Abstract

Entrepreneurship represents a mindset and set of behaviors which can occur at many ages across the developmental continuum from early childhood to late adulthood. In this selective review of the literature, a narrative analysis illuminates insight to inform academics and practitioners regarding the intersection of age and entrepreneurship. These insights are first built upon a conceptual foundation grounded in a developmental perspective and then organized into opportunities and challenges facing entrepreneurs at various ages along the developmental continuum. Entrepreneurs of all share many commonalities yet they are also face unique opportunities and challenges. Many of these opportunities and challenges are age based. These commonalities and challenges must be understood by all those stakeholders in the entrepreneurship ecosystem to enhance the success of entrepreneurs of all ages.

Highlights

  • Entrepreneurship as an academic field and societal trend appears to be growing

  • Phase in entrepreneurial development (p. 200).”. Another period of an increase in entrepreneurial activity is job loss of individuals over the age of 50 as described by Moulton and Scott [17]: “We find that job loss shows a strong association into self-employment, less desirable forms of self-employment (p. 1539).”

  • A central theme throughout this chapter is to challenge some assumptions that the general public, the media, academics and other stakeholders in the entrepreneurship ecosystem have about who is an entrepreneur, who seeks to be an entrepreneur out of necessity or opportunity seeking, and who should be served by entrepreneurship support organizations

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Summary

Introduction

Entrepreneurship as an academic field and societal trend appears to be growing. The field of entrepreneurship is defined as “...the study of sources of opportunities; the processes of discovery, evaluation, and exploitation of opportunities [1].” Entrepreneurs are “...individuals who discover, evaluate, and exploit them [opportunities] ([1], p. 217).” Entrepreneurs may be of nearly any age from school age children to older adults. The Kaufmann Foundation [3] found that the most frequent ages of entrepreneurs in descending order in 2019 were the following: 20–34 (27.2%); 55–64 (25.1%); 45–54 (24.8%); and 35–44 (22.9%). This chapter will first frame entrepreneurship from a developmental theoretical frame and review the literature on the relationship between age and entrepreneurship. After theorizing about entrepreneurship and reviewing the pertinent literature, Entrepreneurship - Contemporary Issues the challenges and opportunities experienced by entrepreneurs at different ages will be described. These challenges and opportunities will be discussed not just from the lens of the entrepreneur but entrepreneurial ecosystems. Toward the end of this chapter, recommendations will be presented for entrepreneurs of specific age groups and entrepreneurship support organizations (ESOs). Recommendations will be formulated for entrepreneurship educators in formal and informal educational settings

Theoretical frame: developmental perspective
Brief literature review: age and entrepreneurship
Recommendations: from entrepreneur to entrepreneurship ecosystem
Future research agenda: age and entrepreneurship
Inclusive entrepreneurship education: all ages matter
School age entrepreneurs
College age entrepreneurs
Young adult entrepreneurs
Middle age entrepreneurs
Older age entrepreneurs
Findings
Conclusion
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