As a result on better health care and living conditions people are living longer. This has had a definite impact to the UK’s working culture. Not only have discussions been put in motion to raise the retirement age in the UK, a recent report conducted by the charity Age Concern suggests that over 25% of all successful companies that have been recently formed in the UK, are owned by entrepreneurs aged between fifty and sixty five.
By 2025 over half of the population in the UK will be fifty or over. Therefore in an aging society, it has become vital that we recognise the value older entrepreneurs can add to our economy – especially in the current context of redundancy and failing enterprise.
The research found that companies run by more mature and experienced directors had a better chance of success than those with less experienced entrepreneurs at the helm. Also, regardless of the outdated preconceptions many people have – that older entrepreneurs aren’t as au fait with emerging business sectors such as online – the report found companies formed by older entrepreneurs spanned across all sectors.
Karen Ash, managing director of the Business Forum commented: “The age of our members range from 20 to 70. Experience and good business decisions are what will get the UK’s economy and enterprise back to pre-recessionary performance, and who has a greater abundance of those skills than people who have worked in business most of their lives?”