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Baby boomers turning to entrepreneurship at rapid rate

Baby boomers turning to entrepreneurship at rapid rate

By Associated Press. CREATED Oct 10, 2013

ARLINGTON HEIGHTS, Ill. (AP) Baby boomers are fueling a wave of entrepreneurship among older Americans.

The Ewing Marion Kauffman Foundation says the share of new entrepreneurs ages 55 to 64 rose last year to nearly one in four.

Experts say many of the startups are the result of "reluctant entrepreneurs'' who are creating a job for themselves because they can't find one elsewhere.

Others see a business as a way to change careers or to pursue a lifelong dream.

Jim Glay, 64, of Arlington Heights, Ill., started a vintage drum business after he was laid off from his sales job.

He says he's not getting rich off the move. But he says it's kept him afloat when no one would hire him. And, he says, it's kept his mind engaged.