An exploration of the challenges facing women starting business at fifty. Issue 1 (2014)

• Record Type: Journal Article
• Other Names: Special Editor.
• Is Part Of: International journal of gender and entrepreneurship. Volume 6:Issue 1(2014)
• Page Start: 83
• Page End: 96
• Publication Date: 2014
• Subjects: Entrepreneurship education and training -- Older -- Women's entrepreneurship; Businesswomen -- Periodicals; Entrepreneurship -- Sex differences -- Periodicals; 338.0405
• DOI: 10.1108/IJGE-03-2013-0019
• Languages: English
• ISSNs: 1756-6266

Abstract

Abstract : Purpose – The paper aims to investigate the motivations, goals, challenges, successes and needs of older women starting new ventures.Design/methodology/approach – In‐depth semi‐structured interviews were conducted with ten successful female entrepreneurs who had created their businesses at age 50 or over. The key areas of focus included the women's motivation for starting a business, their previous work experience, potential barriers/enabling factors (including their human, social and financial capital), and the performance of their ventures. Responses were taped, transcribed, coded, grouped and analyzed.Findings – The primary trigger for older women to start a new venture appears to be the need to find a creative outlet (self‐actualization). Further, more than half the women stated that because they now had significantly reduced family responsibilities, this was the time for them to pursue their own goals. Interestingly, a majority of the women had started new ventures in an area completely unrelated to their previous work experience. Family support, particularly from their spouse/partner, was acknowledged by virtually all the women as an important factor contributing to the success of their ventures. All the ventures were profitable and growing.Research limitations/implications – The findings suggest that well‐trained mentors could make a significant difference to this older cohort of female entrepreneurs, particularly in terms of helping them to grow their businesses.Originality/value – This study fills a gap in the literature by providing an understanding of the motivations and needs of older female entrepreneurs. Acknowledgements : The author is grateful to Professor John Watson, Winthrop Professor, University of Western Australia for his guidance and extremely useful feedback in the preparation of this paper.