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Older entrepreneurship-minded Americans should budget 2010-02-17 Older people are the most-active entrepreneurial group, the Wall Street Journal reported this week. The newspaper cites the nonprofit Ewing Marion Kauffman Foundation, which reports that people aged 55 to 64 are more likely to be entrepreneurs than any other age group. Older people are even more entrepreneurial than recent college graduates and people in their 30s looking for a career change, the foundation says. Many older Americans choose to target their peers or peers' parents with their startup businesses, the Journal notes. There are drawbacks to becoming an older entrepreneur: Loans can be difficult to get, and using retirement savings to fund a new venture is a risky endeavor. Retirees and near-retirees considering entrepreneurial projects should budget carefully to make sure they have sufficient means to move ahead. In general, retirement experts suggest, budgeting is important. And some people may benefit from cutting spending: A recent survey of Certified Public Accountants found that 87.3 percent of older, high-net-worth individuals are spending less in the face of economic uncertainty. For some older people, entrepreneurship may be a source of income and a meaningful activity. But adequate budgeting is essential to ensure a successful entrepreneurial venture.  |
