An increasing number of older Australians are starting their own businesses – using their consider- able expertise to create value for their customers and the economy. Remarkably, businesses started by older people have a much higher success rate than other startups. What’s more, there are also unexpected benefits for the business owners themselves.
It’s a popular myth that young visionaries are, on average, the most successful entrepreneurs. Yet research shows that people aged over 50 not only start more businesses, but also achieve greater business success. What’s more, people aged between 65 and 74 are even more likely to start a business than those aged 50 to 64.7 Older Australians launch businesses for a range of reasons. It may be the experience of age discrimination when looking for work, or a desire for challenge, control and flexibility. Either way, senior entrepreneurs are a growing economic force to be reckoned with.
Taking a global view, the number of people aged over 50 who start a business is growing – at a faster rate than any other age group.
Senior entrepreneurs launch a prolific 14,000 new businesses each year in Australia. And the 379,000 businesses run by senior entrepreneurs represent a sizeable 34% of all Australian small businesses – together contributing a staggering $11.9 billion to the Australian economy each year.
What’s more, of the 5% of retirees who ‘unretire’, that is, leave retirement to return to work, a third unretire into self-employment.
We love working with individuals with a growth mindset. Get in touch to see how we can help combine your senior entrepreneur goals alongside your retirement and wealth management plans.