Rise of the Seniorpreneur

The first person to live to 150 is alive today. Former Treasurer Joe Hockey was subjected to a degree of ridicule when he made this statement earlier this year. But it seems he was quoting the experts who say that with the current rate of medical advancements and improvements in quality of life, it’s not inconceivable that babies born today will have a chance to live beyond 100 years. Makes you wonder, what does “old” mean anymore? Research just released by Swinburne University of Technology and Queensland University of Technology found people over 50 are the fastest-growing segment of entrepreneurs in Australia and now lead 34 per cent of all new businesses. The research found that people who retired in their 50s, or even at 65, were often well placed to start a business. On average, these people have significant experience, substantial skills, large networks and financial resources that make starting and running a business a viable proposition. They are generally also healthier and fitter compared to previous generations, and can expect to enjoy more years post-retirement. Older Australians have a number of reasons for becoming an entrepreneur later in life, or a “seniorpreneur” as they are sometime called, including a late-career alternative, an attractive work–life balance option, a remedy to a lack of other employment options, or a necessity to supplement income. While some of these businesses are high growth, it appears the majority are micro businesses, not designed for major growth, but still contributing to economic activity and potentially delaying the need to access superannuation or welfare benefits. While the research busts the myth of the “young, energetic” entrepreneur, the researchers found Australia lacks polices and initiatives for the 50+ age group. In particular, it is suggested the government shifts its focus from the current policy of helping older Australians re-train for new jobs or providing incentives to businesses to employ senior Australians, and instead support a new generation of seniorpreneurs. After all, if future generations are living to 150, there will be plenty of time to build a business!