Many plan to start a small business post-retirement
By NEBS Newsdesk
Thursday, October 22, 2009
Thanks to rising self-employment rates, as well as the impact of the recession on retirement plans, Canada may be poised to experience a boom in entrepreneurship, according to a recent report from BMO Financial Group.
BMO reported that, between 1990 and 2008, the number of people aged 55 or older who have pursued starting a small business has more than doubled, growing from 350,000 to 723,000, the bank cited from the Small Business Quarterly.
In addition to this trend, many baby boomers have indicated plans to pursue self-employment after retirement, potentially swelling the ranks of Canadian entrepreneurs even further.
Furthermore, starting a small business has been found to be a positive experience for the majority of entrepreneurs - 92 percent of those surveyed said they would still start a small business if they could do it all over again - which could convince other prospective entrepreneurs to pursue self-employment.
The fact that the first wave of baby boomers is approaching retirement has caused slight concern in the business community, fearing that there will be a sudden increase in the amount of business closings. However, the recession has delayed many retirement plans, suggesting that the potential boom in entrepreneurship will help counterbalance the number of businesses and workers leaving the labour market.
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