Jumpstart Your Entrepreneurial Dream Today with the U.S. Small Business Administration (SBA) and AARP

By SBA Mid-Atlantic Regional Administrator Natalia Olson-Urtecho

Entrepreneurs over the age of 50 are one of the fastest growing groups of new business owners. For individuals age 50+, entrepreneurship offers an opportunity to use a lifetime of knowledge and experience to create a new business that can be rewarding in many ways.

The number of Americans over 50 who are working or looking for work has grown significantly over the past decade, and those numbers are expected to continue to increase. In fact, 35% of the U.S. labor force will be age 50+ by 2022. This compares to just 25% in 2002.

Small business ownership can be a good option for many baby boomers, and we know mentoring can be critical for the success of a small business. It helps folks bring their experience, knowledge and skills to a new venture, to create exciting new opportunities and job creation. Small business owners who get long-term mentoring are more likely to see increased sales and hire more workers.

This is an exciting idea, especially when you consider that there are 76 million people over the age of 50 in the United States. For the 2015 “Summer of Encore Mentoring” initiative, SBA district offices and AARP state offices nationwide are offering events specifically designed to help encore entrepreneurs—those age 50 and older who want to start or grow a small business.

With a special focus on entrepreneurs over the age of 50, we’ll match up “encore entrepreneurs” with successful business mentors and business experts for advice and assistance. “Summer of Encore Mentoring” builds on 2012’s successful Mentor Day, which grew into successful Mentor Months in 2013 and 2014. “Summer of Encore Mentoring” events are scheduled for June, July and August, with more offered throughout the year.

These events include speed mentoring, which allows mentors with small business experience and entrepreneurs to share information during one-on-one counseling sessions, and workshops for entrepreneurs to learn best practices from successful small business owners. To find a local event near you go to www.sba.gov/encore.

SBA also has free online courses targeted at helping encore entrepreneurs start or grow their businesses. Go online to www.sba.gov/encore to access the online training and other resources available for entrepreneurs over the age of 50. We’ll also be hosting a webinar series to help current and potential encore entrepreneurs. For more information, and to register, visit www.aarp.org/moneywebinars.

There’s no better time to start a business than today. For Americans, especially those over 50, why not make the Summer a fresh start to the next chapter of your career.

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