In the light of this trend, innovation and inventions have grown, while the number of people turning a hobby into a money-spinner has doubled.
Moreover, ‘Grey entrepreneurs’ have become a rising force in the UK economy. A quarter of new businesses are founded by those on the cusp of retirement (55-65 age group), and seven per cent by people of state pension age.
“I started a business at the age of sixty,” says Mike Stevenson, founder of Edinburgh based motivational communications agency Thinktastic. “My view was that a lifetime’s experience would have been wasted if I had stepped back then. I also had energy, enthusiasm and the ability to influence the future.”
Eight in ten respondents to the survey said that a life crisis had taught them survival skills needed in business. A quarter of the survey sample cited a financial disaster, while 17% were prompted by an accident or illness.
Other crises included a business failure (9%), depression or a breakdown (16%), and even heartbreak (11%).
Read the original unabridged Talk-Business.co.uk article.