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Growing numbers of 'olderpreneurs' going into business

Jan 21 2008

Increasing numbers of over-50s are setting up their own SMEs, according to one business expert.

Enterprise company Prime said that this phenomenon can be attributed to the demographical influence of the baby boom, as there are now more people at this age.

Ian Stobie, marketing and research officer with the company says that there were two different types of 'olderpreneurs' going into business.

'Some people are doing it because they need the money, because they need a livelihood, and they therefore don’t have much in the way of resources,' he says.

Mr Stobie added that there are also those who are setting up the businesses 'they've always wanted to' as they've now got time to work on them.

A recent survey from Prime found that men are most likely to be contemplating setting up a business in the financial and business service sector and construction.

Women are more likely to be thinking about establishing a business related to health and social care and in manufacturing activities.

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