Entrepreneurship can attract younger & older generation quite equally. These tips for starting a business after retirement can significantly help you.
Today, more & more retirees are willing to start their own venture. It is perhaps due to their life-long appetite for being an entrepreneur.
They also prefer it to pursue their own interest, availability of flexible working hours, earning some extra income, continue to explore their professional skills, and many more.
According to a study conducted by Ewing Marion Kauffman Foundation, people in the age group 55 to 64 accounted for 25.8% of the business started in 2014.
Today, older Americans are interested in starting their own business or a nonprofit organization.
Entrepreneurship can be a great way to strengthen their financial security, derive personal satisfaction & maintain a healthy working schedule. Here are 10 great tips for starting a business after retirement:
(1) Evaluate Your Risk Tolerance
It is one of the most significant tips for starting a business after retirement. Starting a new business is always associated with some form of risk to your invested money.
A young budding entrepreneur is often found to have high risk tolerance as compared to old aged entrepreneur.
But, if you are passionate about starting a new business after retirement with minimum amount of risk involved then you should better choose a business that requires low start-up costs.
Similarly, if the idea of losing your current job & starting a new business gets you excited or happy then perhaps you should be an entrepreneur.
On the other hand, if it worries you more then excites you then perhaps you are not an ideal candidate to be an entrepreneur.
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