Abstract
What are the factors that lead an individual to be self-employed after retirement, and what factors help or hinder the transformation of entrepreneurial intentions into practical reality? We have investigated the triggers of self-employment after retirement from a push & pull perspective. The helping factors in materializing entrepreneurial intentions, and hindering factors due to which one may not do so have also been studied. Results from semi-structured interviews reveal that individuals are more likely to be pushed rather than pulled into self-employment at older age. The dominant push factors identified are financial security, maintaining/improving the existing standard of living, catering to family related needs and work-life balance. The pull factors include previous business experience and knowledge of other successful entrepreneurs. Factors that assisted the retirees in their entrepreneurial initiatives consist of social capital, previous experience (employment & business) and supportive role of family. Those who were not able to turn their self-employment intentions into practical reality were hindered by health issues, lack of capital, perceived complexities, and risk aversion. Research limitations, future research directions and policy recommendation have been given. DOI: 10.5901/mjss.2016.v7n2s1p290
Highlights
Developed economies are characterized by ageing populations, due to which there is a greater influx of studies and policy interest focusing old age entrepreneurs as compare to developing economies
In the context of our study work life balance was an important trigger of self-employment for those who opted for early retirement from their jobs (Respondent E, I and G)
This is in conformance with the findings of previous studies that preference for social life and leisure in old age is a dominant trigger of early retirement (Bütler, Huguenin, & Teppa, 2004; Dorn & Sousa-Poza, 2004)
Summary
Developed economies are characterized by ageing populations, due to which there is a greater influx of studies and policy interest focusing old age entrepreneurs as compare to developing economies. Having a significant percentage of older people in a population may increases their representation in different activities including self-employment and business start-ups (Curran & Blackburn, 2001). Greater life expectancy due to improvement in health care and graceful ageing discourse in developed countries has led to a surge in old age entrepreneurial activities, resulting in an increase in old age self-employment research. One possible reason for this paucity of research may be due to the greater number of younger and prime age people in population as compare to older people, though a significant shift have been observed in the world’ s elder population structure, that by 2020, 67% of them will be residing in developing countries (Shrestha, 2000). United Nations report on world population estimates that in some Asian countries there might be an increase of four hundred percent in elderly population by 2025, and by 2050 nearly eighty percent of them will live in the less developed regions of the world (UN report onWorld Population ageing 2013)
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