A new generation of whizzkids is playing a vital, but previously unheralded role in the country's economy. They have set up businesses for the first time and are increasing in confidence. Some of them have built up a lifetime of contacts. They are the over-50s - people who may have watched their previous careers fizzle to a premature end but are determined to take matters into their own hands. Latest Government figures show that there were 465,000 new business start-ups in 2003, with 93,000 kicked off by older people. While a lot of these businesses are brought on by economic necessity rather than choice, many regard it as a challenge. Studies show that self-employed over-50s are a lot more realistic and risk-averse than their younger counterparts and they don't all have aspirations to make millions and employ factories full of workers. On the other hand, they want a small business employing two or three people. One particular organisation has been formed to promote self-employment and enterprise for this age group and address its undervalued levels of experience and skills and examine its entrepreneurial potential. Prime is a not-for-profit company originally formed by the Prince of Wales, but is now a subsidiary of Age Concern. Its North-East representative is George Courtice, a former television executive. "Enterprise isn't just about youth," says George. "We're all about enabling people over 50 to consider the opportunity of self-employment, whether it's in enterprise, social enterprise or a business start-up. "Though Prime's headquarters are in London we operate in four other regions in the country and get support from the regional dvelopment agencies - which, in our case, is One NorthEast. We also get funding from the DTI Phoenix Fund and the Community Development Finance Initiative and have partnerships with Business Links and People Into Enterprise. "There are several strands to what I do at Prime. There's campaigning element where we try and raise our profile and bring awareness to the age group. We also do a lot of lobbying when new schemes are announced, such as New Deal, and make sure our age group is well represented. Our target group is very much those who are disabled or those who have been out of work for some time, perhaps not suited to office-bound work." George explains that there's substantial evidence to suggest the sustainablity of a business started up by an over-50 is higher than in other age groups - some people may have been thinking of self-employment for more than 25 years and people of that age have the contacts and the experience, plus they tend to be worldly-wise. "There are an awful lot of people in the age group out there who want to work," he says. "But confidence is a huge barrier, especially if they live in an area where very few people are running their own businesses. For some, when the shipyards closed, that was the end of work, but running their own businesses can make a huge difference to people's lives. "Prime started off when Prince Charles was receiving a substantial amount of letters from people in their fifties pointing out that The Princes Trust does so much for the under-30s but that there's a big group at the other end with no support. "In fact, a group of us from the North-East were presented to Prince Charles last month - and for the likes of former shipyard platers from Jarrow, it was a remarkable experience." As an example, George refers to Mervin Thomas who had earned a precarious living as a drummer in pubs and clubs. Now, in his early fifties, he wants to concentrate on writing music and lyrics. He was referred to InBiz, a Prime partner, by his local Jobcentre and, armed with a Prime loan, he was able to purchase computer packages, plus a keyboard, to allow him to start producing his own songs for sale. "Making music is all I have ever wanted," he says. "I love it. Give me a couple of pencils and a few glasses or some cans and I can keep a pub entertained all night. Hopefully, now I will have the chance to convert that gift into a money-earner." Similarly, Rena Howe set up a community furniture business at the age of 63, providing for the needs of residents in an extremely deprived Durham council estate. Families were desperate to obtain decent furniture at reasonable prices, so the Top & Bottom Furniture Group provided the solution. Rena and her fellow volunteers collect donated furniture, store and display it in their premises on the estate and then distribute it at nominal cost to those who need it. Though she left school at 14, she was winner of Woman Social Entrepreneur of the Year in 2001 and still smiles at the idea of her being the managing director of a thriving small business. George Courtice believes there are endless opportunities for people over 50 - even entrepreneurial figures in the "alternative" economy would benefit by legitimising their dealings. He says: "Start-up business figures in the North-East are low and the only reliable figures are VAT registrations, but not all businesses need to register.There's a huge amount of potential in enterprise in the North-East and that's not necessarily reflected in the start-up figures. "While this may not be the route for all, we believe that everyone should have the opportunity for self-fulfilment and independence that working for oneself can provide." Professor Mark Hart of Kingston University Business School has made a study of the over-50s entrepreneurial potential. He says: "There is a great deal we need to discover about this group, what motivates them, and how we can help them to thrive and prosper. "It is quite clear that they are a bonus to the economy and, as the workforce gets older, are important to future prosperity." For further information on Prime, call free on 0800 783 1904 or visit www.primeinitiative.org.uk What does prime do? Prime encourages those over 50 to consider the possibility of self-employment or starting a business and to find a local organisation that can give them initial business help and free advice. People can also approach Prime for a loan if they can't borrow money anywhere else. Prime also tries to persuade politicians and decision-makers to broaden the options for this undervalued section of society - and to tackle the barriers they face. Through partnerships, the organisation liaises with agencies working in the field of business support to encourage them to publicise the message that they provide help for over-50s who are starting out; continuously review and improve the service they offer, and learn about new ideas and relevant practices. | 
