[0:05]Entrepreneurial success and prosperity has no age limits. Older people are a significant entrepreneurial force, but are largely an overlooked and undervalued resource.
[0:14]Seniors may be involved in a variety of entrepreneurial pursuits. Entrepreneurs starting and running their own businesses, entrepreneurial employees, social entrepreneurs, informal investors. The GEM report on senior entrepreneurship draws on data collected between 2009 and 2016 on entrepreneurial activity in 104 countries, a sample of more than 1.5 million adults from 18 to 80 years of age. The report uses the following categories: young, mid-aged, seniors, older. The number of older adults who are self-employed outweighs that of young adults. Yet entrepreneurship programs and support are by and large geared towards younger age groups.
[1:00]Senior and older entrepreneurs 50 to 80 report substantially higher levels of satisfaction with their life and their job than their counterparts in employment.
[1:10]Risk willingness, those undeterred by fear of failure is highest amongst older age groups. Senior and older people who act as informal investors tend to invest considerably more money compared to younger adults. Almost two thirds (63%) of older business angels invest more than the median of all investments. Older adults are slightly more likely to be social entrepreneurs than entrepreneurs in the other three age groups. So maybe social entrepreneurs aren't always young, idealistic change makers. What does this mean? Older entrepreneurs, an untapped force for economic stability. Entrepreneurs over 50 years of age offer significant golden dividends for economies wrestling with aging populations. They contribute to the economy through taxes, they're generally happier and healthier, so less of a demand on social services. They create jobs for themselves and others. They invest more money than their younger counterparts. They offer a wealth of work and life experience. What is needed? Specialized support. It is time that we stopped thinking about this demographic as a liability. We should instead recognize them as assets and work across sectors to help break down barriers to unleash their potential. It is imperative for governments to create innovative, inter-agency frameworks to marshall resources, catalyze strategic thinking, prioritize new policy and create actionable research to advance this movement. To learn more, read the complete report at www.gemconsortium.org/report. What is the Global Entrepreneurship Monitor? The world's foremost study of entrepreneurship. A high quality primary data source. A tried and tested methodology. A network of local experts. 18 years of data on 100+ countries and growing.
