

For Many Older Americans, an Entrepreneurial Path - DanielBMarkham
http://www.nytimes.com/2014/02/08/your-money/for-many-older-americans-an-entrepreneurial-path.html?ref=business&_r=1

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HarryHirsch
Here's what is worrying: _But it is not an easy road. Money is the biggest
stumbling block. Most start-ups like Ms. Arnold’s are underwritten with
personal savings._

Also: _Many entrepreneurs do not pay themselves for a year or so to allow
their businesses to gain traction._

Considering that most businesses fail within 5 years, I'm not enthusiastic
about the older-than-55 crowd starting their own business. If you are fresh
out of college you may be able to set up a company - you have time you put
your finances back together, should the effort fail, but as a retiree you are
looking at old-age poverty.

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jared314
> should the effort fail, but as a retiree you are looking at old-age poverty

As mooreds mentioned in his comment[1], they might already be looking at old-
age poverty. People are living longer, healthcare costs are rising, retirement
funds are not keeping up, pensions and retirement benefits are being gutted by
corporations and governments alike. So, speaking as someone who has a retired
relative trying this idea, the downside might be minimal.

[1]
[https://news.ycombinator.com/item?id=7208690](https://news.ycombinator.com/item?id=7208690)

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mooreds
I think this points to how much easier it has become to start a business
nowadays (a normal business, not a tech business). I'm sure some of this is
due to the marketing revolution that is the web, but I think it's also due to
the move to services that has happened in the USA over the past 4 decades.
(It's a lot easier to run a one person services business than a one person
manufacturing business.)

Pair that with a) boomers needing more money because they have fewer pensions
and are living longer, b) older folks have some accumulated capital (either
financial, human or relationship) and c) the flexibility of a lifestyle
business (even if you work longer hours, you can timeshift), and it doesn't
surprise me that older folks are starting more businesses.

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jamesash
Refreshing to read a NYT article that doesn't go out of its way to find the
cloud in the silver lining.

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UK-AL
I highly respect this is because of ageism in the jobs market, not because
they want to.

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albrtc
Medicare probably helps a bit too

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dreamdu5t
Read New York Times, I will not.

