¶ … Women in the United States between the ages of 47 and 65 are reaching retirement age and are facing an unstable world of retirement in regard to dwindling income sources (Gualco, 2012). In addition, corporations are downsizing their employees, and the population of Baby Boomer women is the biggest group of people affected by this forced early exit from the work environment (Brown, 2006).Close to 47% of these women choose entrepreneurship as their next career option (Scales,2011,p.39).In this paper, we investigate quantitatively, the problems that Baby Boomer women are likely to face when transitioning to entrepreneurship and the strategies that they need to employ in order to counteract the effects of the problems.The study involves a qualitative study of women between the ages of 47 and 65 who have either been removed from a company either voluntarily or involuntarily and are starting a business venture of their own choice. The importance of this study is to provide organizations with a clearer view of the retirement issues that Baby Boomer women are facing as they transition to their next and probably final careers. Other than these, the paper seeks to specifically explore how the retired Baby Boomers would finance the rest of their life as well as whether they can single-handedly entrepreneurial activities, the individuals who will help them in their businesses as well as the moves that they would take to counter the demands of business growth and expansion. This is inline with the following observations;
1. How will the retired Baby Boomer finance the remainder of his/her life?
Under the normal circumstances, the Baby Boomers are expected at retirement to relinquish their steady stream of income and then enter into a phase where they mostly rely on the assets that they had accumulated in financing the rest of their lives. However there are those who never accumulated any assets and have to rely on their pensions or resort to entrepreneurship as a way of financing the rest of their lives. This paper seeks to demystify the realities and myths associated with Baby Boomer financing.
2. Can this business be organized by one person? Who will help the business owner do the work? What happens when the business grows?
This question is informed by the observation that at retirement age, most Baby Boomers are not very organized or committed in the same manner that they were when they wore still young and active in employment. This paper therefore seeks to find out how they organize their entrepreneurial activities, who helps them in their work as well as what happens when their businesses expand.
Background of the Problem
Baby Boomers are faced with several challenges in their efforts to venture into entrepreneurship. From a recent survey done on American women, most of them between ages 47 to 65 are starting businesses at a faster rate than any other age group. This trend is due to their opinion on retirement. The study also indicated that 63% of non-retired adults were more interested in working until their retirement because they felt more satisfied in their work environment. A majority of Baby Boomers have the desire to have an active and full lives and that's why they are chose to work more years as opposed to retiring early (U.S. Department of Labor, 2010). The main problem therefore, arises when their working/service years are over. Most of them find themselves with the challenge of starting a business due to various reasons.
Part of the challenges that they face arises from their knowledge in the customary duties they used over the years. Routines can bring difficulties especially when they have to change from what they are specialized in to what they hardly know anything about.
They are also faced with limited experience in business management (Scales,2011). The working style of these women is significantly different from what is expected of an entrepreneur. Baby Boomer women are used to a working style where they receive their tasks from their supervisors, they follow the established procedures, and they have clear objectives and activities they must perform. Baby Boomer also used to work in stable environments (Wolfe, 2011).
The environment that entrepreneurs work in is quite unstable and characterized by a series of modifications determined by several environmental factors. In addition to this, Baby Boomer women who start their own business must perform several tasks. They must work on the management of the relationship with customers, they also must find and relate with suppliers, they must manage business processes, and often nearly every other element in the business...
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