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Does age matter? The rise of the ‘Silver Entrepreneur’….

By May 22, 2015March 15th, 2019Business, Business development, Mentoring

Why aren’t there more older social entrepreneurs?A really interesting article appeared in the online newspaper City A.M yesterday. It raised the issue of new pensions freedoms and the uses to which some of the over 55s may be putting their cash. Many, it seems, are using their pension pots to start up a new business.

Is this a good idea? Or is it supporting the fears of those who thought pensioners would blow their nest egg on fast cars and risky investments?

Surely, those who have been prudent enough to save for a pension in the first place are not going to suddenly behave like lottery winners? As we live longer, we are seeking new challenges even as we approach traditional retirement ages and, as the article says, these ‘later-life entrepreneurs’ are not a new breed. Kentucky Fried Chicken was set up with the Colonel’s first month’ pension payment. City A.M says ‘the average value of a pension pot of those we asked was found to be £550,000, and of those considering withdrawing money to invest in a new business, almost half (47 per cent) intend to use their 25 per cent tax-free lump sum to fund their startup.’

At Cornerstone Volunteer Mentoring we have been impressed by the willingness of older business men and women to share their experience for the benefit of new start ups. It suggests that older entrepreneurs have much to offer and have the knowledge to make new businesses successful. The article suggests there should be a version of The Apprentice for older people with business ideas. And why not?