by Elizabeth Zelinka Parsons, J.D., co-founder of Zelinka Parsons and Encoraco and author of “Encore: A High Achiever’s Guide to Thriving in Retirement“
Traditionally, an “encore” was an informal request from the audience of a musical performance for “just one more” piece to be played before the final curtain. Continuous applause and chants of “Encore! Encore!” were typically followed by an especially difficult or bombastic display of musical talent — a fitting close to the night.
For a time, however, the encore lost its favor in the world of classical music. In some cases, these extra performances had become so excessive and so meandering that concert halls were writing “No Encores” in their programs and across their public placards. By the 19th century, the “encore” had become such a menace to the world of traditional music that most trained musicians were opting for an immediate exit.
Nevertheless, the encore endured by transitioning to mainstream culture and finding its own place in pop music. Eventually, the joyous practice reemerged as a foregone conclusion for performances both big and small. The encore simply needed an encore of its own in order to find a new context in which to live and to thrive.
Retirement isn’t the end — it’s an opportunity for an encore.
Not the aimless and meandering kind that makes the audience regret staying in their seats, but the eagerly anticipated and self-aware kind that fully rounds out the experience. For many, this now means a “second act” defined by entrepreneurship. Nearly a quarter of entrepreneurs in the United States are between the ages of 55 and 64, and businesses started by retirement-age professionals in the United Kingdom, France, and Germany have been on the rise since 2020.
What does this all mean? It means retirement is being reinvented. It means the art of the encore is back, and these are the three ways highly motivated entrepreneurs are making the most out of it.
1. They monetize the mastery they’ve achieved.
No matter your age, decades of experience are always marketable and valuable. Even with technology evolving at such a rapid pace, late-stage professionals have a wealth of insight to offer that makes them well-suited for consultation services, mentorships, advisory roles, and niche business analysis. In fact, it’s estimated that 40% to 60% of a worker’s human capital is tied to their experience, no matter their industry or their skill set. For those who are upwardly mobile, this percentage jumps even higher.
What’s more, late-stage entrepreneurs have a host of other advantages when it comes to opening a new business. For starters, businesses built on experience typically have low startup costs because they depend less on inventory and technology. Beyond that, veteran status within a particular industry often equates to immediate credibility and a built-in network of clients and useful contacts. All these factors likely contribute to the fact that founders with three or more years of experience are almost twice as likely to succeed as those who are new to the industry.
One example of this in action:
- Launching a venture capital fund. Many retirees leverage their decades of experience by supporting promising startups in their area of expertise. This allows them to stay current in their field of choice, while offering seasoned insights to those who need it most.
2. They re-prioritize their goals from profit to purpose.
For those experiencing their first big success in business, profit is often the chief motivating factor behind moving forward. Conversely, “second-act” entrepreneurs often find it much more motivating to define their goals according to individual purpose. Instead of scaling for maximum revenue, they build businesses that matter, either to targeted communities or to the world at large.
Not surprisingly, recent data supports the logic of such a transition — the logic that a seasoned startup professional is more likely to succeed when founding a values-driven organization. In fact, after examining all human capital factors for predicting the success of a nonprofit startup, research found the only factor with a significant impact on success was previous startup experience. This means moving from profit to purpose is much easier than moving from specialization to specialization.
One example of this in action:
- Starting a nonprofit consultancy. Many late-state entrepreneurs transition from a profit-driven role to a mission-driven role by offering consultation services to fledgling nonprofits. This allows them to easily align their skill sets with organizations driven by values.
3. They design a business around the life they’re already living.
The first time most people cook a dish they follow the recipe very closely, obsessively adhering to the directions of another. Without the experience necessary to feel confident improvising with ingredients, the dish never really becomes “their own.” The final product might be delicious, but it’s just as much a product of the recipe as it is a product of the chef.
Second-act entrepreneurs are often uniquely positioned in that they’ve already made the dish. They’ve already followed the recipe to completion and created something delicious and by-the-numbers. Now, they can achieve that same delicious result with much more control over the rules and the recipe. They can define the values and the vision of their business in a way that simply wasn’t possible until now.
One example of this in action:
- Saying no to “bad fits.” Not only are late-stage professionals better at spotting “bad fits” when they present themselves, but they are also more confident in their ability to say no — their ability to find a different solution.
Are you planning an encore?
The old ideas of retirement are obsolete. Highly motivated entrepreneurs aren’t fading away — they are reinventing themselves and becoming more valuable to the world than ever. There are programs out there that offer a customized roadmap to planning your own encore. They help you build a second act that is meaningful, profitable, and wholly accountable to the life you imagine.
Remember, retirement isn’t the end of the show. It’s the moment the audience asks for more. Don’t leave them hanging!
Elizabeth Zelinka Parsons, J.D., is a Retirement Transition Expert, lawyer, and co-founder of two consulting firms, Zelinka Parsons and Encoraco. Author of “Encore: A High Achiever’s Guide to Thriving in Retirement” (Feb. 5, 2025), Elizabeth combines analytical rigor with creative vision to help professionals redefine retirement as a dynamic opportunity for growth and fulfillment.
