OLDER ENTREPRENEURSan Amárach study for ISAX

Summer 2016

Older & Bolder

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Ireland’s future economic growth will depend more than ever on older entrepreneurs.

Our survey asked 339 adults aged 50 and over in early 2016 about their own experiences & attitudes when it comes to entrepreneurship.

The study was commissioned by ISAX –Ireland Smart Ageing Exchange (isax.ie)

There is a wealth of entrepreneurial experience among older adults in

Ireland already…

A minority preference

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Q. Have you ever thought about setting up your own business?BASE : All respondents aged 50+

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 339 185 154 161 178Yes 46% 50% 40% 48% 43%No 54% 50% 60% 52% 57%

Q. Did you set up your own business?BASE : Ever thought about setting up own business

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 155 93 62 78 77Yes 50% 62% 34% 43% 57%No 50% 38% 66% 57% 43%

Starting Early

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Q. What age were you when you set up your business?BASE : Set up own business

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 78 57 21 34 44Under 30 18% 23% 6% 24% 13%30-40 35% 31% 46% 37% 33%40-50 30% 27% 39% 26% 33%Over 50 17% 20% 9% 12% 21%

Q. If you had to do it again, would you?BASE : Set up own business

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 78 57 21 34 44Yes 64% 61% 73% 51% 74%No 36% 39% 27% 49% 26%

But the reality is that not everybody who has set up their own business

has found it rewarding…

Start Over?

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Q. Why would you do it again?BASE : Set up own business - would do it again

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 49 34 15 17 32Enjoyed owning my own business / satisying 59% 52% 75% 51% 63%Business was successful 22% 27% 12% 24% 21%Other reasons 20% 21% 19% 24% 18%

Q. Why would you NOT do it again?BASE : Set up own business - would not do it again

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 29 23 6 17 12Too many obstacles / expenses 35% 31% 50% 24% 51%Lack of Support / Incentives 35% 40% 17% 47% 17%Too much time / energy required 24% 21% 33% 17% 33%Other reasons 10% 13% 0 11% 8%

As people get older they are less inclined to take risks, especially when

it comes to entrepreneurship…

Age Barriers

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Q. Do you feel as you’ve got older that you have become less likely to start your own business?BASE : All respondents aged 50+

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 339 185 154 161 178Yes, less likely 81% 78% 84% 76% 85%No 19% 22% 16% 24% 15%

Q. Why do you say you are less likely to start your own business? Top 5 ReasonsBASE : Less likely to set up own business

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 274 145 129 123 151Financial risk 59% 63% 55% 70% 50%Lack of funding 48% 45% 50% 51% 44%Other commitments / dependants 20% 22% 18% 25% 16%Lack of contacts with relevant business organisations / advisors 19% 17% 22% 23% 16%Lack of relevant experience 19% 11% 27% 26% 13%

But it is possible to tap into the entrepreneurial spirit and experience

of older adults, they just need support…

Age Barriers

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Q. What would need to be in place in order for people like you to considering starting your own business? BASE : All respondents aged 50+

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 339 185 154 161 178Access to funding 66% 66% 67% 70% 63%Financial advice 55% 54% 57% 59% 52%Confidence in your own abilities 50% 45% 55% 51% 49%Information about opportunities 46% 42% 51% 51% 42%Mentoring and advice 44% 39% 49% 53% 35%Technical support in relation to IT 35% 34% 35% 36% 33%

Learning More

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Q. Would you be interested in principle in a course designed to help people like you develop ideas and skills to start your own business?BASE : All respondents aged 50+

GENDER AGETOTAL Male Female 50-59 60+

SAMPLE 339 185 154 161 178Yes 44% 46% 42% 54% 35%No 36% 36% 36% 24% 47%Don’t know 20% 18% 22% 22% 18%

Check out Ingenuity if you would like to explore the potential for mature

entrepreneurship further:

http://isax.ie/groups/ingenuity-mature-entrepreneurs/

Contact DetailsAMÁRACH11 KINGSWOOD BUSINESS CENTREDUBLIN D24 KT63

T. 014105200W. AMARACH.COME. INFO@AMARACH.COM