Rise in older entrepreneurs

Increasing numbers of older people are opting to combat the threat of retirement boredom by setting up their own businesses.

Research carried out by Clydesdale and Yorkshire Bank found that of the 500 firms polled some 12 per cent had been established by owners who had retired.

Nearly a quarter of the over-55s polled decided to start a business after they had lost their jobs.

The survey indicated that there could be as many as a million older entrepreneurs who have used retirement funds or redundancy money as the basis for creating new businesses.

Many have transformed hobbies or interests into going commercial concerns.

There are several advantages that older entrepreneurs have when it comes to setting up a firm. They are more experienced than their younger counterparts and are more likely to have either the capital or the credit rating needed to get an idea off the ground.