Topic 3 What challenges and benefits do Senior Entrepeneurs face
There are many challenges confronting the domain of senior entrepreneurship. While there are multiple challenges standard to entrepreneurship in general, the challenges recognised below are specific to seniors:
- Limited access to seniors
- Limited networks of seniors/projects/intermediaries
- Prejudice towards senior
- Limited visibility/awareness at the organizational level
- Limited use of new communication channels
- Flexibility of legislations regarding the employability of retired people
- Lack of understanding of the value of mentoring
- Research/statistics
There are also many benefits that senior entrepreneurship brings. These include:
- They carry a lot of experience and knowledge from their previous employment.
- They tend to have more accumulated wealth compared to younger age groups, which would equip them with financial resources to form new businesses and produce jobs for the economy.
- Senior entrepreneurship may have a substantial social impact- positive health impact since the involvement of older individuals in entrepreneurship may support their mental well-being.
Further reading on this learning unit topic:
Group Work
In groups, identify local/regional/national supports for senior entrepreneurship (60 mins approximately).
Prepare a presentation on why and how these could impact seniors.
