Entrepreneurship in the Third Age: Retirees' Motivation and Intentions

Abstract

This exploratory study of motivation for entrepreneurship in later life extends the concept of active aging which in recent decades has attracted growing research attention in contemporary gerontology. Motivation of older adults toward entrepreneurship has been underexplored. Previous research shows mixed results regarding the effect of pull and push factors on entrepreneurial intentions. We employed a mixed methods approach while data was collected from a homogeneous cohort of retirees. Findings indicate that older adults' motivation to become entrepreneurs is centred mainly on pull factors such as self-fulfilment, increasing personal well-being, self-realisation and enhancing personal interests. Older adults may consider becoming entrepreneurs as part of their 'active aging' perceptions. These findings have implications for designated training programs for older adults that aim to promote their motivation and foster their skills to launch entrepreneurial activities. Highlights: 1) this research extends the concept of active aging by applying it to entrepreneurship; 2) entrepreneurs' in the third age are motivated by pull factors; 3) a process model of specific Gero-pull and Gero-push factors was developed; 4) we suggest an entrepreneurship training program designated for older people.