Are You An Encore Entrepreneur?

Florida EntrepreneurshipI must say, this one caught me of guard. It’s interesting to see how in today’s world we make up terms that will hopefully pique someone’s interest. This one certainly piqued mine.

It is also interesting to watch how resilient today’s society is. For example, the pandemic caused for millions of people to be laid off or furloughed from their jobs. Although government subsidies may have been enough for some, for the higher wage earner it didn’t even come close. So, there we were, a couple of months into the pandemic and many thought that the greatest economy in the world would collapse under its own weight. But wait, there was a segment of our population who refused to give in and give up. They are the new breed of entrepreneurs.

But even before the pandemic, and before the supposedly imminent collapse of our economy, and before this new breed of entrepreneurs rose to the occasion, quietly watching from the sidelines while others fretted a world economic collapse, was the Encore Entrepreneur.

And who is this Encore Entrepreneur, and what is the hype all about? They are a large and growing segment of our population, they are those who start their first business at age 50 or older. According to Braishfield, which is a division of Hull & Company, LLC, they are Confident. 43% of the Encore Entrepreneurs interviewed said their self-belief was key to starting a business later in life. They are Passionate – 24% said they started their business in order to pursue a personal passion. And they are Successful – 68% of those who said they expected to earn more as an entrepreneur achieved this.

I happen to know many professionals who have transitioned from one career to another after retirement. Some have done it to stay busy, others just wanted to follow that passion they always had but could never pursue because of family or other commitments. While today’s business landscape has changed quite a bit, for many it has changed for the best. From working from home to working from coworking spaces, the “no-office-space” stigma has fizzled as the pandemic, coupled with technology,  has made it ok to carry out your professional endeavors away from the traditional office space. 

So, why was my interest piqued? Well, most entrepreneurs are most likely working from home, and thinking that they do not need to be insured. If you are a professional, you will always need professional liability. If you manufacture or distribute a product, you will always need products liability which is covered under the General Liability form. If you hire employees, regardless of where your employees are working from; in the State of Florida if you are a non-construction company and have more than four employees, you will need Workers Compensation insurance. Whether you are a techie or not, you definitely need Cyber Liability insurance. 

I applaud the tenacity of our new breed of entrepreneurs, especially the Encore Entrepreneur. Just be careful, because that one loss that you may not be covered for could wipe out your life long dream.