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2014: year of the ‘olderpreneur’?

The new year is a time of reconsideration for many. For those over 50, the need to re-evaluate their situation has a heightened sense of urgency. With years of employment behind them and quite a few more to fill before retirement, the need for a fulfilling working life is more compelling than ever.

Enter the ‘olderpreneur’. After years of grafting their way up the career ladder, many older people are disillusioned by the view from the top. Reasons can be many and varied: falling salaries, early retirement or enforced redundancy, the ever-shifting statutory retirement age, pension crises, a feeling of “been there, done that” or simply recognising that the dream of being your own boss won’t hang around forever.

If you’re a budding ‘olderpreneur’, or think you know one, here are some facts that may be of interest:

  • Since 2009, the number of people over-50 who registered as self-employed has increased by over quarter of a million to 1,766,000
  • Around one in five people over 50 is self-employed – beating any other age group
  • Over 70% of businesses started by people in their 50s survived for at least five years (only 28% of those started by younger people lasted as long)
  • Over a third of the UK’s population is likely to be over 50 by 2025. A shared experience and understanding with this ever-growing market is a big advantage

As the burgeoning older generation feels younger for longer, it’s good to see years of collected experience and expertise being put to good use. Life can begin at 50, not only as a market for brands but also as makers of them.

You can find out more in these articles on The Guardian and AgeUK websites. Our previous post has more tips for budding entrepreneurs.

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Author: Sophie

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