Over-40S Are Hold Back On Business Ambitions Which Could Cost £391Bn In Potential

Britain could be missing out on more than £391 billion of entrepreneurial potential, as more than four million over-40s put their business plans on hold.

Research of 2,000 adults found 13 per cent of those aged over 40 have a business idea they're currently keeping on the back burner.

With the average sole trader business turning over £90,000 per year, according to small business data, the loss of revenue from more than four million over-40s with stalled business ideas could total £391 billion.

Among those already sitting on an unpursued business idea, 38 per cent believe they're now too old to start a business and 21 per cent are holding back because they worry it might not succeed.

The research was commissioned by small business insurer Simply Business to launch the Second Act Entrepreneur Fund [], which is giving away £50,000 in grants and coaching to five entrepreneurs aged 40 and over.

Levi Roots was 48 when he pitched Reggae Reggae Sauce on Dragons' Den in 2007, before turning a Notting Hill Carnival side hustle into a business now worth an estimated £30 million.

He said:“I was a musician for a long time before Reggae Reggae Sauce existed, and even once I had the perfect recipe, it wasn't until I was 48 that I really took a chance on it.

“So, I understand what it feels like when people tell me they've had a good idea for years but think they've left it too late.

“There's a huge amount of talent in this generation that's just waiting to be acted on.

“Ideas don't have a use-by date, and neither do you.

“That's why I wanted to be part of the Second Act Entrepreneur Fund – to help others realise what they're capable of and chase what they've always wanted.”

It also emerged 34 per cent of over-40s would rather own their own business than work for an employer.

However, only 34 per cent believe they currently have the skills, experience and knowledge necessary to run a successful enterprise, compared with 65 per cent of under-40s.

Meanwhile, 22 per cent fear they have too much to lose financially to risk starting a business.

Despite this, 60 per cent think their wealth of practical life experience would make them better equipped to start a business, according to the research conducted through OnePoll.

It also emerged 39 per cent of over-40s don't think there is enough support available to help them take the leap into entrepreneurship.

When it comes to building confidence, 15 per cent said access to start-up funding would help, while 13 per cent said the same about financial advice.

Better protection against financial risk (12 per cent) and a clearer understanding of the start-up process from start to finish (12 per cent) were also cited as valuable tools which could build self-belief among this cohort.

A further 15 per cent said mentorship from experienced business owners would help, while 65 per cent added the same about access to funding and support networks.

Yet if they were to take the plunge, 42 per cent believe they could get their business off the ground with £10,000 or less.

Julie Fisher, UK CEO at Simply Business, which will be giving five winners a £10,000 grant following the completion of one-to-one business coaching provided by Hatch Enterprise, added:“A brilliant business idea doesn't have an age limit, but our research shows how many people over 40 feel they've missed their chance.

“They have the experience and the ambition, yet 38 per cent think it's too late to start.

“That's a huge amount of potential being left on the sidelines.

“When you have a mortgage, a family or a steady job, taking a chance on an idea can feel like an impossible choice.

“With the Second Act Entrepreneur Fund, we hope to make that first step more accessible, with funding and practical support to turn five big dreams into a reality.”

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