Age breeds confidence in business start-ups

Data Insights 10 February 2014

A new survey has suggested that the older people get, the more confident they are in their ability to start a business in the UK.

Indeed, the report – produced by O2 – noted that many more people over the age of 55 are confident that they can achieve this than those aged between 18 and 24 years.

What’s more, the study confirmed that the older generation has more resources at its disposal to devote to their business.

Research found that they are less likely to see time (10 per cent) and money (18 per cent) as the biggest obstacles to starting up compared to 18-24 year olds.

The generation continue to be ambitious, too, with more than a quarter of all over 55-year-olds surveyed acknowledging that they have aspirations to be an ‘olderpreneur’.

And according to the research, a quarter of people admitted that their desire to be self-employed grows the older they get – some 40 per cent of respondents over the age of 55 said that age should have minimal bearing on launching a business.

Despite this, it has been revealed that a lack of IT knowledge is perceived to be a significant barrier to achieving this.

More than half of those over 45 said that they needed to improve their IT knowledge, while a quarter of the over 55s conceded that it would be an obstacle for them in starting a business.

Added to this, the research confirmed that a third of people in the over-45 age group are simply confused by the quantity of technology products and software that is available.

Last month, the British Bankers’ Association (BBA) claimed that banks are more willing to lend than small businesses think is the case.

A report found that 37 per cent of small businesses planning to apply for financial support believe that they will not get approval from the bank, which is not a reflection of the reality.

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