What is a BOOMERPRENEUR?
Many people in the baby boomer generation desire elements of a retirement lifestyle…freedom, travel, less stress. But they want to combine this with some income producing activities. This has lead to a trend towards many of the baby boomer generation building a business that enables them to create income but also live the lifestyle that they choose.
“I think there is a boom in boomer entrepreneurs, otherwise known as boomerpreneurs” – Bernard Salt
Bernard Salt is a leading Australian demographer and regular columnist in The Australian. In September 8, 2016, he wrote that the baby boomer generation was always going to reimagine their retirement years. He commented that this makes sense because most of them haven’t done physical labouring work their entire life as previous generations often did.
Combine this with medical advancements and longer life expectancy and this interesting generation has many reasons to choose a different way of living their lives when they retire from the work they have been doing.
He quoted statistics showing that there had been an annual increase of about 27,000 people aged 60-64 in the workforce in the years from 2000 to 2016. That’s 434,000 additional workers or an increase of 165% of baby boomer’s continuing to work.
Baby Boomer Entrepreneur Numbers Are Rising
But what claimed my interest even more was that between the census of 2006 and 2016 the number of self-employed 60 – 64 year olds jumped by 49,000.
Today’s 60-somethings…come with big expectations of lifestyle. Settling back into “pension life” isn’t as attractive a proposition as is setting up shop as an independent consultant or business owner.
Boomers aged 60-something are reimagining how this decade may be lived and thus far it seems that they imagine a continuation of work and, for some, further work in a self-employed mode.
He wrote of the office being mobile: at home, the cafe, the client’s office, the airport lounge and created a word image that I really love…
The image of a 60-something then begins to shift in the 2020s from daggy retiree to gadabout entrepreneur finally free of kids and mortgage.
I can see the formation of a new 60s tribe to rival the cultural impact of this decade’s 20-something hipsters. I can foresee loose fashionable clothing, uber-cool meeting and working places, eclectic interest groups, convenient travelling companion hook-ups, start-up discussion groups, baby boomer-gen-Y mentor-protege relations, as well as the promulgation of a much needed entrepreneurial culture.
In 2018 we attended a business workshop in Costa Rica. There were a few younger people at the event, but by far the attendees were over 50, many over 60 and some over 70. What we had in common was a desire to keep on learning, to keep on earning and to have a purposeful life. This random group of baby boomer entrepreneurs from around the world shared a desire to make a difference and to live life to the full.
What’s not to be excited about as the boomer generation shifts into their 60s and 70s and changes the way retirement, work and small business are imagined? There has always been an element of the baby boomer generation that has not been prepared to follow in the footsteps of previous generations. Sheer numbers of people in that generation have meant that any social changes that they followed became part of ‘normal’ life.
As more of the baby boomer generation embrace the concept of being a boomerpreneur I wonder how long it will be before this new word – Boomerpreneur – becomes a common word in social and mass media?