The term Greypreneur is defined as an older person starting a business venture late in life. The factors that are driving the greypreneur trend are longer life expectancy and the desire of older people after retirement to continue to work and be productive.
An infographic created by Nowsourcing and commissioned by Best Masters Program titled “Re-Imagining Your Career Past 50” revealed that a quarter of the American workforce will be 55 years old and above by 2024 and 80 percent of baby boomers expect to work rather than retire because of financial needs.
The study also found that 60 percent of workers over 45 years old have seen or experienced age discrimination in the workplace. Around 8 percent were dismissed for unclear reasons, 12 percent were passed over for a promotion and 19 percent were not hired though they were qualified. As an example, IBM has dismissed more than 20,000 employees who were 40 years old and above since 2013 as part of its effort to correct its seniority mix.
According to career management coach Jane Jackson, these employees are left with no choice but to “pick themselves up” by starting their own business. Nowsourcing CEO Brian Wallace added that older people have several advantages in starting their own business including industry know how, communication skills and reliable credit for obtaining loans.