Boomer Entrepreneurs: Age and Type

Abstract

This study extends the occupational choice model to explore age effects for eight different types of boomer entrepreneurs. The empirical study relies on monthly Current Population Survey data across 11 years (2006-2016). Multilevel mixed-effects logistic regression models are estimated to incorporate individual- and metropolitan-level effects. Among boomer entrepreneurs, we find that novice, opportunity novice, part-time, and unincorporated entrepreneur rates rise at higher ages (55 and above), with a slightly n-shaped age effect for non-novice/switcher (versus novice/switcher), necessity novice (versus opportunity), full-time (versus part-time), and incorporated (versus unincorporated) boomer entrepreneurs. We also identify determinants such as race, health, marital status, education, and work history, with opposite effects for each pair of entrepreneur types, and end by comparing the driving forces for boomer and non-boomer entrepreneurs.