Business, Aging, and Socioemotional Selectivity: A Qualitative Study of Gray Entrepreneurship

Abstract

This three-stage qualitative paper explores the motivations and experiences of gray entrepreneurship through age-related lenses outlined in behavioral psychology literature. In contrast to economic approaches that presuppose financial drivers, findings reveal that intrinsic drivers such as achievement, fulfillment, and relationships had primacy among the participants in this research. Entrepreneurship enabled the older people in this study to construct their social environments in a way that maximizes the potential for positive affect, and minimizes the potential for negative affect, both in and out of work.

A theory of venturing: A critical realist explanation of why my father is not like Richard Branson

“…Mochrie et al (2006) and Jones et al (2012) found remaining small and avoiding financial growth to be a deliberate strategy among some of their small firms samples. Similarly, in their study of older venturers, Stirzaker et al (2019) found that most of their sample were attracted to venturing as a means of reducing their economic activity compared with their previous careers; the opportunity and value-beliefs were largely intrinsic, relating to purpose, esteem, enjoyment or desire to stay active. In these examples, the extent to which venturing realises value is not diminished; it is just not monetised in the same way or to the extent that economic theories would have us expect, resonating with findings in Gibson-Graham (2010) about the value of activities being broader than that defined only by financial return.…”

Why some third age individuals develop entrepreneurial intentions: Exploring the psychological effects of posterity

“…In order to increase our understanding of the psychological foundations of third age entrepreneurship, in this study we integrate simultaneously two theories that are often studied in different fields, namely the Psychological Development Theory (Erikson, 1963) and the Theory of Planned Behaviour, TPB . Moreover, our study contributes to the existing literature that focuses on the perceptual variables that affect entrepreneurial intentions (Arenius & Minniti, 2005) or other recent study that deals with intrinsic drivers of entrepreneurship among the elderly (Stirzaker, Galloway & Potter, 2019). Although there appears to be a general consensus that the perception of one's opportunities, risk tolerance, and self-confidence are related to entrepreneurial intentions (Arenius & Minniti, 2005), our study is the first to investigate how one self-extension mechanism (i.e.…”

“…These definitions suggest that individuals want to gain a kind of symbolic immortality and not be forgotten by others (Urien & Guiot, 2007). According to Stirzaker, Galloway & Potter (2019), older individuals are motivated by intrinsic drivers, such as achievement and fulfilment to become an entrepreneur which stands for a kind of continuity. This intrinsic desire for accomplishment and self-extension (Krebs, et al, 2015) can specifically refer to posterity, which reflects the will to expand and develop the self beyond one's physical death and leave a mark to the future generations in order to gain symbolic immortality (McAdams, de St. Aubin & Logan, 1993;Urien, 2003).…”

“…Thus, an individual who receives significant contributions from previous generations will reproduce and improve these legacies with his or her own significant contributions. One's contributions stand for a kind of self-fulfilment and achievement that have been shown to be both intrinsic drivers of entrepreneurship among the elderly (Stirzaker, Galloway & Potter, 2019). Through these successive actions oriented toward the perpetuation of the self through the generations, posterity allows a third age individual to create and initiate a new cycle.…”

Retirement transitions in the 21st century: A scoping review of the changing nature of retirement in Europe

“…In many cases, SE offers older people the opportunity to retire gradually (Morris & Mallier 2003). A UK-based study showed that older people, for the most part, engage in SE in the same field as their former employment (Small 2012), which adds to the findings from studies concluding that older people do not engage in SE to increase wealth but to use their skills and be their own boss (Stirzaker et al 2019). SE can also be a response to ageism in the workplace (Stirzaker & Galloway 2017).…”