Making a New Start in a Business of Their Own.

In April, Dave Summers lost his job as director of digital media productions at the American Management Association, a casualty of layoffs brought on by the pandemic.  Mr. Summers, 60, swiftly launched his own business as a digital media producer, coach and animator who creates podcasts, webcasts and video blogs.

And in September, he and his wife, who teaches nursery school, moved from Danbury, Conn., to Maryville, Tenn., which they discovered while visiting their son in Nashville. “My new work is all virtual, so I can live anywhere,” he said. “Not only is it a cheaper place to live, we love hiking and the outdoors, and our new town is in the foothills of the Great Smoky Mountains.”

Droves of small businesses have been shuttered by the economic fallout of the coronavirus, but for Mr. Summers, starting a new one was the best option.

In fact, older Americans had already been starting new businesses at a fast rate. In 2019, research from the Kauffman Foundation, a nonpartisan group supporting entrepreneurship, found that more than 25 percent of new entrepreneurs were ages 55 to 64, up from about 15 percent in 1996.

Across the age spectrum, there has been a rise in new business start-ups since May, according to the Census Bureau. The surge is likely “powered by newly unemployed individuals opting to start their own businesses, either by choice or out of necessity,” according to the Economic Innovation Group, a bipartisan public policy organization.

https://www.census.gov/econ/bfs/index.html

“Older women, in particular,” said Elizabeth Isele, founder and chief executive of the Global Institute for Experienced Entrepreneurship, “are highly motivated to start their own businesses to foster their own economic self-reliance, support their families and also provide employment for others in their communities.”

  Weekly Business Applications by Likely Employers

Weekly Update on COVID-19’s Impact on Business Formation and Entrepreneurship: September 4

Leave a Reply