Old aged entrepreneurs thriving in difficult trading climate

9th October 2019
Alex Lynn

Nearly 10,000 (9,381) businesses have been set up by entrepreneurs over the age of 60 in the past twelve months, with eleven founders in 2019 being over the age of 90, according to the latest Companies House statistical research by carried out by Countingup. 

The analysis also found that the average age of the UK Entrepreneur in 2019 is 40-years-old, despite research earlier in the year revealing that 41% of generation Z-ers plan to be entrepreneurs.

And while the name David may typically be associated with famous actors such as David Tennant or David Schwimmer, in the UK it is the most entrepreneurial name with 3,839 David’s setting up businesses this year. Michael was listed the second most enterprising name with 3,235 business created while James came third, with 2,747 budding namesake entrepreneurs opening up shop in 2019. 

It might not come as a surprise that Smith was by far the most popular surname name for Entrepreneurs in the UK, with 946 new businesses being registered under that name this year. Leading entrepreneur and former Dragons Den star James Caan will be pleased to see many other Caan’s following in his footsteps, with that surname taking responsibility for 374 new businesses in 2019. 

Tim Fouracre, CEO at Countingup, said: “We are a nation of entrepreneurs and it’s pleasing to see that more than 600,000 businesses have already been set up in 2019. The older entrepreneurs are a group that is often overlooked with much of a focus on the generation-Z currently. These two generations are perfectly suited to complement each other in business, so the idea of new concepts like an ‘apprentice CEO’ shouldn’t be dismissed, combining experience with new ways of thinking.”

The study also found that buying, selling and letting of property accounted for 3,433 businesses being set up in July (6%), followed by 1,569 (3%) hairdressing and wellbeing focused start-ups setting up in the same timeframe. 

Fouracre added: “We are seeing many new start-ups really begin to take advantage of small business focused organisations such as Countingup to help them with funding and accounting needs, allowing them to spend more of their time on doing what makes them money.”

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