Post on 10-Jan-2017
Older & Bolder
2
Ireland’s future economic growth will depend more than ever on older entrepreneurs.
Our survey asked 339 adults aged 50 and over in early 2016 about their own experiences & attitudes when it comes to entrepreneurship.
The study was commissioned by ISAX –Ireland Smart Ageing Exchange (isax.ie)
A minority preference
4
Q. Have you ever thought about setting up your own business?BASE : All respondents aged 50+
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 339 185 154 161 178Yes 46% 50% 40% 48% 43%No 54% 50% 60% 52% 57%
Q. Did you set up your own business?BASE : Ever thought about setting up own business
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 155 93 62 78 77Yes 50% 62% 34% 43% 57%No 50% 38% 66% 57% 43%
Starting Early
5
Q. What age were you when you set up your business?BASE : Set up own business
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 78 57 21 34 44Under 30 18% 23% 6% 24% 13%30-40 35% 31% 46% 37% 33%40-50 30% 27% 39% 26% 33%Over 50 17% 20% 9% 12% 21%
Q. If you had to do it again, would you?BASE : Set up own business
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 78 57 21 34 44Yes 64% 61% 73% 51% 74%No 36% 39% 27% 49% 26%
Start Over?
7
Q. Why would you do it again?BASE : Set up own business - would do it again
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 49 34 15 17 32Enjoyed owning my own business / satisying 59% 52% 75% 51% 63%Business was successful 22% 27% 12% 24% 21%Other reasons 20% 21% 19% 24% 18%
Q. Why would you NOT do it again?BASE : Set up own business - would not do it again
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 29 23 6 17 12Too many obstacles / expenses 35% 31% 50% 24% 51%Lack of Support / Incentives 35% 40% 17% 47% 17%Too much time / energy required 24% 21% 33% 17% 33%Other reasons 10% 13% 0 11% 8%
As people get older they are less inclined to take risks, especially when
it comes to entrepreneurship…
Age Barriers
9
Q. Do you feel as you’ve got older that you have become less likely to start your own business?BASE : All respondents aged 50+
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 339 185 154 161 178Yes, less likely 81% 78% 84% 76% 85%No 19% 22% 16% 24% 15%
Q. Why do you say you are less likely to start your own business? Top 5 ReasonsBASE : Less likely to set up own business
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 274 145 129 123 151Financial risk 59% 63% 55% 70% 50%Lack of funding 48% 45% 50% 51% 44%Other commitments / dependants 20% 22% 18% 25% 16%Lack of contacts with relevant business organisations / advisors 19% 17% 22% 23% 16%Lack of relevant experience 19% 11% 27% 26% 13%
But it is possible to tap into the entrepreneurial spirit and experience
of older adults, they just need support…
Age Barriers
11
Q. What would need to be in place in order for people like you to considering starting your own business? BASE : All respondents aged 50+
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 339 185 154 161 178Access to funding 66% 66% 67% 70% 63%Financial advice 55% 54% 57% 59% 52%Confidence in your own abilities 50% 45% 55% 51% 49%Information about opportunities 46% 42% 51% 51% 42%Mentoring and advice 44% 39% 49% 53% 35%Technical support in relation to IT 35% 34% 35% 36% 33%
Learning More
12
Q. Would you be interested in principle in a course designed to help people like you develop ideas and skills to start your own business?BASE : All respondents aged 50+
GENDER AGETOTAL Male Female 50-59 60+
SAMPLE 339 185 154 161 178Yes 44% 46% 42% 54% 35%No 36% 36% 36% 24% 47%Don’t know 20% 18% 22% 22% 18%
Check out Ingenuity if you would like to explore the potential for mature
entrepreneurship further:
http://isax.ie/groups/ingenuity-mature-entrepreneurs/