Tuesday, December 02, 2008

Realities of being older entrepreneurs in the UK.

In these days when banks are on a one-way receiving end of bad news it is good to see that Bank of America is interested in increasing employment amongst the 50-plus – to the tune of £2 million. The research was commissioned on behalf of The Prince’s Initiative for Mature Enterprise (PRIME). Here are a few snippets:

16% of those aged 55 to 64 have considered, but not realised, their ambition of establishing their own business.

The number of businesses launched by people aged over 50 has increased by half over a period of 10 years and this age group now accounts for 15% of all business start-ups in England and Wales.

54% of the 50+ age group currently seeking work feel that the current challenging financial environment will have a detrimental effect on their employment prospects.

70% of businesses started by people over 55 are on average still operating after six years, compared to just 19% overall

I have been banging on for ages about the opportunities for businesses to see older people starting and running small businesses as a distinct market. Hopefully this research means a few more companies to wake up to the fact and do something about it. Dick Stroud

1 comment:

Barrie Hopson said...

Hi Dick, couldn't agree more. The other interesting stat was the one that showed that if only 1% out of work over 50s became self-employed, 25,000 jobs would be created and £175 million would be saved in benefit payments.

You might be interested in looking at our blog based on our new book out today and called The Rainbow Years: The Pluses of Being 50+. Very different orientation to your own as this is geared towards helping the over 50's to plan/reinvent their future lives. It accompanies the learndirect website that we created www.fiftyforward.co.uk