Viv Poole
I started Silver Startups because I wanted to become a blogger and I wanted to do this because I love writing. It’s as simple as that.
I’m not creative enough (sigh) to be a fiction writer – possibly because I have spreadsheets instead of blank pages in my head. On the other hand, I always loved writing business plans, market analyses and promotional literature for clients, so I decided to use some of these skills to set up a blog.
My aim was to write helpful posts for later-life entrepreneurs, but I soon realised that I needed to engage with people, so I started to offer coaching. Finding people to coach hasn’t been easy, but if my posts are to have any value it is absolutely necessary for me to learn more about what seniors need. So, I help my coachees to start up, and they help me learn more about how to help them. It really is win-win!
So, What’s the Problem?
Many people will tell you that they would love to start their own business, but most don’t. According to a survey by Know Your Money “Almost half of UK adults (47.6%) say they would consider starting their own business. This fact shows that a significant number of people across the UK dream of forming their own company - and much more than the one in ten people who actually run their own companies.”
Further, the survey showed that the older people get, the less they consider starting their own business. 64.8% of 16-24 year olds have considered starting their own business while only 31% of people aged 55+ did.
What stops people from starting up?
The survey showed that the most important reason was the lack of personal funds, with more than a quarter (25.5%) of people saying that this was the biggest barrier. Fewer than one in eight people said that a fear of taking a risk also held them back. Just 3.6% of people said that a lack of government support was their biggest barrier, yet the results also revealed that only 15.5% of people think enough support is given to those who do want to start their own business.
The Federation of Small Businesses believes that this shows that the current system needs funding and reform to spread the word and let people know what they can tap into.
We still need to know more
In his research article entitled The diversity of interest in later-life entrepreneurship: Results from a nationally representative survey of Americans aged 50 to 70 (Halvorsen, Chen 2019) Cal Halvorsen, assistant professor at the Boston College School of Social Work, writes: ““This study estimates entrepreneurial interest in a nationally representative sample of Americans aged 50 to 70…that more than 31 million older Americans have some interest in entrepreneurship… Importantly, the findings indicate that a more diverse group of older adults are interested in entrepreneurship than have become entrepreneurs, suggesting the need for additional research on the potential disparities between entrepreneurial interest and action in later life.”
What we do know
We know that it is particularly difficult for people over 50 to find new jobs, for a variety of reasons, including ageism, that starting a business in later life can be good for you, and that there isn’t much support aimed at older people’s specific needs.
Why am I offering free support?
I want to offer assistance to those who want to start up a business to raise awareness of the benefits of supporting senior entrepreneurship, particularly to the public sector, charities and larger businesses who could really help provide this support. I am offering free coaching to some, and, if there is enough interest, a Facebook group where you can learn and network at the same time. Based on your needs, other services could be offered as well.
Case Studies
With your permission, I will write up case studies about your challenges and successes so we can share what has been learnt AND I get to practise my writing skills! I will also present some of these case studies at a symposium at the British Society of Gerontology on senior entrepreneurship in July.
Could you use some help?
Please visit my Coaching Offer page and sign up!
Do you offer support?
If your organisation offers support to people aged 50+, please let me know, so that I can pass on this information to people who are interested.
Best wishes
Viv