A survey carried out for Barclays Bank by London-based research company Continental Research back in 2001 came to some startling conclusions. They should encourage anyone in their Third Age that life is far from over once you hit the age of 50.

According to the research, 15% of all new businesses set up in England and Wales were established by people aged 50 and over, a 50% increase over the previous 10 years. And almost 35% of those Third Age entrepreneurs established their own business because of redundancy, retirement or dissatisfaction with their existing jobs.

The most cited reasons for this increase in Third Age business start-ups were:

• Being made redundant (17%)
• To make more money (16%)
• Freedom to be their own boss (11%)
• Retirement from their previous job (11%)
• The desire to turn a hobby into a business (7%)
• Dissatisfaction with their previous job (6%)
• The need for a new challenge (4%)
• To supplement a pension (4%)
• For the sheer enjoyment of it (3%)
• Because they saw an opportunity (3%)
• To realise an ambition (2%)
• Because they were unemployed (2%)
• Because they had time on their hands (2%)

So while redundancy emerged as the main motivating factor for 17% of Third Age entrepreneurs followed by 16% who wished to make more money and 11% because of retirement, having their own independence accounted for 11% and the desire to develop a hobby or just for the sheer fun of it accounted for 10%. And in the case of 51% of those interviewed, their new start-up business was to supplement a pension.

The research also established a number of other interesting aspects about Third Age entrepreneurs that perhaps makes them different from the majority of their younger counterparts.

* Money per se was not so much a prime motivator as was the drive to turn an existing hobby into a money-making opportunity that would supplement an existing income such as a pension.

* Third Age entrepreneurs were more likely to make use of computers in their business ventures than were those under the age of 50 when they start their businesses.

*Third Age entrepreneurs were more likely to have undertaken careful research and planning before embarking on their business venture.

*Third Age entrepreneurs are more – and not less – confident about utilizing technology in their business venture than are those under the age of 50.

*Third Age entrepreneurs rely less on outside funding when establishing their businesses, reducing their overheads and increasing their chances of success.

Furthermore, 90% of those interviewed had no regrets about starting their own business in their Third Age, and 60% actually thought that they were better equipped to start a business at that stage in their lives.

While no more up to date statistics are available, there is no doubt that the trend established in 2001 will not only have continued, but increased massively. Yet more proof that your Third Age can indeed be your Golden Age!

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