Over-50s run 1 in 6 start-ups
If you are wondering how to become a successful business then perhaps you should ask someone who is over the age of 50.
That's because according to a new study released today (October 25th) by Yellow Pages, one in six new firms are being run by people in this age group.
The study, conducted by the small business centre at Kingston University, reveals that a lot of budding entrepreneurs decide to launch their own company later in life because they are tired of working for somebody else and because they want to do a job that they enjoy.
Work/life balance also appears to be a key issue for people aged 50 and over who start up a business.
Mark Hart, professor of small business research at Kingston University, commented that this age group benefit from their years of experience when launching a new business venture.
He said: "There is clear evidence that the entrepreneurial activities of this diverse group are capable of providing sustainable incomes as they engage in new business ventures resulting from many years of experience."
The study also found that older adults who start up a business usually work from home and turn over an average of £67,000 a year.
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