Launching a business—whether it's a side hustle or second career—is on the minds of many people these days, especially baby boomers. As they get ready to retire, or are laid off, more and more baby boomers are feeling the entrepreneurial spirit.
Research from the Kauffman Foundation shows those who are 55 or older have the highest rate of entrepreneurship in America, and they're almost twice as likely to be successful as those in their 20s and 30s. But starting a business certainly has its challenges.
While those who are starting businesses in their 50s may have developed a wealth of expertise and contacts over the years, they often have the wrong mindset, says small business expert Melinda Emerson, the best-selling author of "Become Your Own Boss in 12 Months."
"Some think that, after having a successful career in Corporate America, running a small business is going to be easy," Emerson said. "They have to shift from everything being done for them. Now they have to do it. When they put their shingle out, they're taking on 14 jobs—from clerical to IT to sales to research and development. That's a lot that they're taking on."