Older People Becoming Entrepreneurs, Study Finds
More than 25% of new businesses in the UK are started by people that have recently retired, according to new research by Clydesdale and Yorkshire Bank.
New research by Clysedale and Yorkshire Bank has shown that over one million Brits have used retirement or redundancy as an opportunity to start up a new business.
The research, which involved more than 500 small business owners from across the land, concluded that 23% of 'older-preneurs' set up their businesses after being made redundant, with a further 12% doing so after retirement.
This period in their life allowed many the opportunity to fulfill a lifelong dream and transform a hobby or passion into a fully fledged business.
Gary Lumby, director of small business banking at Clydesdale and Yorkshire Banks, said: "Many people realize that there is more to life than working for somebody else, and it's even better if you can turn something you love and enjoy in to a business venture.
"As a society, we are living longer and understand that age and experience bring much more. So it should be no surprise to see people wanting to put their experience to good use rather just seeing retirement as a time to switch off."
Trevor Baylis, inventor and entrepreneur, highlighted the fact that people are never too old to set up their own businesses.
He said: "I started life as a stuntman and it wasn't until I saw a program about the spread of HIV in Africa that I had the idea for the wind-up radio – I was over 54 at the time."
Mr. Baylis advised older people looking to set up a business to seek out help, advice and support, which could include receiving management training.
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