By Sasha Glasgow
Young entrepreneurs may have the media spotlight for their successes at the moment, but they could do worse than take a few tips from the more savvy and experienced members of the business community. Research commissioned by Yellow Pages has shown that enterprising 50-pluses are contributing more than ?24.4 billion to the UK economy each year. An emerging powerhouse, senior entrepreneurs account for one in six new business ventures.
So why has this area seen such a boost? ?We?re healthier and I think overall there is a younger outlook on life,? says Myreen Young, 56, owner of my-skincare.co.uk, an online venture that promotes her 100% organic skincare range. Also, ?many more [women] are using it as a pension plan. There aren?t enough funds in place for many of us to retire early,? she adds.
And it seems she?s right. According to the survey results, most of these entrepreneurs have no thoughts of retirement and see their business as their pension plan, with 71% wanting to run their business for as long as they are able.
Myreen has recently been nominated for the Silver Fox Award 2007 at this year?s Startups Awards. The awards celebrate the success of new businesses, offering a chance to network and be rewarded for the hard work that has been put in. Yellow pages now sponsors the Silver Fox Award, which recognises the achievements of a new business (i.e. has been trading for less than five years) whose owner is aged 50 years plus.
And Myreen has a plethora of achievements under her belt. She started out her career as a company accountant, which she found isolating and unfulfilling. After a chance meeting with a woman who got her interested in massage and beauty therapy, Myreen retrained as a beauty therapist, also undertaking an Open University degree in human biology.
Working, studying and raising two daughters was at times be stressful to manage, says Myreen. ?By the end of the day, I?d sometimes be tired and snappy with the kids, and miss open days. That?s what they remember.? But, as hard pressed as she was, the thought of staying at home and depending on state benefits never entered Myreen?s mind. She regards working as something that ?gives women their own self-esteem and teaches their kids that money doesn?t grow on trees?.
Contrary to many beliefs that starting up a business is expensive, Myreen who had just left an unhappy marriage opened her first beauty salon, Yukoshi, after securing a bank loan of just ?2,000, and using persuasive charm to work out easier rent payments to her landlord. And she hasn?t looked back. Myreen now owns two salons, hires and trains therapists while also maintaining skincare commitments to her long-term clients. Her products are sold widely throughout Europe and she has no plans to stop growing her business.
According to the Yellow Pages survey, senior entrepreneurs cite a desire to do something pleasurable (39 %) as the main motivator for starting their own business. And that is something Myreen can testify. Now that her business is up and running, and a success, Myreen says what gets her through the day is the fact that she loves her job, she loves the people she works with and she wouldn?t ever want to let down her employees.
So what has been the secret of her success? ?Hard work ? I won?t be defeated. There have been times when I?ve thought: ?how am I going to scrape the girls? wages altogether?? But, I haven?t spent all this time to chuck it down the drain now.?