Entrepreneurs never really retire; they just move on to their next project. Ask
These days, it's boomers--not techie 20-somethings--who most embody the entrepreneurial spirit. Over the past decade, the highest rate of entrepreneurial activity was among people between the ages of 55 and 64, according to a recent study by the
Roughly a quarter of all workers who change careers after age 51 become self-employed, according to an
After coming up with the big idea, however, entrepreneurial boomers need to decide where to set up shop. To find places that would appeal to late-life small-business owners,
Some cities have business incubators, which provide start-up companies with affordable office and lab space and valuable mentorship and networking services, such as the
Local colleges are also a valuable resource for entrepreneurs. "There is a wealth of information that you get with a university close by," says
Entrepreneurs should take into account the overall health of the local economy before launching a business.
Tax rates and business incentives vary considerably by location.
Many baby boomers have expertise in an industry that can give their business a head start. "You probably have a much larger Rolodex of connections that help you pull together different resources, such as funding and finding customers," says
Starting a business, of course, comes with risk. Only 44 percent of new businesses survive at least four years, according to the
Perils of Running a Business From Home
Millions of business owners who work from home have avoided the burdens of renting or buying office space. Telecommunications technology has made running a business out of your home easier than ever. But home-based businesses face some unique challenges. They include complicated legal topics that few people think about before they go into entrepreneurship. Here are a few ...
The Senate Finance Committee put forth a new healthcare bill that removes those penalties on businesses. Instead, it offers carrots to employers that provide healthcare, while keeping a few sticks. The bill, associated with its main sponsor, Democratic Sen. Max Baucus of Montana, seeks to expand insurance coverage through the creation of nonprofit insurance exchanges at the state level. These exchanges will be open to small businesses with up to 100 employees
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