Older Entrepreneurs and Different Types of Entrepreneurship

Abstract

We test whether an individual's age influences their perception of time, which affects the decision to undertake different types of entrepreneurial activity, and whether access to resources such as knowledge, skills, and finances moderates this effect. Using a sample of 194,937 entrepreneurs, we find that formal education and entrepreneurial education play an important but different role for entrepreneurs in various age groups. For example, middle-aged (45-64) and older individuals in the upper-income household are more likely to undertake both social and market-driven entrepreneurship, while younger entrepreneurs (25-44) belonging to the upper-income household are more likely to engage in market-driven entrepreneurship. While entrepreneurial experience is vital for both types of entrepreneurship, age negates the positive influence on entrepreneurship.