Who is starting own business?

By Tim Devaney and Tom Stein

Fifty is not the new 40. It’s not even the new 30. For an increasing number of Americans, 50 is the new 20, a time to decide what they want to do with the rest of their life.

Many of them are deciding to start their own business. In fact, “encore entrepreneurs” are the fastest-growing group of entrepreneurs in the U.S. A 2010 survey by the Kauffman Foundation found that Americans 55 to 64 start new business ventures at a higher rate than any other age group, including 20-somethings. Fully 23 percent of new entrepreneurs were age 55 to 64, up from 14 percent in 1996.

Some are launching their own venture because they’re now financially secure and starting a business is what they’ve always wanted to do. Others have been squeezed out of the workforce by the recession and are starting a business because it’s their best option for financial stability.