Age is no barrier to business start up

Bill Gates, Deborah Meaden and Sir Alan Sugar certainly haven't hung up their boots since turning 50. McDonald's founder Raymond Kroc didn't even begin the world's most famous food chain until he was 52. Colonel Sanders, was around 65 when he embarked on the franchise operation that became Kentucky Fried Chicken.

The message is clear, turning 50 isn't the end of a business career - it's the beginning. And an ever-growing wave of 'olderpreneurs', are proving life's later years can be the most colourful.

Research shows that businesses started by people over 50 have a 70% chance of surviving their first five years - compared with only a 28% survival rate for those younger than them.

So what's fuelling the entrepreneurial impetus of the 'silver startup', and why are they doing so well?

The over-50s age group has been particularly hard-hit by the recession. Last year, the UK Office of National Statistics (ONS) revealed 28% of those aged between 50 and state pension age were out of work - compared with only 20% of those aged under 50. Unemployment figures among the over-50s were up compared to younger people over the same period.

Why? One of the biggest factors is the rife ageism that permeates practically every industry in the UK, that anyone over 50 who's been forced to look for employment will testify to with a weary nod. To put a chilling number to the common knowledge: the ONS estimates those who lose their job aged 50 or over have only a 10% chance of being re-employed.

Yet this same group has a wealth of experience and often many years track record of success. More and more 50+ are reaching a life changing cross-road and are pursuing their own business start ups, so that they can take control over their circumstances and still enjoy a quality of life. The criteria for success are not always based on income; freedom and control of time are also becoming increasingly important to this age group.