Building an enterprise is not only for young people, fifty-year old adults also start to engage to entrepreneurship. It indicates that whatever your age is, the important thing to start your own business is your determination to do it. UK raised the state pension age to 68 so expect more old adults to be considered as “olderpreneurs” in 2014.
We all know that the road to success is not easy so voluntary orgnisations and colleges offer training programs for 50-year-old people to help them start their own enterprise.
At 2009, more than 1.5 million people aged 50 plus are self-employed. In 2014, the figure increases to 1,766,000 which is good for the industry. About 20 percent of people who are over 50 are self-employed, which is a high figure for any age group. It is also revealed that about 70 percent of the business built by olderpreneurs last for at least 5 years while only 28 percent created by young people last for the same period of time.
The enterprises built by older adults are mostly small and in the service area, craft manufacturing and catering. About one-fourth of olderpreneurs start their enterprise after retirement or after redundancy.
A lot of these entrepreneurs are excited to start their business as it feels like starting their own life after serving for a boss. Although there are several areas to consider before setting up a small enterprise, these 50-year-old people are determined not to go back to their old life. They aim to nurture their entrepreneurial talent they had kept for a long time.
These people are brave enough to change career direction regardless of their age. This is definitely beneficial for both UK’s economy and the lives of older adults.