Imagine looking in the mirror and seeing your boss staring back at you. Jane Price finds out how a business mentor could help you join the flourishing ranks of entrepreneurs over 50.
So, why the baby boomer business boom?
Misplaced age discrimination
As industries change and with the credit crunch biting hard, 'jobs for life' are starting to be a thing of the past. Surrounded by myths such as 'they cost more', 'they're ill more frequently' or 'they're less flexible in their approach to work', over fifties are often unfair targets for redundancy.
Rather soberingly, if you're under 50 and you lose your job you've got a 60% chance of finding a new one. If you're older than 50, the chance of a finding a job goes down to 10%.
With a need to still earn a living and with at least 15 years of your working life ahead of you, what are the options available?
Laurie South, Chief Executive of PRIME (Prince's Initiative for Mature Enterprise), believes that, faced with such difficulties, it really makes sense to start thinking about self employment. Even if redundancy hasn't been forced upon you, starting a business in your fifties could be the chance to break away from the rat race and realise your life-long ambitions.
PRIME mentoring
Starting out on your own can be a daunting prospect, but PRIME is committed to helping people over 50 set up their own businesses and experience the self-fulfilment and independence that come from working on your own terms.
PRIME has found that older entrepreneurs tend to be more successful than younger ones because they have greater experience, better developed networks and a more calculated approach to risk-taking and people management.
"Despite their experience", explains Laurie Smith, "over fifties are less likely to think they have all the answers compared to their younger counterparts, so they tend to start up businesses with others who have complementary skills, to ask for advice and to go on courses. They also have more realistic expectations. They usually just want to make a living out of their business - anything else is a bonus. By contrast, younger people want to make millions, sell up and retire at 35."
PRIME offers advice through their website and through their network of over 200 partner organisations around the UK, whose range of expertise covers the private, public and voluntary sectors.
Carry-a-bag
For over 15 years, Sally Walton from St Leonard's on Sea, East Sussex had been in business with her husband, writing books primarily aimed at the American market. Following the events of 9/11 her main US publisher went bust which signalled the end of Sally's business.
Sally took stock and decided that, approaching 55, the time was right for her to explore an idea that she'd had while writing a book on eco-friendly interior design. Carry-a-bag was born - a business that would design and sell attractive alternatives to plastic bags, made from recycled materials.
In 2005, Sally walked into her local enterprise agency and PRIME partner, 1066 Enterprise, intially to ask them about funding for the business. She was advised to go on a free six-month Learning and Skills Council enterprise programme, which, as Sally explains was slightly unexpected, but highly useful:
"I hadn't thought of going on a course; I just wanted some money. (However), the course was empowering and it made me realise what I could do."
With the mentoring support of 1066 and PRIME, Sally accessed start-up funding and learnt how to put together business plans and marketing strategies. A feature on her bags in Country Living magazine prompted a flurry of interest and she is now the proud owner of a thriving business with her bags spreading the Carry-a-bag message across the UK.
Sally is just one of the many people that PRIME have mentored. To read other inspirational case studies or to find out more about the work of PRIME, visit www.primeinitiative.org.uk
PRIME has produced a starter pack for anyone over 50 who is interested in self-employment. Request your pack by visiting the PRIME business club website.
Have you got a story to tell? Or any comments or questions about this article? If so, contact us today!
Hindsight to foresight
Peer mentoring, group mentoring, role models, befriending, coaching. Richard Tobin explores the meaning of mentoring.
"It was like being offered a future."
Julia Greenwood looks at the benefits of mentoring a refugee.
Bridging the generation gap
Barry Golding discovers that young people can teach us a thing or two.
Have you ever been given advice that's changed your life?
