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Olderpreneurs – the working world of over 50s across the globe

There’s a new generation of self-starters across the world; ‘olderpreneurs’ (entrepreneurs over the age of 50). These olderpreneurs are challenging the notion that those in their 20s are the ones who dominate the world of entrepreneurship.

 

Using data from the Global Entrepreneurship Index for Total early-stage Entrepreneurial Activity (TEA), we have tracked where in the world these ‘olderpreneurs’ are excelling. This indicator assesses the percentage of the working age population that has initiated entrepreneurial activity in the previous 42 months.

 

Our heat map highlights the TEA level in olderpreneurs between the ages of 55 and 64.

The economies with the highest level of recent olderpreneurial activity

  1. Madagascar 39%
  2. Ecuador 23%
  3. Chile 17.1%
  4. Peru 16.7%
  5. Lebanon 16.1%

 

The economies with the lowest level of recent olderpreneurial activity

  1. Bosnia and Herzegovina 1.5%
  2. Greece 1.7%
  3. Italy 1.8%
  4. Slovenia 2.3%
  5. Bulgaria / Poland 2.5%

 

The truth behind the numbers

The data suggests that entrepreneurs, or olderpreneurs, are more likely to try new business ideas and ventures in developing countries. Out of the top 20 countries for new olderpreneurs, only two are European – the other 18 countries are from Africa, Latin America and the Caribbean, Asia and Oceana. The USA and the UK sit at 23rd and 34th out of the 54 countries surveyed.

 

Less developed countries lack the infrastructure to offer extensive employment opportunities to their working population, compared to many western societies. Making the most of a skill or niche in an entrepreneurial way is often the only way to achieve social mobility.

 

In stark contrast to the countries with the highest level of olderpreneurs, the bottom 10 countries with the lowest percentage of new entrepreneurs are all European. This indicates that the populations in these countries benefit from reliable industries and traditional career paths.

 

 

Allstar’s parent company – said:

Olderpreneurs are proving that age is just a number; launching and growing a new business can be done at any stage in life. 

 

Although many European countries ranked at the bottom end of the scalewe musn’t ignore the fact that people living in highly developed countries have the freedom to take a chance with a new enterprise later in life, when their children have left home and the financial pressures of a mortgage and family have been alleviated.

 

Having that financial safety net can often mean they are at lower risk and we anticipate continual olderpreneurial growth in these countries.

 

- Anthony Trigo, Head of Digital, at FLEETCOR

 

 

To make a start-up successful in its first few years, finance management is imperative. If your business is an incorporated association and has four or more partners backing it, there’s a better way to manage your business and vehicle expenses.

 

Explore the benefits of our Allstar Plus Visa card to see if we could support you and your business.