Document Type
Article
Publication Date
5-1-1998
Abstract
The topic of entrepreneurship at midlife or later was studied against a background reflecting the scope and role of entrepreneurship in the U.S., the phenomenon of downsizing/early retirement, and issues around work and aging. The goal of the project was to understand the entrepreneurial process for later life entrepreneurs, and the relationship between that process and both the personal characteristics of and the environmental conditions for individuals who become later life entrepreneurs. A literature review considered research on the psychology of the entrepreneur and the social and environmental dimensions of entrepreneurship, as well as specific types of entrepreneurs, and career change and life stage as entrepreneurial motivation, in addressing five issues that relate to the topic of later life entrepreneurship. The findings suggest there is no particular psychological profile for entrepreneurs, that negative factors are more likely to stimulate entrepreneurship than positive ones, that entrepreneurs can be created at a later life stage, that age and life stage may factor into various aspects of a later life entrepreneur's business, and that experience in a similar business is positively related to performance in a new venture. A field study consisted of interviews of 30 practicing midlife and older entrepreneurs. A third had been downsized or fired, a third had left prior positions voluntarily with no such inducement. Significant findings were breadth of dissatisfaction with prior careers, need for personal control and independence, desire for work/time flexibility, rationalization or risk, importance of spousal support, place of role models, downplayed status of money/wealth, choice of venture is closely related to work/life experience, and the process of entrepreneurship is highly personal. Overall study findings are that midlife and later entrepreneurship can revitalize career and life goals, offering a viable career option with important social implications.
Keywords
career changes--United States
Rights
© The Author(s). Kelvin Smith Library provides access for non-commercial, personal, or research use only. All other use, including but not limited to commercial or scholarly reproductions, redistribution, publication or transmission, whether by electronic means or otherwise, without prior written permission is strictly prohibited.
Department/Center
Design & Innovation
Recommended Citation
Palmer, Suzanne, "Entrepreneurship as a New Career at Midlife or Later: A Study of the Relationship Between the Entrepreneurial Process and Personal Characteristics/Environmental Conditions in Career Transitions to Entrepreneurship" (1998). Student Scholarship. 202.
https://commons.case.edu/studentworks/202