The power of the 50+: According to the U.S. Small Business Administration (SBA), individuals aged 50 and older make up a large portion of new businesses, in areas of technology to retail. The SBA reports that about 23% of all business owners in the U.S. are 55 to 64 years old and about 15% are aged 65 and above.
Continued contribution: Starting a business allows older adults options beyond the normal retirement age. Business ownership is their way to financial security, personal success and healthier aging. Reports show that the group aged 55 to 64 are currently the largest group of new business owners, adding to the spirit and innovation driving our nation's economy.
The Edge: How Small Business Ownership Fosters Healthy Aging – Let’s explore the advantages of owning a small
business for those that are older, supporting their mental strength and overall well-being:
Mental exercises: Running a small business provides a mental workout. It requires creativity, problem-solving and
adaptability. When creating new policies or following the ups and downs of the stock market, business owners must challenge their mental abilities, promoting new brain connections and developing their ability to adapt.
Social relationship: Small businesses provide places for social interaction. Owners make social connections with customers and suppliers. They work with their employees. These are all important contacts for healthy aging. Studies show links between socializing and brain health, as building relationships helps strengthen our mental ability as we age.
Sense of purpose: Small business ownership creates a sense of purpose and independence — challenging the feelings of retirement. Owners find a new energy and a purpose in their lives, offering a sense of purpose that goes beyond the limits of our ages.
Adaptability and resilience: Businesses need to be able to adapt, which becomes even more valuable over time. Business owners must also be strong, which is so important in handling life's challenges and setbacks.
Financial security: Small business ownership can offer a path to financial security and independence. Successful businesses offer added income and assets, which often allows owners a way to reduce the financial risks found with aging, healthcare costs and savings.
It's all about embracing the journey – Owning a small business isn't just a new career; it's a new lifestyle. Each of us is given the gift of time—a chance to try something different and leave a mark on the world. Embrace the journey, discover the power of owning your own business and enjoy a path toward healthy aging and a fulfilling life. After all, age is just a number—the best measure of age lies in the human spirit.