Will Entrepreneurship Be Your Next Mid Life Career Move?

An exciting aspect of mid-life career change is the opportunity to seek new ways to tap one’s skills and experience developed over a lifetime. Having counseled scores of people in the midst of transition, I find it so inspiring to meet professionals who have creatively applied a lifetime of work skills to their new endeavors!

dreamstime_xs_39003948Increasingly, it appears that a larger number of baby boomers are choosing various forms of entrepreneurship as their preferred avenue to apply their knowledge and professional talent. According to the 2015 State of Entrepreneurship Report recently issued by the Kaufmann Foundation, entrepreneurship remains alive and well in the US and the birth cohort known as the “baby boomers” are actually the primary group driving this trend.

Their report cited data showing that Americans in their fifties and sixties have started businesses at a faster pace over the last decade, while that pace has continuously slowed among other age groups. The trend makes sense since entrepreneurship seems to be enjoying a renaissance for a variety of reasons, according to the Kaufmann Foundation.

Venture and angel investment levels in recent years mirror those of the late 1990s and very early 2000s. City and state governments increasingly build economic development strategies around entrepreneurship. And Baby Boomers appear well positioned to lead this trend. Professionals in their 50s and 60s have historically exhibited high levels of entrepreneurial activity, according to the Kaufmann Index of Entrepreneurial Activity cited in the report.

Who knows? With the US economy now appearing to be on more solid ground, this might be a good time for you to consider an alternative career path or entrepreneurial pursuit if you are attracted to the freedom and opportunity that comes with a non-traditional work model.

dreamstime_xs_18998686This could lead you to start a business, but it could also involve considering any number of professional paths that may entail less career or financial risk than starting your own venture. For example, you could think about consulting in your current field, or consider other types of engagements that reflect your professional passions and expertise.

Anecdotally, I meet many professionals who are seeking non-traditional work options that appeal to their professional interests and where they can think they might have greater freedom to make work choices based on their personal values. If these ideas resonate with you, then this might be an opportune moment to consider your career goals before you one day stop working!

It goes without saying that you would need to consider your personal finances, among other factors, before making a decision about a new path. Please feel to free to access our firm’s free Career Transition Workbook, which may help evaluate the financial and life planning aspects of moving in a new professional direction.

In addition to offering the Workbook, we will continue striving toward offering financial educational resources to help you make confident and informed financial decisions. Here is a sample of recent content added to our blog page, and which might help along your very own career and financial planning journeys:

Happy Belated Birthday Bull Market: After recently witnessing a sixth consecutive year of attractive stock market gains, many investors are wondering how much steam is left in the equity markets. But the possibility of continued modest stock market gains during 2015 is not as unlikely as it may seem. Read more…

Evaluating a Franchise for a Second Career: Buying a franchise might be an excellent way to break into starting a business. But how do you evaluate whether a franchise is right for you? Read more…

dreamstime_xs_15566306A Do It Yourself Approach to Retirement Planning: Worried about whether you will save enough money to one day be able to stop working? You can follow a step by step process to make your goal less overwhelming. Read more…

Starting a Business — Make Sure You Have a Plan: If the idea of starting your own venture holds some appeal, starting your own business or endeavor might be an appealing career alternative, especially if you enjoy the freedom and challenge of trying to fill an unmet market need. Here are some thoughts about preparing to make venture your fly. Read more…

I hope these thoughts and ideas help you move toward feeling more confident and settled about your financial and career goals! As always, if you have any questions, please email me at bill.pollak@lpl.com or call me at (925) 464-7057!

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