Over 50s starting record number of new businesses

The over 50s are starting a record number of new businesses, according to a new survey from Barclays bank.

Barclays report, ‘Third Age Entrepreneurs – Profiting from Experience’, shows that older entrepreneurs are responsible for 50 per cent more business start ups than 10 years ago, starting an estimated 60,000 new businesses in 2000.

The report shows that today’s third age entrepreneurs work hard – 49 per cent working an average of 36 hours or more - but also rate holidays, lack of stress and a balance between work and home life more highly than their counterparts starting in business when under 50.

However, only 27 per cent run the business as the only source of income to the household, with 51 per cent supplementing a pension.

The reports findings successfully challenge typical stereotypes of older people, with entrepreneurs over 50 more likely to own and use a computer in the course of their business activities.

There is also evidence to suggest that older business owners are much more likely to have invested time and effort in undertaking research and detailed planning before striking out and going it alone with 43 per cent preparing a business plan compared to 28 per cent of their younger counterparts. (MB)

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