DIT Institute for Minority Entrepreneurship Hosts Seminar for over 50s

Story Minority Entrepreneurs

19th May 2009: This Saturday (23/5/09) the Institute for Minority Entrepreneurship at DIT is hosting a seminar for over 50s thinking of starting their own business. The seminar takes place in DIT Aungier Street, Dublin 2 from 10 am to 4pm. Over 50s are amongst the most effected by the current recession and research would suggest that this age group faces greater difficulties on finding alternative employment.

The seminar will address a number of topics including:

  • Challenges facing people over 50 when starting a business
  • Who can help
  • Accessing finance
  • Legal considerations
  • Writing a business plan

The recent significant job losses in Ireland have arguably hit people over 50 years of age hardest. UK Research (1) suggests that a person over 50 losing their job has just a 1-in-10 chance of finding a new position and that was before the current recession. One alternative to finding employment is to start one’s own business. While Irish Data is not available research commissioned by Yellow Pages in the UK suggests that one in six new businesses started in the UK are run by over-50s and that they contribute £24.4bn to the UK economy a year and the Kauffman Foundation in America identified that Americans aged55 to 64 form small businesses at the highest rate of any age group - 28% higher than the adult average.

Starting a business for someone over 50 years brings with it a number of significant challenges and these include:

  • Not having sufficient funds, or investing retirement funds in start-up
  • Not preparing a succession plan or exit strategy
  • Physical limitations
  • Lack of experience in the market
  • "9 to 5" mentality
  • Lack of small business knowledge

The Institute for Minority Entrepreneurship (DIT) believes that here is a need to develop a tailored programme for people over 50 thinking of starting their own business and is starting the process with this one day seminar.

The seminar fee is €25 and no pre-registration is required.

Further Information

Please contact Thomas Cooney, Director DIT Institute for Minority Entrepreneurship on 087-2940812 or via email at thomas.cooney@dit.ie.

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