Third-age Entrepreneurs Propensity to Engage in New Venture Creation and Development

Abstract

Increasingly the issues of entrepreneurship and new venture creation have become two of the most important drivers for future success of the UK economy, especially in the current climate of economic turbulence and uncertainty. The creation of an enterprise culture, one that depends on entrepreneurs, is one of the strategic goals of the UK Government’s action plan for micro- and small-enterprises. The development of these enterprise cultures will naturally create a marketplace ‘churn’, one that stimulates both continuous and radical innovations, and as a consequence of this contribute to the overall UK’s overall productivity and sustained economic performance. Yet research on entrepreneurs, and particularly third-age entrepreneurs, their abilities and motivation to start-up new enterprises within the environmental good and services sector is limited.Our research study utilizes qualitative data collection and analysis. We have engaged with 12 small enterprise entrepreneurs who are currently, or have already started-up a new enterprise in the EGS sector. Our research studies on how opportunities and threats influence third-age enterpreneurs’ values, attitudes and practices suggested that both, sector-wide values and practices, as well as the strength of sector-based systems of innovations, significantly influence the effective prediction of venture creation, development and creative destruction practices. It is these third- age entrepreneurs mindset Business Models (BMs), how they perceive they can generate business value and align their business practices around EGS sector opportunities and threats, that both determines their propensity to create new ventures, and their motivation and success in driving new venture creation and development oportunities. A framework is proposed based on our limited entrepreneurial mindset analysis that links their values, vision and actions with a more substantial evaluation of their overall mindset business model.