The Olderpreneurs Escaping The Rat Race

In a previous blog I wrote about the Modern Nomad who I discovered while doing some research into the ways that various people are using the internet to create alternative lifestyles – escaping the rat race. I also found an interesting post in the Guardian online which covered the growing trend of people around and above 50 who are becoming entrepreneurs – formerly thought of as a young person’s game.

This is backed up by the pictures and videos coming back from the SFM/DEA momentum day in London this weekend: A high percentage of members are actually in this age group and are using the platform to transition into the digital economy. Co founder Stuart Ross mentioned in a recent webinar that the age group 38 and over is actually their biggest market.

So looking at the Guardian article, which you can read here, what are the reasons for this developing trend. Being in that age group myself I can relate to one of the biggest reason – redundancy, downsizing – whatever euphemism you fancy. Coupled with the fact of agism, this often means that people in this age bracket have no choice but to employ themselves. No one else will. Becoming self employed after redundancy is a very real option outside of the traditional economy.

Self Employment After Redundancy

The other surprising fact about this is that a high percentage of these baby boomer entrepreneurs are choosing technology as the vehicle to re-launch their lives. Again, until recent years, technology – the internet in particular – has been thought of as “a young man’s game”. That’s simply not the case anymore. Escaping the rat race is open to all.

There has never been a time where technology has played such a big part in everyone’s lives. It’s everywhere and whilst buying goods services and education online was a novelty not long ago in the grand scheme of things it’s now commonplace and the technology used to do it is now second nature and ultra accessible. This means that life after redundancy can be better and escaping the rat race to do it makes for a doubly exciting prospect.

Escaping The Rat Race for Baby Boomers

As people begin to realize this and learn more about how the digital economy actually works, it quickly becomes obvious that it’s the place to be. People with a lot of life experience, and an established work ethic are finding that they have most of the core attributes and disciplines needed. They have stories to tell, advice to give and value to offer.

Whether online or offline the fact is that more than a quarter of the businesses started in the UK are set up by those aged between 50 and 65: The failure rate for businesses started by entrepreneurs in that age range is also lower.

In the Guardian article many of these “olderpreneurs” state that the motivation to start a business later in life was to do something enjoyable that they won’t be forced out of at 65. Not surprising then that the SFM/DEA holds so much appeal for this group as they are very much aiming at the lifestyle business model. The possibility of escaping the rat race to achieve total financial and lifestyle independence is pretty attractive to many people after all – old and young alike.

Re-skilling for the digital economy ticks all the boxes as having the ability to do business online in any field will count more that any other skill set in the coming years. Age and experience are actually benefits in the new world whereas they are fast becoming redundant in the old one.

SFM Momentum Day – photo credit Martyn Hickey