Senior Entrepreneurship
28 Pages Posted: 29 Sep 2022
Date Written: August 21, 2022
Abstract
As the population in developing countries has aged, increasing dependency ratios, attention has increasingly focused on policy and research relating to increasing participation of older persons in labor markets. Many older persons need and want to continue working beyond “normal” retirement age; however, their ability to work in the traditional labor market is often impaired by age-based stereotypes and discrimination, obsolete skills, difficulties in re-entering the workforce after breaks to tend to caregiving responsibilities and long-term unemployment risks. The search for alternatives has put the spotlight on “senior entrepreneurship” (generally been defined as entrepreneurial activities engaged in by individuals aged 50 or older) and providing support for older persons interested in producing goods and services on their own through self-employment or by running their own businesses and leveraging their work and industry experience, technical and managerial skills and financial position. It has been argued that older persons are generally in a better position to start a business than younger individuals due to the various advantages including more developed networks, more social capital, more work and industry experience, a higher level of technical and managerial skills and a stronger financial position. However, policies must be implemented to overcome serious actual and potential barriers to senior entrepreneurship including lack of financial support, complexity of administrative procedures, lack of information and communication technology skills, the potential impact of rules under applicable benefits regimes for older persons, health problems, the sensitivity of the enterprise support system and social and cultural attitudes toward older persons engaging in entrepreneurial activities. Policies relating to senior entrepreneurship should also be expanded to incorporate support for the application of the tools and actions associated with social innovation and entrepreneurship to creating innovative products and services specifically intended to have a measurable and material impact on the well-being and quality of life of older persons.
Keywords: Entrepreneurship, social entrepreneurship, senior entrepreneurship
Suggested Citation: Suggested Citation