It’s never too late to embark on an entrepreneurial journey

It’s never too late to embark on an entrepreneurial journey

Colbea, Essex’s leading enterprise agency, is dedicated to supporting economic growth across the region. It has been awarded a South East Local Enterprise Partnership (SELEP) Community Grant through CXK. This funding is being used to deliver an entrepreneurial programme to support over 40’s who have ambitions of launching their own business, helping them to bring an idea to market; enabling them to apply their existing knowledge to set up and run their own company.

MetLife Foundation reports that 25% of ‘Baby Boomers’ hope to start a business within 5 to 10 years. More and more entrepreneurs from older generations are considering starting their own businesses, often following retirement or redundancy, as a way of utilising their vast years of experience.

It is common for mature entrepreneurs to have strong skills and experience built up from long careers, which can be put to great use when starting and running a business. Older entrepreneurs are also more likely to have a wider network of contacts. This can be invaluable, providing links to people who can support delivery of products and services, potentially leading to future customers.

The average age of those setting up the most successful businesses is 45, perhaps higher than most would expect! According to inc.com, a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company than a 30-year-old.

Having the confidence to invest time, effort and often money, into a business idea is one of the most common challenges faced by entrepreneurs of all ages. It is vital that individuals looking to start out are supported, to avoid common mistakes. Often, the skills and experience that mature entrepreneurs possess can be complimented by equipping them with better understanding of how to apply their expertise to running a business and determining what their transferable skills are.

To acknowledge this, Colbea is delivering an entrepreneurial programme looking to help those from this demographic. Well-known Colbea Business Consultant and Trainer, James Cracknell and Colbea Business Advisor and Mentor, Mandeep Gabhari will be working on the programme, driving it to success. This follows a long history of us providing fully-funded business advice and training, alongside incubation offices and meeting and training room hire in Colchester; supporting both new and established businesses.

There will be two programmes, the first of which will be delivered in Chelmsford starting on 22 September 2020 and will consist of six expert-led workshops covering key business areas. To find out more, or to register for this exciting programme, please visit www.colbea.co.uk/advanceintobusiness. The programme is open to anyone over 40 years old and will be delivered in Chelmsford starting in September 2020, and in Colchester in 2021.