Encorepreneurs vs. Boomers

What’s Next?
University of Richmond
Robins School of Business
January 28, 2014
An

“Golden Nugget”

www.roadscholar.org
An

•
•
•
•
•

“Golden Nugget”

Not-for-profit organization that inspires adults to learn, discover and travel
Founded in ...
“Golden Nugget”
Shorten Your To Do List With a Virtual Assistant
• Short term virtual projects
• As an employee benefit

w...
America’s 100 Year Old Teacher – Starting Over at 81

Link
Survey Overview
• Objectives were to:
• Learn about the people who are currently active and interested
in encorepreneur!
•...
Encorepreneurs
Employment Status
60%

29%

7%

wn my own business or self-employed
Working for someone elseRetired

3%

1%...
Encorepreneurs
Age

Gender

18%

Female
26%

16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%

43

46

49

52

55

58

61

64

67

A...
Encorepreneurs Feel Younger Than They Are
25%

How Old You Feel
52
How Old You Are
60

20%

15%

10%

5%

0%

43

46

49

...
94% of Encorepreneurs Plan To Work After Retirement
80%
70%
60%

71% = “Indefinitely”

49%

50%
40%
30%
22%

20%
10%

18%
...
25% of Encorepreneurs Plan to Work Past 70
32%

Average Planned Retirement Age = 68

25%
21%

14%
8%

53

58

63
Planned A...
Encorepreneurs Are More Likely to Keep Working
71%

45%
33%
23%

[VALUE]
6%

NOT WORK AT ALL

WORK PAST RETIREMENT FOR A W...
Only 11% Think Finding A Job Is An Issue
3%

8%

13%

Strongly Agree
Agree
Agree Somewhat
Do Not Agree
76%
Encorepreneurs Want To Work For A Purpose
Make A Difference

60%

Help Others

35%

42%

46%

Rewarding Work

55%

Help En...
Encorepreneurs Value Activity and Productivity
STAYING ACTIVE

83%

STAYING PRODUCTIVE

82%

BEING W/ ACTIVE PEOPLE

68%

...
It’s Definitely Not About The Money
77%
68%
52%

48%
32%

23%

TOTAL POPULATION

AFFLUENT POPULATION
Other Reasons

Money
...
How We Want To Spend Our Free Time?
Health
Traveling
Socializing
Volunteering
Learning
Networking - business
Relaxing, rea...
Retirement “Budget vs Actual”
What Encorepreneurs Want To Spend More Time Doing vs.
What Retired Boomers Actually Spend Mo...
What Would We Like To Learn More About?
54%

52%

50%
45%
38%

11%

NONPROFITS

TRAVEL

MENTORING EDUCATION

FITNESS

GOLF...
What Would Help You With Your Plans?
100%
90%
80%

34%

59%

47%
51%

70%
60%
50%

51%
55%

29%

40%

30%

32%

16%

14%

...
What Do We Know About Encorepreneurs
• We are first generation to approach retirement age with 2 decades or
more ahead of ...
What Do We Know About Encorepreneurs
• We want to keep fit and active
• We want to learn more about areas that support the...
Dan Buettner and the Blue Zones
• Studied the five longest living communities in the world for National Gegraphic
• Only 2...
What’s Next Month?
February 25, 2014 - 7:30am

Mobility Supercenter
Industry Leading Retailer of Assistive and Adaptive Te...
Encorepreneurs!   -    Our Boomer Entrepreneurs
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Encorepreneurs! - Our Boomer Entrepreneurs

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A survey of "encorepreneurs" in Richmond, VA. The survey compares the demographics, hopes, dreams and plans of a group of Boomer aged entrepreneurs and business leaders.

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Encorepreneurs! - Our Boomer Entrepreneurs

  1. 1. Encorepreneurs vs. Boomers What’s Next? University of Richmond Robins School of Business January 28, 2014
  2. 2. An “Golden Nugget” www.roadscholar.org
  3. 3. An • • • • • “Golden Nugget” Not-for-profit organization that inspires adults to learn, discover and travel Founded in 1975 as “Elderhostel” with 2 tours and 220 participants Currently offers tours in all 50 states and 150 countries including Cuba Uses both paid staff and volunteer “Ambassadors” Wide range of tour types • History tour of downtown Richmond • LA Dodgers Spring Training Camp • Hike, Bike and Paddle New Zealand • Cooking in Tuscany • Intergenerational tours for grandparents and grandchildren. www.roadscholar.org
  4. 4. “Golden Nugget” Shorten Your To Do List With a Virtual Assistant • Short term virtual projects • As an employee benefit www.taskrabit.com www.thevirtualconcierge.com • Dedicated assistants www.asksunday.com • Local help (but only 6 cities) www.taskarmy.com
  5. 5. America’s 100 Year Old Teacher – Starting Over at 81 Link
  6. 6. Survey Overview • Objectives were to: • Learn about the people who are currently active and interested in encorepreneur! • See how they are different from the larger “boomer” population • See if our programs are on-track and get ideas for the future • We sent survey to just over 410 people • Had a 24% response rate – nearly 100 responses
  7. 7. Encorepreneurs Employment Status 60% 29% 7% wn my own business or self-employed Working for someone elseRetired 3% 1% Other Unemployed, looking for work
  8. 8. Encorepreneurs Age Gender 18% Female 26% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% 43 46 49 52 55 58 61 64 67 Average Age = 60 70 73 [CATEG ORY NAME] [PERCE NTAGE]
  9. 9. Encorepreneurs Feel Younger Than They Are 25% How Old You Feel 52 How Old You Are 60 20% 15% 10% 5% 0% 43 46 49 52 55 58 61 64 67 (Boomers Feel an Average of 7 Years Younger) 70 73
  10. 10. 94% of Encorepreneurs Plan To Work After Retirement 80% 70% 60% 71% = “Indefinitely” 49% 50% 40% 30% 22% 20% 10% 18% 5% PART TIME Few Years 6% FULL TIME 0% NOT AT ALL Indefinitely
  11. 11. 25% of Encorepreneurs Plan to Work Past 70 32% Average Planned Retirement Age = 68 25% 21% 14% 8% 53 58 63 Planned Age At Retirement 68 73
  12. 12. Encorepreneurs Are More Likely to Keep Working 71% 45% 33% 23% [VALUE] 6% NOT WORK AT ALL WORK PAST RETIREMENT FOR A WHILE Boomers Encorepreneurs WORK INDEFINITELY
  13. 13. Only 11% Think Finding A Job Is An Issue 3% 8% 13% Strongly Agree Agree Agree Somewhat Do Not Agree 76%
  14. 14. Encorepreneurs Want To Work For A Purpose Make A Difference 60% Help Others 35% 42% 46% Rewarding Work 55% Help Entrepreneurs 32% 32% Something New 35% 28% Work For Less 29% 9% 38% Work For Equity 13% Need the money 13% 0% 10% 33% 16% 20% 30% 40% Strongly Agree 50% Agree 60% 70% 80% 90% 100%
  15. 15. Encorepreneurs Value Activity and Productivity STAYING ACTIVE 83% STAYING PRODUCTIVE 82% BEING W/ ACTIVE PEOPLE 68% LEARNING NEW THINGS 60% HELPING OTHERS 57% MORE TIME FOR FUN 51% NEED THE MONEY 30% PURSUING YOUR DREAM 29% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
  16. 16. It’s Definitely Not About The Money 77% 68% 52% 48% 32% 23% TOTAL POPULATION AFFLUENT POPULATION Other Reasons Money ENCOREPRENEURS
  17. 17. How We Want To Spend Our Free Time? Health Traveling Socializing Volunteering Learning Networking - business Relaxing, reading Working on house Playing golf/tennis Taking care of parents 0% 20% 40% A Lot Some 60% 80% 100% 120%
  18. 18. Retirement “Budget vs Actual” What Encorepreneurs Want To Spend More Time Doing vs. What Retired Boomers Actually Spend More Time Doing 100 80 60 40 20 0 -20 -40 -60 What We Want To Do What Retirees Actually Do
  19. 19. What Would We Like To Learn More About? 54% 52% 50% 45% 38% 11% NONPROFITS TRAVEL MENTORING EDUCATION FITNESS GOLF OR SPORTS 9% 9% CAREGIVING POLITICS
  20. 20. What Would Help You With Your Plans? 100% 90% 80% 34% 59% 47% 51% 70% 60% 50% 51% 55% 29% 40% 30% 32% 16% 14% 39% 30% 30% 20% 27% 21% 10% 11% 0% NETWORKING EVENTS ONLINE COMMUNITY NETWORKING INCUBATOR BUSINESS OR ORGANIZATION ORACCELERATOR PERSONAL COACH Very Helpful Somewhat Helpful AWARDS PROGRAMS TRAINING JOB SEARCH ASSISTANCE
  21. 21. What Do We Know About Encorepreneurs • We are first generation to approach retirement age with 2 decades or more ahead of – that’s another 1/3 of our working life. • We seem to be taking advantage of it • 94% plan to work after retirement • 71% plan to work indefinitely • We plan to work so we can: • Make a difference and help others • Do something rewarding • We want our time to be active and productive • BUT – retirees don’t find it easy to follow their plans… watching more TV than expected is the most mentioned retirement result
  22. 22. What Do We Know About Encorepreneurs • We want to keep fit and active • We want to learn more about areas that support their desire to have a purpose • Non-Profits • Mentoring • Education • We don’t care about golf or politics • We want real and virtual networking and linking opportunities so we can stay connected.
  23. 23. Dan Buettner and the Blue Zones • Studied the five longest living communities in the world for National Gegraphic • Only 20% of our longevity is determined by genes • Identified 9 characteristics that lead to longevity and, of the 9, at least 3 relate to our topic. • Move Naturally 
The world’s longest-lived people don’t pump iron, run marathons or join gyms. Instead, they live in environments that constantly nudge them into moving without thinking about it. • Purpose. The Okinawans call it “Ikigai” and the Nicoyans call it “plan de vida;” for both it translates to “why I wake up in the morning.” Knowing your sense of purpose is worth up to seven years of extra life expectancy • Right Tribe 
The world’s longest lived people chose–or were born into–social circles that supported healthy behaviors, Okinawans created ”moais”–groups of five friends that committed to each other for life bec ause bad habits are contagious • Happiness climbs after 55 as long as we are physically able. • We are 3 times more likely to die the year we retire fully than the last year we work
  24. 24. What’s Next Month? February 25, 2014 - 7:30am Mobility Supercenter Industry Leading Retailer of Assistive and Adaptive Technologies 7450 Midlothian Turnpike Elizabeth Bass Mentoring Opportunities for Encorepreneurs Are Driverless Cars A Reality for The Future? Link

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