By 2024, nearly 25% of the workforce is projected to be aged 55 and over as more baby boomers expect to keep working rather than entering retirement. Faced with competition as Gen Zers enter the workforce, however, many older professionals feel they are fighting an ageist battle they can’t win.
Among older adults in the workplace, 60% have experienced age discrimination from losing out on a job, promotion, or even being fired to make room for a younger candidate. Instead of waiting around to be replaced with younger (and sometimes cheaper) talent, professionals entering their twilight years search for different opportunities. What they find is entrepreneurship. Though we may think of millennials and Silicon Valley as the hub of startup entrepreneurship, baby boomers are excelling in the industry far beyond any other demographic. Making use of the gig economy, their decades of experience in business and communication, and a wide circle of connections, older professionals have a distinct advantage in entrepreneurship. Almost 60% of all small business owners are over 50, thriving in finance to construction to sales.
Your professional skills are valuable at any age – make use of them in the world of entrepreneurship after 50, or greypreneurship. Take a look at this infographic for more on how to take control of your career, build your own brand, and stay ahead of the curve.
