Ways the over 50s may surprise you

The over 50s are often portrayed in the media as old has-beens that simply love nothing more than gardening, watching daytime TV and eating Werther’s Originals! The truth is the over 50s are far from ready to kick the bucket just yet.

Rebels & Innovators: Johnny Rotten, Mick Jagger, Keith Richards, Madonna – all of these celebrities are over 50 and continue to innovate and cause a stir. This group is hardly the conventional stereotype of the older generation often depicted in the press. When it comes to innovation the over-50s are in a league of their own: Bill Gates is in his 50s, as was the late Steve Jobs when he died last October at just 56. In the years shortly before his death Steve Jobs launched a range of innovative products – the iPod, iPad and the iPhone.

Carers: While the over 50s are older, they are not too old to not find themselves caring for older relatives. Most over 50s offer in some shape or form provide support to their parents.  This can include anything from stairlift solutions to helping out with bills and shopping. They look after people; they are not looked after. This is something that is often forgotten about by younger people – and advertisers!

Entrepreneurs:  Most entrepreneurs are over 55. Research by Nominet Trust found that, contrary to popular belief and the best efforts of TV shows like The Apprentice, in London, the largest number of British entrepreneurs are 55 years and over, rather than 20-somethings like Facebook's Mark Zuckerberg and Twitter's Jack Dorsey.

Entrepreneurs 'older than we think'

 

More than a third (38%) of people in London believe that entrpreneurs fit into the 25-34 age group, when in fact they are more likely to be over 55, a new survey shows.
Research by Nominet Trust found that, contrary to popular belief in the capital, the largest number of British entrepreneurs are 55 years and over, rather than 20-somethings like Facebook's Mark Zuckerberg and Twitter's Jack Dorsey.

The findings come as the charity urges over 65s in the region to innovate online.
Its research found that perceptions of how older people use the internet and what they have to offer are largely incorrect. It found that most people believe over 65s are luddites when, in fact, this age group has the fastest growing number of users of digital and social media.

Nominet Trust's Ageing and the Use of the Internet report highlights that there is huge potential to mobilise our ageing population's enterprise and digital savvy to use the internet to address social problems in their lives and communities. In particular, the report shows there is a pressing need for products, services and technologies for older people designed by older people.

For this reason, Nominet Trust is launching a £250,000 challenge, with funding and support available for the strongest projects that could work with older people to: use the internet to address specific social problems facing older people; design new and better ways for older people to get on to and use the internet; and develop and use technologies which older people feel comfortable with.
The Nominet Trust is calling for bright sparks in London to come forward.

Third age entrepreneurs

NESTA has just published a fascinating new report on older entrepreneurs. We already know that 50+ entrepreneurs overall are less likely to have their businesses fail than younger entrepreneurs. This study examines the differences between the growth and more lifestyle enterprises set up by the over 50's. Download it by following the hyperlink above.

Prime and Bank of America combine to encourage entrepreneurship

A new £2 million three-year partnership has been set up between the Prince of Wales' charity Prime (The Prince's Initiative for Mature Enterprise) and the Bank of America Charitable Foundation tolhelp the older unemployed get back into business. Start-ups will be offered encouragement, mentoring and investment under the scheme, which is supported by the Government.

Business Secretary Peter Mandelson said: "There is no age limit on entrepreneurial spirit. During the current economic climate it is even more vital that older people have the confidence to make their business ideas a reality."

Research carried out by the bank on behalf of Prime found 16% of those aged 55 to 64 have considered, but not realised, their ambition of establishing their own business. Some 53% of over 50s feel they are at a disadvantage to younger people in the job market. And 81% say it is the attitude of employers to age that puts them at this disadvantage

The survey of 1,000 adults, including 472 over 50s, also found 54% of older people looking for work think the credit crunch will dent their employment prospects.

The charity said there are 3.6 million unemployed UK people aged 50-65, with the over 50s suffering the highest long-term unemployment rate.

Businesses launched by people over 50 now account for 15% of all start-ups in England and Wales. And whereas companies started by older people have a 70% chance of surviving the first five years, companies started by younger people have just a 28% survival rate.

According to Prime, if 1% of out of work over 50s became self-employed, 25,000 jobs would be created and £175 million would be saved in benefit payments.

And in the USA......

We know about the contributions being made to our company by the 50+ entrepreneurs so it is interesting to see that the same is happening in the US.

The mature market entrepreneurs are a driving force behind the American economy. Mature Americans, aged 55 to 64, create businesses at the highest rate of any age group — 28% higher than the average (source: Kauffman Foundation).

In response to this mature market wave of entrepreneurs, The U.S. Small Business Administration has unveiled a new website, www.sba.gov/50plusentrepreneur. The new site features interactive information and links to help 50-plus entrepreneurs consider the benefits and rewards of business ownership, and to help them make informed choices about business ownership.