With recent economic stability, American entrepreneurship is alive and well. This is especially true for
baby boomers, or those born between 1946 and 1964. They make up 24% of all new entrepreneurs, a
higher percentage than millennials, the largest demographic group.
Many baby boomers start a new business to supplement their income or to stay active by doing
something they love. Additional contributing factors may be the IT revolution, which has made it easier
to be an entrepreneur, not to mention the 2008 financial crisis, which has forced them to reassess their
retirement plan. Baby boomers aim to earn $50,000 – $75,000 annually, often running a one-person
business with a flexible schedule.
Many of the entrepreneurships launched by those over 55 are lifestyle businesses based on their
hobbies or passion for traveling. One such example is American Musical Furniture, which has established
its reputation among guitar lovers. It was founded in 2013 by Darrell Jennings and his brothers-in- law in
the suburb of Philadelphia. Mr. Jennings himself is a guitar aficionado, who has played the instrument
for many years and has collected numerous guitars. The company specializes in building cabinets to
store collectible guitars that have increased in value over the past 50 years. (Some are worth over
$100,000.) All the materials they use are made in America.
According to American Association of Retired Persons (AARP), more than 75% of baby boomers have a
part-time or full-time job. For some of them, using their passion and experience to launch a new
venture has become a new type of retirement plan.