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As we prepare to celebrate International Women’s Day a newly published report shows that there is a willingness amongst women in later life to consider entrepreneurship, but that both perceived and very real barriers are standing in their way.

The research undertaken by Isabella Moore CBE with Aston Business School aimed to investigate why women in later life lag behind older men in business creation by identifying the motivating factors, enablers and challenges influencing entrepreneurship among women aged over 50.

The report’s findings show that older women feel a social pressure to conform to stereotypical roles, listening to what their family and friends want them to do, rather than choosing to follow a less conventional path.

Isabella’s research has also found that older women in business are often perceived more negatively than men and lack confidence in themselves, with women feeling that business support agencies take men more seriously.

Through this ground-breaking research, Isabella hopes to influence policy makers and practitioners involved in the design of business support programmes to ensure that the voice of older women is heard.

“Women in later life have untapped skills and experience, gained throughout their career, which are perfect for business ventures,” Isabella explains.

“Yet my research has shown that setting up in business is perceived by most older women as a daunting activity despite often needing to generate additional income to supplement inadequate pension provision.

“If there were more targeted government initiatives to dispel the myths about entrepreneurship, along with a greater availability of informal mentoring and confidence-building business support, older women could gain confidence in their skills and abilities and consider a new business venture as a viable option.

“It is vital that awareness is raised of the considerable wealth-creating potential of such aspiring businesswomen for our economy.”

Read the full report – Female entrepreneurship in later life: The next chapter http://bit.ly/2uS0mCe

Interesting article in The Guardian over the Christmas period that predicts that half of employment growth over the next 10 years to be by over 65s. It will be really interesting to see how many of these will be as a result of new business ventures. Click the link below to read the article:

https://www.theguardian.com/society/2019/dec/31/over-65s-to-account-for-over-half-of-employment-growth-in-next-10-years

Although older women have traditionally lagged behind older men in business creation, there are signs that increasing numbers of women in midlife and beyond are deciding, for a multitude of reasons, to give it a go. 

“We’re seeing a lot of women who are starting up businesses in their mid-40s to early-50s,” says Lynne Cadenhead, chairman of Women’s Enterprise Scotland. “It is a genuine trend.”

Elsewhere the report, which was written by Isabella Moore, a former chair of the Women’s Enterprise Panel, noted: “Setting up in business is an opportunity for many older women to develop a long-held ambition or fulfil a need for recognition and status.”

Increasing life expectancy may also come into play. Many of today’s 50-somethings have decades of good health ahead of them and, as Moore’s report says, “Good physical and mental health is an important factor for women thinking of setting up their own business, who consider it a prerequisite for such entrepreneurial activity.”

Greater life expectancy also means women are often in midlife or older before they lose their parents. Inheriting money at this age could provide not only the impetus but the means to put their long-held dreams of entrepreneurship into action. 

Read the full article in the Telegraph