Experience versus youth: an exploratory study of the motivations of older entrepreneurs

Lawton Smith, Helen and Gray, G. (2020) Experience versus youth: an exploratory study of the motivations of older entrepreneurs. Working Paper. Birkbeck, University of London, London, UK.

Abstract

People over 50 have accumulated significant resources over their working lives. However, they can find it difficult to find a job after redundancy or they may become disenfranchised with traditional employment. Accordingly, they can often become an under-used economic resource. With an ageing population, a solution to both the UK Government’s and individuals’ challenges could be entrepreneurship. Entrepreneurial opportunities have grown significantly in the last two decades. Contrary to media perception older people are more successful than their younger counterparts. Through the three theoretical concepts of motivation, resources and environmental determinants, this study looks at the factors that influence individuals over 50 to switch from traditional employment to entrepreneurship. The research was conducted in the form of semi-structured interviews with entrepreneurs based in London, who have had professional or managerial careers. The findings revealed that there are complex interdependences among the three concepts explored, and that contrary to previous research, neither push or pull motivations were predominant. Environmental determinants were found to have significant impact; an area that has had little attention in previous research focussed on the over 50s.

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