Know Anyone Over 50?

"Were you aware that the so-called "Seniors" are greatly outpacing those between 20 and 34 when it comes to starting a new business?  This article touches on the reasons behind that fact."

'Seniorpreneurs:' A Booming Market For Boomers

SIOUX FALLS, SD - 

What are you going to do when you retire? Millions of baby boomers ask themselves that every day and the answer is "start their own businesses." 

People over the age of 50 make up the fastest growing group of entrepreneurs in the country.

62-year-old Lisa Rinaldo was an educator in Los Angeles for 30 years. She recently retired in Sioux Falls near her son and grandchildren.

"I'm going to sit in my rocking chair and read all the books I brought with me and play with the grand babies," Rinaldo said.

But Rinaldo's retirement didn't last long.  In a 360 career switch, she started a tech company producing and selling electrically conductive pastes.

"Our company name is Prohm-tect because an ohm is a measure of resistance in electricity and we protect against ohms," Rinaldo said.

Her product was invented by her father. 

"I didn't want to see these formulas lost when my dad is gone one of these days. I felt he had developed excellent products and I wanted to carry this forward for him and our family because they do have so much potential," Rinaldo said.

Is 60 the new 50?  There are actually more entrepreneurs between the ages of 50 and 65 than there are between the ages of 20 and 34 and there are three important reasons for that.

"I've got free time, I've got experience, and I've got money. Those three things really force them into a decision, either I watch TV or I do something to make a difference," John Brown from the Small Business Administration said.

Making a difference is the driving factor for most "seniorpreneurs" when it comes to starting their own companies. 

"I like having a goal, I like having a purpose and that's what this has given me," Rinaldo said.

And after years of working for others, there’s one other big benefit to boomers.

"I can set my own schedule--be my own boss," Rinaldo said.

Rinaldo has already landed an account with one of the top fuel cell companies in the country and her product is getting a lot of interest from other companies as well.  

The Small Business Administration is devoting a special website for people over 50 starting businesses and is holding webinars targeting that age group.