As Canada ages, the sphere of entrepreneurship is bound to become older and wiser as we approach the age of the senior entrepreneur.
This week we showcase the "seniorpreneur," who has unique desires, skills and needs that set them apart from their younger counterparts.
The rundown on seniorpreneurship
According to Statistics Canada, population projections predict that the number of seniors (age 65 and older) will increase anywhere from 50 – 80% in the next 50 years from its 2013 numbers (they currently account for 15.3% of the population and will grow to 23.8 – 27.8% of the total population). As the boomer generation ages, they are increasingly choosing to participate in starting a new business. A report by CIBC in 2012 found that the fastest growing age demographic of start-up owners is that of the 50 and older age group, accounting for 30% of the total number of start-ups.
As pointed out in a report by TD Canada Trust, senior entrepreneurs bring a unique skill set to the start-up endeavor. Most of them have had plenty of time to hone their expertise in their field and in the realm of management in general, with 75% of them with 10 or more years of company leadership. Coined “seniorpreneurship” by many, there are other advantages articulated by Small Business BC, including existing networks, more financial flexibility and unique motivations for starting up.
If you are interested in reading more about this topic, here are some Canadian sources to give you some background reading:
- Pivot Magazine – Dispelling the age myths of entrepreneurship
- Maclean’s – Over-50 entrepreneurs change the startup landscape
- Globe and Mail – Is the era of seniorpreneur upon us?
Resources and advice
If you identify as a current or prospective senior / boomer entrepreneur, here are some resources and advice directed towards your unique experience:
- Boomerpreneur.ca – a network of fellow senior entrepreneurs in the greater Toronto area of resources and support
- Seniorpreneur.ca – The Seniorpreneur Project was started to support seniors in their quest for lifelong learning.
- Visa Canada – Advice for business-bound boomers
- Next Avenue blog – 5 pitfalls of starting a business in retirement and Starting a business after 50: An expert’s tips
- Washington Post – A video with advice for boomer entrepreneurs:
Engage with us!
Are you a senior who has started your own company later in life? Do you know of other resources to share with older entrepreneurs? Share your thoughts and questions in the comments section below.