Thinking about starting a business in your 50s, 60s, or beyond? You’re not alone—and you might be onto something brilliant.

While media often celebrates the youthful tech founder, a growing number of people are launching successful businesses later in life. This quiet revolution is being driven by a powerful mix of personal ambition, practical necessity, and a desire to create impact.

Let’s explore why later life could be the ideal time to take the leap into entrepreneurship.

The “Pull” Factors: Purpose, Passion, and Freedom

For many, starting a business in later life is a proactive and empowering decision. These “pull” factors are about moving towards something better—not just escaping the past.

Autonomy and Independence

After decades of working for others, the appeal of being your own boss is real. Running your own business offers control over your time, direction, and goals. This is especially meaningful for mid-life women looking for flexibility to balance work and caring responsibilities.

Flexibility for Life’s Realities

Later life can bring new caregiving duties—whether for ageing parents, partners, or grandchildren. Self-employment allows you to design your working life around these demands, while still pursuing meaningful professional goals.

Personal Fulfilment and Challenge

Many later-life entrepreneurs are motivated by more than money. They want to learn, grow, and build something of their own. The sense of achievement, recognition, and purpose that comes from running a business can be deeply rewarding.

Giving Back

Values-driven entrepreneurship is common later in life. Many people use their business to contribute to causes they care about or support their local communities—combining purpose with profit.

The “Push” Factors: Navigating Changing Circumstances

Not everyone chooses entrepreneurship solely out of passion. Sometimes, life circumstances nudge—or shove—people towards it. These “push” factors shouldn’t be overlooked.

Ageism and Declining Employment Opportunities

Older workers often face barriers in the job market, including bias and lack of progression opportunities. Entrepreneurship becomes a way to regain control over one’s future.

Pension Gaps and Financial Pressures

The numbers are stark: 70% of older women in the UK have no private pension income. This is often due to career breaks, part-time work, or a lack of pension contributions. Starting a business becomes a vital way to supplement retirement income.

Health Considerations

Some individuals find traditional employment unsustainable due to health issues. Self-employment can provide a more adaptable, accommodating work environment.

Hybrid Motivations: It’s Not One or the Other

For most later-life entrepreneurs, motivations aren’t strictly “push” or “pull.” They’re a blend.

For example, someone may start a business out of financial need but soon discover joy in running it, turning a necessity into a passion. Research suggests that these “subordinate motivations” often evolve into “dominant motivations” like personal growth and achievement, particularly among older women.

Beyond Stereotypes: The Real Impact of Older Entrepreneurs

Forget the myth that only youth drives innovation. Businesses started by older people may not always be “high growth,” but they contribute significantly to:

• Local economies
• Personal wellbeing
• Reducing reliance on social support
• Creating jobs and mentorship opportunities

These ventures promote active ageing—a more positive, empowered model of later life that values contribution, not just care or dependency.

Final Thoughts: A New Chapter, Not the End

Starting a business later in life isn’t just a backup plan—it’s a bold, exciting move. Whether motivated by passion, necessity, or both, it’s a chance to reclaim your time, live on your own terms, and