Part-time entrepreneurship in the third age: well-being and motives

Abstract

ABSTRACT The objective is to contribute to understanding entrepreneurship in ageing societies and to suggest avenues to ensure people in their third age (aged 50+) actively contribute to the supply side of the silver economy. To this end, we apply mixed methods to understand the different effects of motives and attitudes on the well-being of part-time entrepreneurs. The analysis is refined by categorizing those entrepreneurs into third age and prime-age cohorts. The analysis used data from 400 Finnish part-time entrepreneurs. When the stability of the financial situation is controlled for, attitudes to entrepreneurship and self-realization as a motive explain well-being among third-age group. For the younger age group, financial motives were also important in explaining well-being, but recognition and independence motives had a negative effect. Policymakers should consider incentivizing third-age entrepreneurs to continue working also after retirement and aim to foster a climate marked by a positive attitude to third-age entrepreneurship