Free advice for older entrepreneurs

The accountancy body ICAEW has recently launched a new Business Advice Service to promote the use of ICAEW Chartered Accountants to businesses. Under the scheme the network of 3,200 offices of ICAEW firms throughout the country who currently participate in the Business Advice service offer SMEs and start-ups an initial, free, no-obligation meeting to discuss their business needs.

As business startups are now increasingly a key post-retirement or redundancy option for older people who want to continue working, this is interesting news. Evidence shows that those who take (and act on) advice prior to setting up a business and work with trusted advisors throughout are more likely to succeed.

Later this month, from June 25 to 29, the organisation is hosting a Business Advice Week, providing a range of free events, seminars and conferences. Topics will include access to finance, initial start-up advice and planning growth. There will also be extensive opportunities to network with business owners and meet local advisers, banks and other local business organisations.  

Further details about events in each region can be found at the ICAEW website: http://www.icaew.com/en/about-icaew/what-we-do/act-in-the-public-interest/policy/enterprise/icaew-business-advice-service/bas-week-events

 

Proof that innovation isn’t the prerogative of the young

An inspiring story in today’s Metro concerns two women who four years ago, in their fifties, established Incredible Edible – a food growing and sharing scheme which has now been adopted internationally.

To date, more than 30 other areas in Britain have taken on the name and similar schemes are running all over the world.

Incredible Edible was founded by Pamela Warhurst and Mary Clear – now 61 and 56 respectively who wanted to cut through all the red tape that often comes with community projects and just get out there and grow.

Incredible Edible relies on volunteers and donations and a refreshing “can-do” attitude. ‘We never envisaged that it would become a world movement,” said Mary Clear. “We have no staff, no office, no filing cabinet or telephone number other than our own, and yet a world movement has happened. …We had the balls to stick with it and carry it through, without referring to the usual models – consultants and bureaucracy.”

This is a wonderful example of older people’s entrepreneurial activity, energy and passion which we know is there in bucket loads and about which we should hear more. Any more examples anyone?

PS: The only downside of the Metro article is that the accompanying illustration is of a random young woman. Why no picture of the two ladies themselves, or at least a photo of an older gardener?

Read more: http://www.metro.co.uk/news/newsfocus/901280-incredible-edible-launches-scheme-to-grow-and-pick-food-anywhere#ixzz1x61510mf
 

 

The start up of you – are all humans entrepreneurs?

The co-founder and chairman of LinkedIn Reid Hoffman with co-author Ben Casnocha have recently produced a thought-provoking new book on how to apply the strategies of successful entrepreneurship to career development. In other words, how to approach your career as “the start up of you”.

Although The start-up of you is written for all ages, it comes across as particularly pertinent for helping older people understand what they need to do now in order to further their career in today’s radically altered world of work. To quote the authors, “there used to be a long-term pact between employee and employer that guaranteed life-time employment in exchange for lifetime loyalty; this pact has been replaced by a performance-based, short-term contract that’s perpetually up for renewal by both sides.”

As might be expected, the book focuses heavily on networking, but so it should. There is much evidence from the way jobs are gained today to reinforce the authors’ assertion that “Professional loyalty now flows horizontally to and from your network rather than vertically to your boss.”

Of course, to a degree it was always thus.  For many people professional success has always been more about who they know rather than what they know. However, the parameters within which that operated seemed in the past to be more constrained. Today, in the face of uncertainty the key to success in career terms increasingly seems to be adopting a persona that is nimble and self-reliant, being innovative and aiming to stand out from the crowd, i.e. thinking and acting like an entrepreneur.

The book contains plenty of good advice (if you can disentangle it from the US context and case studies) with each chapter concluding with points for action. Whether or not you agree with its approach or its somewhat frenetic tone (probably just a reflection of the more excitable US style) there’s nevertheless much to make any reader think.

Ultimately you may disagree with what the authors say, but if the end result is that it inspires you to examine your current position and approach, take greater responsibility for your own career and do things differently then it will have done a good job.

http://www.amazon.co.uk/The-Start-up-You-Yourself-Transform/dp/184794079X/ref=sr_1_1?s=books&ie=UTF8&qid=1330685775&sr=1-1

Is social entrepreneurship only for the young?

In an interesting article in the Guardian Madeleine Gabriel from the social entrepreneurship organisation UnLtd explores the reasons why older people are less likely to start this type of endeavour. The article is linked to the recent publication of UnLtd’s research report Golden Opportunities, Social Entrepreneurs in an ageing society.

She reveals that although over-50s comprise 44% of the UK adult population, they account for only 18% of UnLtd’s Award Winners, a finding which appears to be borne out by data from the Global Entrepreneurship Monitor (2009) which suggests that the over-55s are less likely to be involved in social entrepreneurship than most other age groups.

UnLtd believe that social entrepreneurship can give people a way to maintain economic and social activity into later life. The activity of being a social entrepreneur in itself has potential to help tackle some of the issues of an ageing society – over and above the social impact created by the work of these ventures.

Reasons for this low representation seem to be that, although voluntary activity is high amongst people aged over 50, there might be significant numbers of people in this age group who UnLtd would call social entrepreneurs but who wouldn’t recognise themselves as such.

Apparently, for many of the older individuals UnLtd interviewed, the language of social entrepreneurship “didn’t feel right”; they tended to associate the word ‘entrepreneur’ simply with making money. They felt “social entrepreneur” didn’t reflect their missions or their ventures, many of which were run on a voluntary basis.

Other barriers highlighted in the report were older people’s lack of understanding about social entrepreneurship, wariness about the credibility of UnLtd’s funding offer, and older people’s lack of confidence in their ability to take up the offer.

So – lack of understanding, lack of identification, lack of confidence or lack of knowledge? Probably all of these and more. Building on the language issue already identified, our own experience of social innovation organisations (plus limited informal feedback from others) reveals that many have a preoccupation with jargon and process at the expense of plain english and action.

There’s an unfortunate tendency to patronise older people by viewing them as a sector who need things doing to them or for them by people who know what’s good for them. Add to this a lack of understanding of the significant age and capability differentials in what is a 50 year “over 50” age span and it’s all quite irritating and offputting.

We’re not implying for a moment that UnLtd exhibits any of these shortcomings, but we have found them elsewhere. That said, the strength of the “social entrepreneurship” sector in the US as evidenced by the winners of the Purpose Prize (http://www.encore.org/prize) and other inspiring stories, adds weight to UnLtd’s argument that this activity seems to have a natural appeal for older people.

Ultimately more publicity, more role models and more workplace education about post-mainstream work options might help attract greater over 50s involvement. Or will it take much more than that?

https://socialenterprise.guardian.co.uk/en/articles/social-enterprise-network/2012/feb/08/older-social-entrepreneurs?CMP=

How witty is WEARY?

Well, not very if you fall into the group to which it refers. This latest acronym is the brain-child of the Future Foundation who, in a recent research report for Friends Life, coined it to refer to “Working, Entrepreneurial and Active Retirees”.

This phrase in itself actually sounds quite inspiring (despite the oxymoron about working and being retired) – working, active and entrepreneurial, the essence of what we know today’s older people to be. But weary? Not a bit of it!

No doubt whoever came up with this didn’t actually think through the damage that such witticisms inflict on older people struggling to overturn ageist stereotypes in the workplace and society in general. It isn’t helpful at all to have this broadcast in the mass media associated with a story which, in many ways, is actually quite positive.

Yes, many older people are going to work longer. But as Max Davidson explains in the Telegraph this can be a benefit. As he says, “work, however humdrum, is what makes leisure palatable. It is the contrast between the two – the labouring in the vineyard followed by the glass of wine at the end of the day – that gives shape and meaning to our lives.”

So are older workers weary? The active and entrepreneurial, no. We’re not weary – just really, really irritated.

For the Telegraph article see http://www.telegraph.co.uk/finance/personalfinance/pensions/9002593/Give-me-a-Weary-old-age-over-a-stultifying-sun-lounger-any-day.html

This year’s Purpose Prize winners

The Purpose Prize – the United States’ only large-scale investment in people over 60 who are combining their passion and experience for social good – was created in 2005 by Civic Ventures. Its aim was to showcase the value of experience and disprove notions that innovation is the sole province of the young.

The Prize awards up to $100,000 each annually to five people in encore careers creating new ways to solve tough social problems.

A similar scheme in the UK would do wonders for encouraging entrepreneurship and social innovation in the over 50s. These talents are already plentiful but tend to be sidelined in comparison to younger individuals.

See this year’s winners – announced last week – at http://www.encore.org/prize

Starting a business in later life – eyes wide open

(by Dr Dianne Bown-Wilson)

I was delighted to be on Radio 4′s Woman’s Hour today talking about starting a business in later life. My role was to point out some of the perils and pitfalls – not easy in the few short minutes you get to give a soundbite or two.

However, the woman from Ely who they were featuring as a case study (having set up a wool shop after a career in nursing) was a great example of how to do it. Planning, focus, understanding her market – she has got off to a great start and has realistic expectations for the future. In short, she’s a great role model for older people (particularly older women) whatever their business aspirations. What was especially good was how much she seemed to be really enjoying it…

While starting a business in later life is no different in essence to doing so at any age, it would be helpful to see positive role models like these more widely publicised and to have some sort of forum where olderpreneurs could share their experiences - good and bad.

The government has highlighted self-employment as an option for keeping older people in the workforce. However, it’s far from the simple panacea it seems. The problem is that starting a business is really very easy; sustaining it and turning a profit can be extremely difficult and that’s really where help and advice is needed.

At in my prime we have a few case studies on our website of people who’ve set up businesses   (http://www.inmyprime.info/examples.html).  But we’re always looking for more. If you’ve started a business in later life or are thinking of doing so - please contact us at enquiries@inmyprime.info . We’d really like to hear about it.

Thinking of starting a business?

Hear what we had to say on BBC Radio 4 Woman’s Hour

Click Here to listen

Great grannies

Regular readers of this blog will know how much we hate the inappropriate and indiscriminate use of ageist terms such as pensioners, oldies and grannies to describe older people. But for once I have come across an organization that uses the term grannies with panache – and about which I have no complaint.

Grannies, Inc. is a relatively newly established online UK knitwear company offering customers the opportunity to design their own knitwear accessories and have them hand knitted by a granny of their choice.

The idea is innovative, the website is excellent and their slogans e.g. “there’s wisdom in the wool”, “Granny-made in the UK”, are superb.

As a way of crossing the generational gap and providing work for older women it stands as a shining beacon of what can be done with imagination and entrepreneurial spirit. Let’s hope it sets an example that others will follow.

http://www.granniesinc.co.uk/index.php

Meaningful mentoring

The value of older people as mentors and their understanding of the power of on-line social networking have both been amply demonstrated in the Yell and horsesmouth Mentoring Works Awards. The three awards for business mentoring, which were drawn from user nominations on the online mentoring website horsesmouth.co.uk, were all won by individuals over the age of 50.

The winner of the £1000 Mentor of The Year Award is 64-year old Keith Williams from Ackworth in Yorkshire, a SFEDI (Small Firms Enterprise Development Initiative) accredited professional, who advises small businesses and social enterprises. Having created and developed many successful businesses in the last 20 years, Keith feels he has made plenty of mistakes and learned from them and believes that today he can pass on this learning to young entrepreneurs on the way up. 

Winner of The £500 Editor’s Prize, for the most inspiring story published on horsesmouth.co.uk, is 51-year old Jayne Bellis from Chester. The £500 M-Factor Award – for the most active business mentor with the highest rating on the site, goes to 52-year old Michael Birchmore from Portsmouth.

horsesmouth.co.uk is the world’s first ‘pro-social’ networking site and was purpose-built in 2008 for online mentoring on a wide range of topics including education, careers, health, families and relationships. It is free and available to anyone over the age of 16, with the majority of the site’s users being under 25. The site is professionally hosted, managed and moderated and all profiles, stories and weblinks are approved before posting.

Much is talked about in the workplace concerning the potential role of older workers as mentors. This is proof, if any was needed, that the wisdom of age and experience is welcomed by the young if presented in a relevant, individualised and meaningful way. Employers would do well to consider what they might learn from this model.

Enduring entrepreneurs

Entrepreneurs. They’re young, innovative, dynamic types aren’t they?

Apparently not. Interesting results from the publication Management Today show a surprisingly high number of older people popping up in their list of the year’s Top 100 Entrepreneurs.  “An extraordinary 58 are aged 60 or over. And no fewer than 11 have passed their 70th birthday”, they report. Well blow me down.

Obviously as with all research you need to dig a bit deeper to find out what this actually means. Are these just enduring entrepreneurs who started young (e.g. Richard Branson) and are now ageing, or those who have taken up the sport recently? Either way, it hardly matters if their current performance demonstrates that they are outstripping their younger rivals.

This is certainly something to be taken on board by employers or HR managers who may believe that older people aren’t capable of high performance outputs and are only fit for the knackers yard. There’s an interesting use too by MT of the term “Silvertops” to describe older entrepreneurs.  It has quite a jolly ring to it somehow.

National Olderpreneur Roadshow kicks off next week

It is now well-documented that people over 50 setting up their own businesses have a greater chance of success than any other age group. But, if you are contemplating doing this, where do you start?

Well, here is one answer. Over 50s with this idea in mind can come along to PRIME’s Olderpreneur Roadshow which kicks off in Bristol on 23 September. PRIME (The Prince’s Initiative for Mature Enterprise) is the only national organisation that offers practical support to Over 50s considering setting up their own business or becoming self-employed and their Olderpreneur Roadshow is part of a practical package of support the charity offers Over 50s including a Business Club, Olderpreneur Loans Scheme and  Mentoring.

At the FREE roadshow anyone over 50 who wants to find out whether self-employment or setting up their own business might be for them, can come along. They will hear from local ‘olderpreneurs’ about their experiences, and from inspirational business speaker Tom Edge, author of “Age Is No Barrier”. They will also be able to quiz local business support organisations and network with other Over 50s wanting to start up on their own.

The Roadshow will run from now until early 2010 and after Bristol, it will move to Leeds on 14 October, Birmingham on 4 November, London on 10 November and Manchester on 9 December.

“The potential for economic growth partly driven by the Over 50s could be a big factor in the success of the UK’s businesses and in our future.  However, they need better targeted support and guidance. Many have care responsibilities.  A significant number have a health condition or a disability. Nevertheless, flexible working and a good work-life balance can be key to the Over 50s remaining in work, which is why self-employment or setting up their own business is such a good option”, says Laurie South, Chief Executive of PRIME.

For more information and /or to register for a free place visit; http://www.primebusinessclub.co.uk/events/