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Booming Business Start Ups

Booming Business Start Ups

TD Canada Trust published a research paper in October 2012 in which it stated that 54% of boomers have started or are considering starting a small business. According to this research, the top reasons for this trend are due to the desire for boomers to;

  • be their own boss (58%)
  • have the opportunity to make more money (53%)
  • develop a sense of personal achievement or pride (50%)

Another point of interest was that two thirds (67%) of this audience said that this new venture they wanted to undertake would be something outside their current field of work.

What I found interesting about this report was that rather than like the previous generation who finished their careers with their employers and then stopped working – the majority said that they would like to continue working.  What makes this even more interesting however is that they want to change the type of work they want to do, have a closer relationship to the value of the work they do and personally direct how the work is done and how they are compensated.

I started to wonder what may have been some of the contributors to this desire for people to start their own business – and especially with 67% wanting to do something outside their current field of work.

Where is this coming from?

Is it possible that the current business environments that boomers are working in are lacking in fulfilling their needs and as a result, people are looking to establish their own business and working environments rather than continue working for their current employers?

Is this possibly an early indicator to employers that if they want to retain their talented and experienced staff, they will need to begin to adjust their current employment models and focus on creating and supporting opportunities for increased independence and flexibility, creativity, sense of purpose and contribution and ensuring that these individuals are appropriately compensated or face the risk of losing them to starting businesses of their own.

Or is it just simply that people want to keep busy after formally retiring from their ‘day job’ and try something completely different?

What do you think?  Do you think current working environments have contributed to this trend or is it something else?  Do you think the findings from this research are reflective of what people are actually planning for in their retirement or is it just a dream of what people hope to do in their retirement?

Just something to think about…