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Call them grandma-and-grandpop businesses. New research shows 5.6 million workers age 50 and older are event now self-employed, a 23% jump from 1990. The numbers are expected event to rise further as baby boomers seek more job security, Americans get older and cheaper technology drives down start-up costs. The trend challenges conventional wisdom that entrepreneurs are mostly young. They're just as likely to be folks like Franny Martin, who launched a Michigan cookie company in 2002 when she was nearly event 56. Business is hot: She expects $500,000 in revenue this year, nearly triple last year's. "I'm thrilled!" says Martin, a 30-year corporate veteran. Older Americans are entrepreneurship's bright spot. Overall self-employment fell during most of the past decade, edging up only recently. That weak performance is worrisome because entrepreneurs fuel the economy by buying computers and other goods and by creating most new jobs and innovations. To be sure, entrepreneurship isn't a slam-dunk for older corporate refugees.
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