Starting a business over 50

To set the scene, there is not a “retirement age” in New Zealand! Full stop.

There is an age at which we are eligible for the Gold Card and the Government Pension - that is 65. But it has nothing to do with any “retirement age”.

The world’s population is ageing, thanks mainly to advances in technologies and medicine.  We are living longer and can work well beyond the age when people traditionally retired. We may carry on working because we choose to, or because we need to. 

For those of us over 50, work options might include: staying with a current employer and career, retraining for a different job, or setting up a new business. 

There can be multiple drivers for the over 50s to venture into starting their own businesses.  Some may be unhappy or earn insufficient income in their current employment, some may have been made redundant.  Sadly, the reality for those over 50s trying to get back into the workforce (applying for jobs) is that the face disturbing levels of ageism and outdated retirement prejudices, both of which are alive and well in New Zealand. Others may have an idea they have been dreaming about pursuing, a strong desire to leave the corporate world and be “your own boss”, a wish to become financially independent, or perhaps have been planning to turn an enjoyable hobby into a productive business.

The good news is that people over 50 are not only brimming with ideas, but they also bring a number of real assets: wisdom, experience, expertise, life skills, work skills and so on. These come with living for 5 decades or more.  It is only now that we are realising just how these make a positive difference when it comes to starting a new business.  And, of course, there are also a number of specific expertise and skill areas where the over 50s feel less certain and less confident.

The point is that the over 50s come to entrepreneurship from a unique starting position.

We can’t just use courses designed for 18 or 28 year-olds - we need to build specialist programmes that use the assets the over 50s bring and target the skills they need. The 50+ cohort are a special group and need a specialist programme to inspire them to be successful at launching their startups.

The over-50s bring a wealth of experience, perspective and purpose to entrepreneurship, and they deserve programmes designed with them in mind. At StartUpsNZ, we’re helping this talented generation build the confidence, skills and connections to start and grow their own ventures. It’s time to move beyond outdated ideas of “retirement” and instead celebrate a new chapter of possibility, independence and innovation.