A study from the Polish Economic Institute (PIE) reveals that individuals over 50 years old establish 35,000 solo businesses in Poland each year, with 40% being women. This trend of entrepreneurship among older Poles is higher than their EU counterparts. Motivations for starting businesses include a desire for independence and leveraging experience. Challenges for this demographic include securing capital and dealing with administrative complexities. Some individuals start businesses out of financial necessity due to ageism and employer cost-cutting. Despite these difficulties, 70% of older entrepreneurs are satisfied, valuing the development opportunities and job satisfaction that come with running their own businesses.
The positive sentiment in the SME sector in Poland aligns with the growing trend of entrepreneurship among Poles over 50. The study from the Polish Economic Institute highlights the significant number of solo businesses established by this demographic each year. This indicates a strong entrepreneurial spirit and a desire for independence among older Poles. It also reflects the resilience and adaptability of Polish entrepreneurs, who are finding opportunities for growth and success despite challenges such as ageism and administrative complexities.
The findings of the study also underscore the importance of supporting and promoting the growth of SMEs in Poland. The SME sector plays a crucial role in driving economic growth and employment, and the increasing number of solo businesses established by older Poles contributes to this growth. Policymakers and stakeholders should continue to prioritize initiatives that support and empower entrepreneurs, particularly those in the over 50 age group, as they are a valuable asset to the economy.
In the United States, Five0 Consulting has launched to assist businesses in targeting the growing over-50 market. Founded by David Page and led by CEO Brian Martin, the consultancy aims to dispel outdated stereotypes about older consumers and help companies understand the unique needs and preferences of this demographic. The over-50 population is rapidly growing and holds over 70% of all wealth in the US. Five0 has identified a valuable segment called The Focus Five0, composed of 31 million 50+ consumers who are driving the American economy. The consultancy has segmented this audience to enable marketers to better connect with them. By 2034, there will be more Americans over 65 than under 18, making it crucial for businesses to adapt their marketing strategies [d894d6ef] [76370af7].
Meanwhile, in San Jose, California, teenage entrepreneurs are finding success by starting their own businesses instead of working part-time jobs while in high school. According to a 2022 survey by Junior Achievement USA, 60% of US high school students are more interested in starting their own businesses. Naomi Andalon Garcia, a 17-year-old senior at Yerba Buena High School, has been operating a jewelry business for over four years, primarily selling on Instagram. Lidia Dominguez, a senior at Latino College Preparatory Academy, has been doing acrylic nails for clients for almost four years and has her own designated nail room. Arely Rodriguez, also a senior at Latino College Preparatory Academy, creates artificial bouquets, crosses, and flower baskets using colorful ribbons. All three students plan to continue growing their businesses while attending college [32cb91d4].