An exploration of the challenges facing women starting business at fifty. Issue 1 (4th March 2014)

• Record Type: Journal Article
• Authors: Logan, Julie
• Editors: John Watson, Prof. Elizabeth J. Gatewood and Dr Kate Lewis, Prof.
• Is Part Of: International journal of gender and entrepreneurship. Volume 6:Issue 1(2014)
• Page Start: 83
• Page End: 96
• Publication Date: 2014-03-04
• 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.