Successful Baby Boomer Entrepreneurs Are Thriving—Here’s Why
According to one study, 40% of small business owners are baby boomers. There’s also evidence that many baby boomers are delaying retirement, either because they feel they can’t afford it or because they enjoy working and want to stay busy.
While the prospect of baby boomers embracing self-employment and entrepreneurship is exciting, the shift does not come without its set of challenges. Boomer entrepreneurs will still need to adapt bits and pieces of their personality to the changing world to stay relevant and successful. Luckily, most “boomerpreneurs” possess great traits that prime them for entrepreneurial success—and these traits can be emulated by other generations as well.
5 traits that help baby boomer entrepreneurs succeed
1. Baby boomers are equally creative and strategic
Baby boomers entrepreneurs have years of experience on their side, working in roles that have allowed them to be imaginative and thoughtful, while also allowing them to make plans to reach their goals. For entrepreneurs who are in their sixties (or older) to take on leadership roles, they must have an understanding of how to be equally creative and strategic. One trait should not overshadow the other, or worse, not be present at all. Rather, there should be a balance where practical decisions support whimsical, out-of-the-box ideas.
2. Baby boomers are enthusiastic about what they do
When you’re enthusiastic about the work you’re doing, everyone can see it. It reflects off you and bounces onto those surrounding you, from employees to business partners. Baby boomer entrepreneurs generally start businesses, not with the end game of making money, but to pursue an interest or hobby they are genuinely passionate about. That kind of joy is necessary for success as an entrepreneur because it shows the world that you’re interested and invested in your ideas. Positivity is infectious. If you love what you’ve created and treat others with respect, the word will get out about your business, and customers will be attracted to your positive energy and drawn in.
3. Baby boomers have a thick skin
Nobody gets through decades of hard work without having some of their thoughts or ideas rejected or declined, and boomers are more aware of this than any other generation. Rejection hurts, but the sting only lasts the longer you let it stick to your ego. To succeed in today’s market, you need to be tough. This will prevent you from dwelling too long on problems in your business—like negative social media commentary, for example—so you can work to remedy situations instead.
This characteristic is also one that can be passed down to employees (sort of). If you can’t give someone a thick skin, you can provide them with constructive criticism. This allows your team to have a better understanding of their weaker spots and gives you the chance to provide advice for how to make those areas stronger.
4. Baby boomers are natural risk-takers
No entrepreneur should be content with playing it safe, no matter what their age. From Gen Z to baby boomers, leaping forward and going all in to chase your dreams should be your Plan A and Plan B. Baby boomer entrepreneurs have the life experience that allows them to have more confidence in their abilities and their decisions, and are therefore more likely to take the necessary risks that starting a business requires.
5. Baby boomers know how to focus
As each day progresses and boomers get a little bit further away from their youth, this doesn’t mean they can’t be, or can’t act, young at heart. To succeed as a boomer entrepreneur, the key is being alert and on task when it comes to every aspect of your business. Channel the younger version of yourself who was 100% focused on everything you were assigned and was always hungry for more. You don’t have to dominate everything you do, but you should be able to step up to bat and take careful, practiced swings.