An increasing number of Danish seniors are choosing to become entrepreneurs, according to a new survey publishedby Lederne, a Danish interest group for managers.
The survey is based on figures provided by Statistics Denmark. It shows that 2,594 people over the age of 55 started their own company in 2017.
This is an increase of 17.3 percent compared to 2014 when 2,212 new companies were established by over 55-year-olds.
“The large number of senior entrepreneurs reflects that we are now active for more years than before,” said CEO Lederne Henrik Bach Mortensen.
Anders Hoffmann, deputy director at the Danish Business Agency, pointed out that the exponentially growing number of senior citizens, combined with a generally improved state of health, could be regarded as one of the reasons for the boom in the number of senior entrepreneurs.
“You are not worn out by hard physical work as you were before. There is still a lot of juice and power left in people at this time of life,” said Hoffmann.
In addition, Hoffmann believed senior entrepreneurs have greater patience and life experience which can help ensure a solid business.
The survey also revealed that when seniors start their own business, they have an average turnover of 750,000 U.S. dollars after five years. This was high when compared to other age groups starting businesses.