When it comes to ambition, drive and enthusiasm, older people are just as focused on their businesses as their younger counterparts.
But, as the saying goes, with age comes wisdom and, according to research carried out for Yellow Pages, half of those starting a business later in life say their age and experience has been a key advantage.
Some 61 per cent regret not setting up by themselves earlier while 44 per cent say they've never been happier.
The research shows these 50-plus entrepreneurs mean business. Their average annual turnover is pounds67,500 and combined they contribute more than pounds24.6 billion to the national economy. One in 10 of them turn over more than pounds100,000 a year.
Age, it seems, is no barrier. Ray Kroc didn't launch McDonald's until he was 52.
January is traditionally a time would-be entrepreneurs get to thinking through their ambitions - and many will have made starting a business their New Year's resolution.
Regardless of the economic climate, a huge range of business support and advice is available for those considering taking the plunge and starting up by themselves.
Business Link has a dedicated team of advisers ready to help, many of whom can draw on years of experience in launching and running their own businesses.
Roger Wilkins, Business Link start-up manager, said: "Setting up and managing your own business is really exciting at any age.
"There are challenges, there's hard work and commitment - but there's also a real buzz in achieving what you have probably spent many years dreaming about while working for someone else.
"The older you are, the more experience you are likely to have and that's vital when it comes to being your own boss and running your own business.
"And you are also likely to have seen economic ups and downs in the past so know that business life continues during tougher times.
"A lot of people made redundant later in life don't want to sit back and do nothing. They've been working all their lives and now see it as an opportunity to work for themselves."
The basic building blocks that need to be in place for a successful start-up are the same whatever the age of the founder.
These include: Drawing up a business plan, getting customers, securing finance and paying tax.
But more mature business owners tend to have a few advantages. Many have savings they can draw on to fund the business in its early stages - according to the Yellow Pages research just 13 per cent of 50-plus start-ups are financed by bank loans.
A study by Barclays Bank shows businesses started by older people have a 70 per cent chance of surviving the crucial first five years compared with only 28 per cent for those launched by younger people.
The support of a network of family and friends is also important for many as they start out by themselves.
The Government offers some help. It allows over-50s considering starting their own business to retain benefits while they test the water, although they have to be unemployed for six months first to be eligible.
Few senior entrepreneurs are motivated by getting wealthy, it seems - only 12 per cent wanted to 'make lots of money'.
Freedom and happiness were the main factors for going it alone, with 30 per cent saying they love working for themselves.
Just two per cent said they want to create a nationwide business with 39 per cent saying their main ambition was to keep it small and niche.
Some 39 per cent said their reason for setting up on their own was 'to do something they enjoy', while nearly 29 per cent wanted to achieve a better work/life balance. Just under a quarter (24 per cent) were frustrated working for someone else. Having grasped the nettle and launched their own business, more than half (53 per cent) said the best piece of advice they would give to other over-50s would be: "Go for it!"
Business Link is here to help and offers the following services:
Information packs containing a no-nonsense guide are available by contacting 0845 600 9966. Business Link has also produced a worksheet to guide people through the process of setting up a new firm.
Business start up awareness sessions are hosted by experienced advisers, covering many of the main issues involved in running a business and tackling those all-important questions - is your business idea viable? What is your business plan? What legal issues must you address?
A start up CD-Rom is available containing useful guides covering all key aspects of launching a business, including raising finance, producing accounts, marketing, etc. The CD can be ordered from 0845 600 9966.
Online Support is crucial, as people in jobs will need to do all their planning outside office hours. Business Link across the South West offers an excellent website which provides clear, sound advice, a range of business guides and interactive tools, such as the online start-up organiser - www.businesslinksw.co.uk. Business Link has a dedicated over 50s guide at www.businesslink.gov.uk/50plus.
(c) 2009 Evening Post (Bristol UK). Provided by ProQuest LLC. All rights Reserved.
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