Why Grandma Could Start the Next Facebook

August 15, 2007 - Startup Issues

New data suggests aging baby boomers are leading the surge in entrepreneurship. In a recent article, the Fortune Small Business unit reports how a recent study found that the number of middle-aged Americans starting their own business is surging.

According to the U.S. Bureau of Labor Statistics, the ranks of the self-employed aged 55 to 65 rose 33 percent in 2006; the number of self-employed 25- to 35-year-olds fell 2 percent.

In a quarterly survey by outplacement firm Challenger Gray & Christmas (challenger-gray.com) of its clients - mostly managers and executives - the number starting firms or turning to self-employment rose 29 percent in the first quarter of 2007 over the first three months of 2006. Of those, a staggering 88 percent were 40 and older.

You can find the U.S. Bureau of Labor Statistics study (in PDF format) here.

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About the Author: Ryan Roberts is a corporate lawyer and advises clients in a wide variety of transactional matters, with an emphasis on startup companies, mergers and acquisitions, and corporate governance. His clients have included companies in the technology, energy, real estate, health care, construction, and retail sectors. Visit his law firm's website.

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