A Fresh start through the CHANCE project: Europeans over 50 show strong interest in starting businesses, new survey finds

A new international survey conducted as part of the CHANCE Erasmus+ project  reveals strong interest in entrepreneurship among adults aged 50 and above across Europe. The findings highlight both the opportunities and challenges experienced professionals face when considering starting a business later in life.

Co-funded by the EU through its Erasmus+ programme, the CHANCEproject aims to strengthen the skills of adults aged 50+ who are interested in setting up their own business or pursuing a new career path later in life. The project brings together six partner organisations from five European countries (Croatia, the Czech Republic, Finland, Ireland, Slovakia) with expertise in business development, education, and working with the 50+ population. These are Comenius University Bratislava (SK), Regional Innovation and Development Agency (SK), Newton University (CZ), Savonia University of Applied Sciences (FI), Údarás Na Gaeltachta (IE), and Algebra Bernays University (HR).

The project’s main objective is to develop a Massive Open Online Course (MOOC) tailored specifically to the needs of “late entrepreneurs”, providing practical knowledge on key topics such as business planning, financial management, marketing, and digital tools. The course, which will later be piloted with at least 350 participants, is being developed based on research and a survey conducted among respondents aged 50+, identifying their motivations, challenges, and learning needs.

The survey, conducted in the summer and autumn of 2025, gathered responses from more than 600 participants in five partner countries and shows that many individuals over 50 are not only interested in entrepreneurship but are actively exploring ways to transform decades of professional experience into new business opportunities.

“People over 50 represent an enormous reservoir of knowledge, skills and professional networks,” said Iida Sallinen, Project Coordinator of the CHANCE project in Finland. “Our survey shows that many experienced professionals are highly motivated to start businesses and share their expertise. With the right support and training, they can become a powerful force for innovation and economic resilience across Europe.”

What motivates people over 50 into entrepreneurship?

The survey confirms that intrinsic motivation is one of the key reasons why people aged 50+ consider becoming entrepreneurs. Personal fulfilment is a leading motivator across all countries, cited by 79% of respondents in the Czech Republic, 73% in Slovakia, 59% in Croatia, and 58% in Finland.

What drives them towards entrepreneurship is greater independence and flexibility (64% of respondents in both the Czech Republic and Croatia, and 62% in Finland). The opportunity to remain active, pursue meaningful work and share professional expertise gained during their long careers is another strong factor cited by 35% of Czech, 33% of Slovak, and 30% of Finnish respondents.

Financial considerations also influence the decision to start a business, particularly in situations where individuals are seeking additional income or exploring alternatives to traditional employment later in life. While often secondary to intrinsic goals, financial need remains a strong factor, influencing 47% of respondents in Croatia, 31% in both the Czech Republic and Slovakia, and 29% in Finland.

In most partner countries, a significant proportion of respondents hold university degrees, many of which are at master’s level. Therefore, it is not surprising that their businesses would mostly be knowledge-based and experience-driven and that they aim to be involved in consulting and coaching (top interest area in Croatia – 57% , Finland – 52%, and the Czech Republic and Slovakia – 48%, while 44% of Irish respondents share the same goal), digital and online services, local services, retail and e-commerce, and creative or craft-based businesses.

Despite the strong interest, there are some significant structural barriers that individuals aged 50+ face when starting a business, the most common being bureaucracy and complex administrative procedures, most acutely felt in Slovakia (62%) and the Czech Republic (55%), but also in Ireland (44%) and in Croatia (42%). In addition to the lack of professional support networks, access to finance is a major obstacle, particularly for Croats (78%) and Finns (68%). Gaps in digital skills are the greatest hindrance in the Czech Republic (54%) and Slovakia (48%). Interestingly, the fear of failure affects 36% of respondents in Ireland, which is one of the higher rates among the partner countries.

The survey results indicate that in all partner countries additional training is needed in marketing and customer outreach, business planning and strategic development, taxation and legal aspects of entrepreneurship, financial management and funding opportunities. Respondents show a strong preference for flexible and accessible learning opportunities, particularly video-based online courses that allow participants to learn at their own pace, highlighting the value of interactive learning formats, group discussions and one-to-one mentoring.

The insights gathered through the survey will directly inform the development of a new European online course (MOOC) which will provide structured guidance and practical tools to help adults aged 50+ develop entrepreneurial skills and explore new career opportunities.

By supporting experienced professionals in transforming their knowledge and expertise into sustainable businesses, the CHANCE project contributes to broader European priorities related to lifelong learning and labour market inclusion, aiming to create a scalable European model for entrepreneurship education tailored specifically to the needs and potential of the 50+ population.

If we have piqued your interest and you would now like to delve into more detail, you can explore the project’s website at this link.