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“Olderpreneurs” are Building Business In Britain

There’s a new term being bandied about by the business news websites at the moment – the “olderpreneur” – Britain’s fastest growing group of new business owners who are over-65s!  Research reveals that in the past ten years the proportion of older business owners has increased by a massive 140% as a growing number of workers approaching retirement age decide to start their own business.  This compares with an increase in 25 – 34 year olds launching a business increasing by just 23%.  Mature entrepreneurs are having a major impact on the UK economy with their start-ups making a contribution of more than £7 billion according to figures released by Barclays Business Banking. 

It seems that as people are reaching retirement age in the UK nowadays, they’re putting their valuable business knowledge and experience to work by launching their own businesses.  The sectors that saw the highest growth rate in businesses run by olderpreneurs have included education, health and professional services which have increased by 164%, 198% and 112% respectively.  Other popular sectors which have proved popular for mature entrepreneurs are housing and start-ups related to arts and culture. 

The older generation has a lot to offer in their new workplaces, bringing with them a wealth of experience and great lists of industry contacts.  Many of them who have spent most of their working lives employed by others have now decided to use their knowledge and experience for their own benefit to launch lifestyle businesses that enable them to enjoy retirement without having to watch their budgets.  After a lifetime of increasing profits for their employers, they are now in the business of making their own money and increasing their own wealth at a time when, traditionally, they should be sitting back and taking it easy.

As the state pension age has gradually increased, olderpreneurs are looking at the limited pensions they are entitled to and considering that this is not enough, not a great budget for enjoying life in the future.  They have rejected the idea that enterprise is a young person’s game and striking out on their own, creating their own incomes which bolster their pensions and offer them a retirement (or semi-retirement) that includes holidays abroad, second homes, new toys and a comfortable lifestyle. 

It’s also the case that some of the more mature people who have been made redundant in recent years due to the tanking economy have been unable to find new work.  After all, it’s no fun for experienced professionals to attend Job Centre interviews with a requirement to demonstrate that they have applied for the requisite number of jobs per week, most of which are probably low paid and for which they are over-qualified.  This has led to the most courageous of them to shun the world of applications and interviews, instead creating their own job by opening their own business and becoming self-employed.  Self-employment can be an attractive option, especially for those who enjoyed relatively successful careers and are not impressed by the need to start all over again in a junior position.

Next week, we’ll be publishing some tips and advice for older entrepreneurs, so watch this space or why not follow us on Facebook and Twitter so that you can be notified of all our new articles as they are published?