Encore entrepreneurs and millennials are driving the future of entrepreneurship

It would appear that there is a new entrepreneurial boom on the horizon, being driven by two of the biggest demographic forces - encore entrepreneurs and millennials. A report by the Kauffmann Foundation, entitled ”The Future of Entrepreneurship: Millennials and Boomers Chart the Course for 2020,” points to a need for global economic renewal not just economic growth, and this could come from these two exciting entrepreneur groups. At face value, they may seem like an unlikely combination. The encore entrepreneurs are choosing entrepreneurship for lifestyle reasons as well as purely economic reasons. Their decisions to start a business are stimulated by a passion for an industry sector or desire to realise a long unfulfilled ambition, or as a means of supplementing their income to give them the freedom to do more of what they enjoy. Encore entrepreneurs tend to be less motivated to startup businesses by a desire to change the world, as compared to millennials who are driven by such ideals. Yet, the combination of millennials and encore entrepreneurs driving a new entrepreneurial boom is an exciting one, bringing experience, innovation and a disruptive approach to the ways things have been traditionally done. It’s going to be an interesting few years ahead.