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'Grey Entrepreneurs' Boost UK Business

Trend Summary: New research reveals that years of recession and austerity have wrought a deep change in the character of UK business.

The research, conducted on behalf of French multinational insurance giant AXA, reveals that the UK's unemployed, pensioners and parents experiencing  in-work poverty have all resorted to ...

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...  self-employment.

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.

[Estimated timeframe:Q4 2016]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: TalkBusiness.co.uk
MTT insight URL: http://marketingtrendtracker.com/article.aspx?id=7010

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