Commercial Empire.- In Peru, more and more people over 50 are challenging stereotypes and proving that there are no age limits for entrepreneurship. This trend not only increases the spirit of entrepreneurship but also significantly affects the economy of the country. According to INEI, 35% of new Peruvian entrepreneurs are over 50 years old.
Along these lines, Elizabeth Gomez, Project Specialist Entrepreneurship Center of the Universidad del Pacifico – Emprende UP and head of the Silver Ecosystem Project in Peru, explains that among older Peruvian adults who start a business, 51% do so because of high income or lost work, 25% because they want to be self-employed, and 14% by identifying. 9% for acquiring a business opportunity and family business.
However, those who do not have their own business face barriers such as lack of start-up capital, fear of failure, lack of technical know-how, not knowing what projects to develop and lack of basic concepts about entrepreneurship.
What skills are needed to start a business after 50? Gomez offers 4 basic recommendations:
- Use of technical tools: Learning these types of tools can increase business efficiency and productivity. This includes digital marketing, social media presence and use of other online platforms.
- Management Skills: The ability to make decisions, delegate responsibilities, motivate a team and solve problems is paramount. These skills are valuable when dealing with the daily challenges of running a business.
- Financial Literacy: It is important to understand and calculate the investment required to start and sustain the business. Additionally, the calculation of budgets and management of strategies must be handled to establish competitive prices, predicting an acceptable range.
- Adaptation and continuous learning: The business environment is constantly changing, and being adaptable allows you to adjust your business to meet changing market needs and stay relevant.
Economic feasibility
According to the Tsunami LATAM study produced by Data8 and Target Insights, the percentage of Latin Americans over the age of 65 will double, reaching 18% of the total population, transforming the region’s economy and workforce.
In view of the projections for the coming years, Gomes emphasizes the importance of recognizing the economic and social potential of this ever-growing population group.
“Entrepreneurs over 50 not only provide the experience and knowledge gained during their careers, but also show the ability to adapt to changes and new technologies. An example of this, according to Tsunami Latham, 87% of Latin Americans over the age of 45 access the Internet daily, and 67% of them buy online, which shows a significant change in the mindset of the elderly,” he points out.
The Emprende UP expert highlights that promoting inclusive actions, breaking down stereotypes and adapting policies to the needs of older people is crucial to their well-being and contribution to economic and social development.
Along these lines, Embrente UP will implement in collaboration with the IDB Lab and the Romero Foundation On the 6th and 7th of December Third meeting of the Junta Platada, One of the most important silver economic events in Latin America and the Caribbean, it seeks to create and sustain a vibrant, dynamic and innovative life ecosystem. This edition will develop four main axes: silver finance, health and care, entrepreneurship and talent and employment, together with national and international experts.
