Public Policy & Aging Report, 2014, 24, 141–147
doi:10.1093/ppar/pru043
Regular Article
Senior Entrepreneurship: The New Normal
Elizabeth Isele, MALS,1 and Edward G Rogoff, PhD2,*
Senior Entrepreneurship Works, Washington, District of Columbia
Baruch College, City University of New York
1
2
*Address correspondence to Edward G. Rogoff, PhD, Baruch College, City University of New York, Box B9-240, 55 Lexington
Avenue, NY 10010. E-mail: [email protected]
Manuscript received July 22, 2014; accepted August 4, 2014.
Decision Editor: Robert B. Hudson, PhD
Key words: Senior entrepreneurship, Entrepreneurship training, Entrepreneurship, Older workers
Recently, Earl, a man from Long Island, started a business
making a spice mixture reminiscent of what his grandmother made when she was raised in the Middle East. He
had a business and engineering background, but the food
industry was new to him. He received a positive response
from his local area and now wanted to break into the burgeoning food scene in Brooklyn. To help with that process, he approached a nearby entrepreneurship center at a
university for help with introductions. They suggested he
obtain a partner to focus on the selling. So he recruited his
niece to help and soon his business was off and running.
There is nothing unusual about that story—except that
Earl is 90 years old.
The world has changed for seniors and they, in turn,
are changing the world. Today's 50+ year olds who have
been given the gift of an additional 20–30 years of longevity and good health and are creating businesses of
their own—from micro- to multimillion dollar ventures.
They are building everything from glue gun to technology-driven businesses. The senior entrepreneur has years
of experience to draw from and that could be corporate
experience or managing a family and they are eager to
embrace new opportunities.
Recent research in the United States from the MetLife
foundation documents that 34 million boomers want to
start their own businesses (Isele, 2013). The Kauffman
Foundation and the Global Entrepreneurship Monitor
(GEM) show that, contrary to the traditional perception
that entrepreneurship is a young person’s endeavor, seniors
are the most entrepreneurial age group (Amoros & Bosma,
2013; In Search of a Second Act: The Challenges, 2014a,
2014b). According to GEM data, seniors own businesses at
a higher rate than any other demographic cohort (Kelley
et al., 2013).
Results from various studies have identified different
subgroups of senior entrepreneurs largely based on differing motivations. GEM, a long-standing study covering
most of the world, has found that fundamentally, entrepreneurs fall into two groups. The first group is composed
of those entrepreneurs motivated by necessity. With few
other options, necessity-driven entrepreneurs start small
businesses with minimal financing (Amoros & Bosma,
2013). The other group, opportunity-driven entrepreneurs
are those people who could obtain employment but choose
instead to be entrepreneurs. They have greater personal
financing, more education, and more extensive business
networks than their necessity-driven counterparts. For
these reasons, they tend to start larger, better-planned, and
ultimately more successful businesses. A disproportionate
share of senior entrepreneurs is opportunity-driven entrepreneurs (Kelley et al., 2013).
Another way to categorize senior entrepreneurs is by
the differing paths that they followed into entrepreneurship (Giandrea, Cahill, & Quinn, 2008). There are those
who wished to continue in traditional employment but lost
their jobs. There are those who saw entrepreneurship as
a way to do something that they have long wanted to do.
There are those who rather accidently came across an idea
for a product or business that led them into founding their
own businesses.
Published by Oxford University Press on behalf of The Gerontological Society of America, 2014.
This work is written by US Government employees) and is in the public domain in the US.
For permissions, please e-mail: [email protected].
141
Rogoff and Isele
No one simple and correct way of looking at senior
entrepreneurs exists. All these studies have identified key
variables that help understand the richness and varied
qualities of senior entrepreneurship. In addition to the
example offered earlier, consider the variability that characterizes the following two brief examples:
Pearl Malkin, at age 89, launched Happy Canes with
a glue gun and $3,500 that her grandson helped her raise
through Kickstarter.com. Pearl is what my grandmother
used to call a pistol. Bored with her plain black cane, she
decided to glue on a few flowers. Neighbors loved them so
she started making more and her grandson saw an opportunity for Pearl. They used the Kickstarter money to purchase more canes and flowers, hired neighbors to help with
the gluing, and began selling online through Etsy.com.
Robert Gray, self-defined as "involuntarily retired"
from the tech industry, started a technology company called
@HandApps. His first product, New England At-Hand, is
an iPhone/iPad travel app that allows you to easily create
and explore New England itineraries. His original content
and mined data are retained in a cloud infrastructure. The
business is growing and Robert is building a cooperative of
other involuntarily retired techies to create additional apps.
Prevalence. How Much Depends on How
One Counts
Three different data sources have produced quite different
finding regarding the specific rates of senior entrepreneurship. These differences are largely the result of their different methodologies.
U.S. Census Data: The Kauffman Foundation, the Pew
Research Center, the U.S. Small Business Administration (U.S.
SBA), and AARP have variously reported data that are derived
from the U.S. Census (AARP Research, 2013; In Search of
a Second Act: The Challenges, 2014a, 2014b; Lichtenstein,
2014; Pew Research, Social & Demographic Trends, 2009).
While the Census is the largest and most commonly used
source of data in the field of entrepreneurship research, it
employs a confusing and limiting nomenclature that does
not reflect the reality of either self-employment or business
ownership (United States Census, 2000). Census respondents must choose only one from a list of eight employment
options:
•• Employed by a private for-profit business.
•• Employed by a private not-for-profit organization.
•• Employed by a local government.
•• Employed by a state government.
•• Employed by the federal government.
•• Self-employed in an unincorporated entity.
•• Self-employed in one’s own incorporated business, professional practice, or farm.
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•• Working without pay in a family business or farm.
People who report that they are self-employed in incorporated entities are, by the Census’s definition, employees of the
corporation and are thus not self-employed. Someone who
is employed in a corporation that he or she owns is within
most people’s definition of entrepreneurship. A person with
a salaried job could also have a side business during her days
off, or she may help a relative with another business. Such
individuals would actually qualify under three of the Census
categories, although they are limited to choosing only one.
Using self-employment by the Census definition as the narrow test of entrepreneurship probably severely understates
entrepreneurial activity (United States Census, 2000).
GEM is an international study that is in its 16th year in
the United States. The GEM survey interviews over 2,000
individuals each year aged 18–75 about their attitudes,
motivations, and activities related to entrepreneurship.
Because it relies on respondents to self-define as business
owners, it captures a full range of entrepreneurship activity
at any point in the business creation and operation phases
(Amoros & Bosma, 2013).
The Kauffman Foundation and Legal Zoom publish
annual reports (2014) on who started businesses. The
sample is businesses that have used Legal Zoom services
to form a corporation. Since many people start businesses
in forms other than corporations (Subchapter S, partnerships, or no separate legal entity), these data represent a
subgroup of entrepreneurs and are perhaps most valuable
as a tool for looking at longitudinal data (The Kauffman
Foundation and Legal Zoom, 2014).
However One Counts There Is a Lot of Senior
Entrepreneurship
One fundamental measure of entrepreneurial activity that
the GEM study produces is Total Entrepreneurial Activity
(TEA), which covers the range for a desire to start a business to owning an established business. The TEA rate overall for the United States in 2013 was 11.2 percent. While
this was 7.7 percent for people between the age of 55 and
64 and 3.4 percent for those over 65, if one adjusts those
number to reflect workforce participation rates (not counting those retired or any reason), then the number for 55to 64-year olds jumps to 11.8 percent and for those 65+
jumps to 18.4 percent (Kelley et al., 2013). Further, the
older an entrepreneur is, the more likely he or she is to
own a larger and more established business.
The Census and Kauffman/Legal Zoom data show
a more dramatic pattern because of the sampling issues
mentioned above. This was well summarized by Dr. Greg
O’Neill in testimony before the U.S. Senate Committee
Hearing, In Search of a Second Act: The Challenges and
Advantages of Senior Entrepreneurship:
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Self-employment rates increase dramatically with age; for
example, only about 4% of workers younger than age 30
are self-employed compared to 15 percent among those
ages 50 to 64 and 25 percent among workers 65 or older
(Pew Research, Social & Demographic Trends, 2009).
Although the media have popularized the image of the
“entrepreneur” as a tech-savvy innovator in his or her
early twenties, a recent study published by the Kauffman
Foundation and Legal Zoom finds that the same percentage of all new businesses—15 percent—were started by
entrepreneurs aged 18 to 29 and those 60 and over (The
Kauffman Foundation and Legal Zoom, 2014). And,
separate research by the Kauffman Foundation has established that the highest rate of business start-up activity
over the past decade has been among people in the 55 to
64 age bracket (The Kauffman Foundation, 1996–2012).
More than half of the self-employed also retire later than
wage and salary workers; small business owners in 2010
reported that they would retire on average at age 72.6,
while the expected retirement age among wage and salary workers was 68.4 (Lichtenstein, 2014).
More than half of all U.S. small business owners were age
50 and over in 2012—up from 46 percent in 2007, according to the U.S. SBA (Lichtenstein, 2014).
Importance of Senior Entrepreneurship
While there is still a dearth of research in this arena, given
the number of 50+ year olds launching business start-ups,
the following assertions are based on standard business
and social projections. Most fundamentally, the economic
impact of the businesses started and run by senior entrepreneurs is huge, including their own self-reliance and
their communities'—indeed the world's—economic vitality. They are creating jobs for themselves and for people of
all ages. Prosperity knows no age limits. Moreover, these
senior entrepreneurs contribute billions of dollars in state
and federal taxes.
Considering that under the UN’s standard assumption
that a working life ends at 65, and with no increases in
productivity, “retired” aging populations could cut growth
rates in parts of the world by one third and then one half
over the coming years (The Economist, 2014). Moreover,
research by Nesta.org found that older entrepreneurs are
also more successful: 70 percent of their start-ups last more
than 3 years compared with 28 per cent for younger entrepreneurs (Khan, 2013).
Senior entrepreneurship has two other significant economic impacts. First, there is evidence that older people
who remain engaged in life stay healthier (Geriatric Mental
Health Foundation, 2014), making fewer demands on
social service/entitlement programs—in fact, as they work,
Public Policy & Aging Report, 2014, Vol. 24, No. 4
they continue to contribute to Social Security and Medicare
through their taxes.
Perhaps most importantly, because new businesses create jobs, rather than taking jobs away from the younger
generation, senior entrepreneurs are creating jobs for themselves and others—simultaneously boosting their local and
our national economy.
What Do Senior Entrepreneurs Need?
Building Awareness of the
Entrepreneurial Option
Although senior entrepreneurship is widespread, there is a
significant group of people for whom the option of becoming an entrepreneur is not seen as an option. For this group,
an effort at building awareness is a necessary strategy. One
can hope that eventually, the awareness of the option of
entrepreneurship will be as widespread as it likely is among
younger groups, but until then efforts are needed to build
this awareness.
Without a large budget to utilize media that would
reach this older populations along with those who join this
demographic on a constant basis, awareness programs need
to build off existing organizations and programs that have
broad outreach to seniors. These include outplacement
organizations dealing with older workers who are lost their
traditional employment, social service agencies, government agencies such as the Social Security Administration
that touch every older American, local business development agencies that have significant presence in their areas,
and unemployment/workforce development agencies. The
media can also play a large role in publicizing examples
of seniors who have followed this path. Educational institutions that reach active and involved seniors through
their continuing education programs should consider
adding “entrepreneurship for seniors” programs to their
curriculum.
Technical Support
As discussed above, senior entrepreneurs have unique
needs. For example, in general, they have lower technical
skills than their younger counterparts, a reduced tolerance for financial risk, and a shorter time horizon for their
business ventures. One common solution to the problems
raised by these needs is for senior entrepreneurs to work
in teams (Bion, 2000; Hackman, 2005). Entrepreneurship
is widely recognized as a team—and often family or intergenerational—endeavor. While family members are usually
right at hand, building teams with others may require networks that are not available to most. For example, finding
Rogoff and Isele
young, tech-savvy, prospective entrepreneurs who would
benefit from teaming up with older, more experienced and
better-financed partners is a difficult task. One approach to
filling this need to work is through entrepreneurship service organizations, especially those based at schools, which
can identify potential partners and help to forge teams.
Another need of senior entrepreneurs is for social support. Being unmoored late in one’s career is reason enough
for severe stress but tackling the task of becoming an entrepreneur when one is feeling insecure and enduring a period
of low self-esteem is a huge task. There is a great deal of
evidence that these problems can be mitigated by social
support such as groups, counseling, being made aware
of successful coping strategies used by others, and being
a member of a social network made of others in similar
situations. Again such programs could be housed at the
wide array of entrepreneurship support organizations and
could significantly increase the number of potential senior
entrepreneurs who would persevere through this personally rough period.
Changes to Government Policy
It is not just many perspective senior entrepreneurs who
lack awareness of the prevalence and importance of senior entrepreneurship it is also legislators and regulators.
Currently, a senior who loses his or her job can maintain
unemployment benefits while searching for new employment. As pointed out above, for seniors, this process is long
at best and unlikely to be successful at worst. Becoming an
entrepreneur is not only more likely to be successful it does
more the build the economy by creating new businesses
and new jobs.
Currently, there are no programs in the United States
that specifically target senior entrepreneurs and provide
the most relevant services that address their unique needs.
Just as there are programs that provide targeted services
to women, minority, and immigrant entrepreneurs, senior
entrepreneurs should be recognized as a group that merits
such special attention.
Programs Around the World to Encourage
and Support Senior Entrepreneurship
Some efforts, mainly in Europe, have begun to encourage and support senior entrepreneurship. The European
Union was one of the first government organizations to
create policy initiatives aimed at stimulating entrepreneurship among older people. SeniorEnterprise.ie in Ireland
is an EU-supported initiative through INTERREG IVB
NWE, specifically designed to encourage a greater involvement with enterprise by those aged over 50. This may be
through starting a business, alone or with others, acquiring
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or investing in a business, advising an entrepreneur or supporting innovation within a business owned by another.
In this way, Senior Enterprise addresses the concerns of
the European Union with regard to the challenges posed by
an ageing population and the need to increase productivity, competitiveness, and entrepreneurial activity across the
EU. It is intended that as a result of Senior Enterprise that
more businesses will have been started, more investment
will have been made and that more senior citizens will be
active as advisors in new and developing businesses. In June
2014, Elizabeth Isele gave a 2-hr presentation on the state
of senior entrepreneurship in the United States to Joanna
Drake, Director General of the EU Entrepreneurship
Commission and her colleagues, to help them determine
best practices for the EU's 2020 strategic plan.
The Office of Economic Cooperation and Development
(OECD) also understands and is optimizing this opportunity.
Turning unemployment into self-employment has become an
increasingly important part of active labor market policies in
many OECD countries. Grounded in the success highlighted
"From unemployment to self-employment: Facilitating transition in the recovery," at the International Conference organized by the Federal Ministry of Labour and Social Affairs
(BMAS) in co-operation with the OECD (ELSA and LEED)
Berlin, October 7–8, 2010 and in this Abstract from IZO
(Institute for the Study of Labor [IZA] in Bonn), "Start-Up
Subsidies for the Unemployed: Long-Term Evidence and
Effect Heterogeneity," the OECD is assessing senior
focused initiatives in this area (Caliendo & Kunn, 2010). In
June 2014, it hosted an Experts Forum in Oxford, United
Kingdom, on the Challenges and Opportunities in the Silver
Economy and Elizabeth delivered a presentation to help the
OECD better understand the value of, best practices for, and
additional research needs for senior entrepreneurship.
The United States held its first Senate Hearing on Senior
Entrepreneurship in February 2012. Elizabeth was a key
witness, and Senators, such as Susan Collins of Maine, are
already creating new legislation related to seniors being
able to utilize their unemployment benefits to support
business start-ups. Currently, seniors cannot receive their
unemployment benefits unless they can document they are
looking for work (United States Senate, 2014). Since it is
common knowledge that long-term unemployed seniors
are the least likely to ever get a job again, the government
is wasting millions of dollars on what constitutes a senior welfare program, when they could be investing those
benefits in senior entrepreneurship education and seed capital for senior business start-ups from which the government would receive a significant economic return on that
investment.
Elizabeth also recommended that seniors be included,
as are all other special populations in programs and policies developed by the SBA (United States Senate, 2014).
Public Policy & Aging Report, 2014, Vol. 24, No. 4
145
As a result, seniors were included for the first time ever in
this major speech by SBA Administrator, Maria ContrerasSweet, "Entrepreneurial Equality: New Tools for a More
Inclusive SBA" before the Center for American Progress, in
Washington, District of Columbia.
What Should Be Done About It
An aging economy will be a slower and more unequal one—
unless policy starts changing now (The Economist, 2014).
In addition to our suggestions such as using unemployment
benefits for business creation activities, we recommend targeted programs supporting aspiring senior entrepreneurs,
team building programs for creating cross-generational
businesses, and education programs about succession planning to prevent senior-owned businesses from closing when
the owner retires.
Specifically, now that we are beginning to understand
the "golden dividends"—economic, social, and environmental—created by encore entrepreneurship, it is imperative for Congress to create an innovative, interagency
framework to marshal resources, catalyze strategic thinking, prioritize new policy, and create actionable research to
advance this movement.
Just as the European Union has created a model infrastructure of public/private investment, education and
training programs, policy and research to support senior
enterprise, which it has identified in its 2020 strategic plan
as key to economic recovery in Europe, Elizabeth recommended the U.S. Congress appoint a special committee to
spearhead and coordinate an interagency, bipartisan support infrastructure, including but not limited to actions
related to business regulation and financial industry
regulation:
•• Small Business and Entrepreneurship
-
Create entrepreneurship education programs, customized to meet the needs of the 34 million selfidentified senior entrepreneurs and those looking
to explore entrepreneurship, including those with
disabilities.
- Expand education about and access to microloans and
crowdfunding capital to support the swelling numbers
of seniors' self-employed and small and microbusiness
in the United States who are driving a new round of
job creation and prosperity.
- Reduce loan interest rates for seniors, as in existing
business financing programs for veterans, women, and
minority owned businesses.
- Develop coinvestment and fund matching initiatives
to increase the supply of funds for senior business
start-ups.
- Provide grants for business start-ups where loans are
not feasible.
- Highlight the possibility of acquisition, rather than
start-up of a business, as a means into entrepreneurship for an older person, as it may be quicker and less
risky.
•• Banking, Finance, and Treasury
- Improve understanding of this issue by banks. Even
though seniors’ assets are by far the largest proportion of banking revenues, most banks fail to understand the needs of those seniors and certainly not their
entrepreneurship or business start-up needs.
-
Increase engagement of mainstream private as well
as Federal Reserve and U.S. Treasury’s Community
Development Financial Institutions fund economic development support to capitalize senior business start-ups.
- Design actions to eliminate special obstacles senior
entrepreneurs face, such as age bias, from lending
institutions. This could include creating new criteria for credit worthiness and risk assessment such as
acknowledging the seniors' life and work experience:
such as long-term, gainful employment; knowledge of
how to operate in a business environment; has held
payroll or balance sheet responsibility; understands
human resources, benefit and pension programs, etc.
- Develop loan guarantees and mutual guarantees, similar to mortgage guarantees to stimulate private-sector
funding for senior business start-ups.
- Develop more microcredit initiatives with competitive delivery mechanisms to target special populations
such as seniors with greatest chances of success.
- Develop tax incentives for seniors starting businesses
including earned income tax credit.
- Ensure that tax and social security systems do not
contain disincentives to entrepreneurship for older
people, including investment in other businesses.
-
Develop tax incentives to encourage private investors
to finance senior start-ups. National initiatives directed
toward senior entrepreneurs, based on these three exemplary Maine models, would boost the number and sustainability of senior entrepreneurs' business development:
•• Commerce
- Expand BTOP (Broadband Technology Opportunity
Programs) grants to provide broadband access necessary for seniors launching businesses in rural areas.
•• Labor
-
Expand policy and programs such as the SelfEmployment Assistance Programs in the United States
or British Enterprise Allowance Scheme or French
Chomeur Createur to permit long-term unemployed
Rogoff and Isele
seniors with minimal opportunities of being rehired
to capitalize a business start-up with their unemployment benefits without penalty.
- Provide entrepreneurship education and training in
workforce development and unemployment programs.
Despite its important implications for older adults’ retirement well-being and national economic growth, entrepreneurship at older ages is a relatively understudied
area. There is a great need to collect and analyze data
to best understand who is a senior entrepreneur and the
unique aspects of the entrepreneurial arc regarding ideation, opportunity identification, sustainability, growth,
and exit strategy/business transition for the 50+ year old
entrepreneur.
Expanded research such as this recent study from Israel
(Hantman & Gimmon, 2014) would help policymakers and
business advocacy agencies to better understand this large
and rapidly growing cohort and provide evidence to assess
program and policy effectiveness and to guide intervention development. In this regard, the Empowering Encore
Entrepreneurs Act of 20131 (S.1454) call for a report that
reviews potential “barriers and obstacles” (e.g., access to
finance) is an important first step toward building a policy
framework that encourages and supports those who take
the entrepreneurial path in later life (Empowering Encore
Entrepreneurs Act of 2013, 2013).
Conclusion
The world is beginning to understand how senior entrepreneurs with their wealth of work and life experience, deep
networks, and eagerness to remain productive are a huge
untapped resource. Indeed, it is time we stop thinking about
this demographic as a liability and instead recognize them
as assets and work across sectors to help break down barriers to unleashing their potential. As Elizabeth testified in the
February Senate hearing, "We need to stop the gloom and
doom we are generating by referring to this huge and rapidly expanding demographic as an impending crisis or ‘Silver
Tsunami’. We, as a society, need to recognize seniors are one
of our greatest natural resources. They are not a ‘silver tsunami’, they are a silver lining, yielding golden dividends.”
1
Empowering Encore Entrepreneurs Act of 2013. S.1454, 113th
Cong. (2013). Directs the Administrator of the SBA to establish a
program under which the administrator may enter into contracts
or cooperative agreements with, or make grants to, nonprofit
organizations to provide technical assistance, mentoring,
and specialized training activities for encore entrepreneurs.
Retrieved from https://beta.congress.gov/bill/113th-congress/
senate-bill/1454.
146
In this regard, given what we know and data have demonstrated about the experience, capability, and size of this
demographic, the time is NOW for governments to make
senior entrepreneurship a top priority, creating supportive
policy reforms to expedite the creation of and sustainability of senior business start-ups.
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