more likely to be women, African American, involved in their communities, motivated by faith and serious about getting started.

Penn Schoen Berland conducted 400 online interviews from Sept. 14 to 28 with American adults between 44 and 70 who expressed interest in starting their own business or nonprofit ventures in the next five to 10 years (Potential Entrepreneurs). This included 193 Potential Encore Entrepreneurs who expressed interest in starting ventures that would have a positive social impact, meet a community need or address a social challenge.

 "There are certainly many obstacles to building successful enterprises at this stage in life," Marc Freedman, founder and CEO of Civic Ventures, said in the statement. "But, as we've seen with The Purpose Prize, many have been able to make a living while making a difference. We need to help many more do the same."

Last week, Civic Ventures gave five encore entrepreneurs over 60 years old its $100,000 Purpose Prize for their social contributions.