Silver entrepreneurship: A golden opportunity for ageing society

Authors

DOI:

https://doi.org/10.18559/ebr.2024.1.1068

Keywords:

aging population, silver economy, entrepreneurship, silver entrepreneurship

Abstract

This paper aims to discuss the notion of silver entrepreneurship in the context of the silver economy. Policy-wise knowing who silver entrepreneurs are and what it takes to support them is an essential step to productively managing the ageing population and promoting an age-ready but age-friendly approach to creating a sustainable economy and society in the new demographic reality. The paper provides a theoretical and empirical literature review of silver entrepreneurship to identify the current state of the art. It also identifies selected policies and strategies aiming to foster silver entrepreneurship, representing a more inclusive and age-diverse entrepreneurial landscape. The silver entrepreneurship proves to be a challenging research field due to the elusive nature of entrepreneurship itself and the lack of universal definitions for this phenomenon.

Downloads

Download data is not yet available.

References

Accius, J., & Suh, J. Y. (2019). The longevity economy® outlook: How people ages 50 and older are fueling economic growth, stimulating jobs, and creating opportunities for all. AARP Thought Leadership. https://doi.org/10.26419/int.00042.001 DOI: https://doi.org/10.26419/int.00042.001
View in Google Scholar

Ahmad, N. H., Nasurdin, A. M., Halim, H. A., & Taghizadeh, S. K. (2014). The pursuit of entrepreneurial initiatives at the “silver” age: From the lens of Malaysian silver entrepreneurs. Procedia – Social and Behavioral Sciences, 129, 305–313. https://doi.org/10.1016/j.sbspro.2014.03.681 DOI: https://doi.org/10.1016/j.sbspro.2014.03.681
View in Google Scholar

Aksoy, Y., Basso, H. S., Smith, R. P., & Grasl, T. (2019). Demographic structure and macroeconomic trends. American Economic Journal: Macroeconomics, 11(1), 193- 222. https://doi.org/10.1257/mac.20170114 DOI: https://doi.org/10.1257/mac.20170114
View in Google Scholar

Barković Bojanić, I., & Erceg, A. (2017). Silver economy: Demographic change and economic opportunity. Conference Proceedings of 13th Interdisciplinary Management Research, Faculty of Economics Osijek and Hochschule Pforzheim University, 1005–1020.
View in Google Scholar

Birsyada, M. I., & Permana, S. A. (2020). The business ethics of Kotagede’s silver entrepreneurs from the kingdom to the modern era. Paramita: Historical Studies Journal, 30(2), 145–156. https://doi.org/10.15294/paramita.v30i2.20691 DOI: https://doi.org/10.15294/paramita.v30i2.20691
View in Google Scholar

Bloom, D. E., Canning, D., & Finlay, J. E. (2010). Population aging and economic growth in Asia. In T. Ito & A. K. Rose (Eds.), The economic consequences of demographic change in East Asia (pp. 61–89). University of Chicago Press. DOI: https://doi.org/10.7208/chicago/9780226386881.003.0003
View in Google Scholar

Bloom, D. E., Canning, D., & Lubet, A. (2015). Global population aging: Facts, challenges, solutions & perspectives. Daedalus, 144(2), 80–92. https://doi.org/10.1162/DAED_a_00332 DOI: https://doi.org/10.1162/DAED_a_00332
View in Google Scholar

Bohlmann, C., Rauch, A., & Zacher, H. (2017). A lifespan perspective on entrepreneurship: Perceived opportunities and skills explain the negative association between age and entrepreneurial activity. Frontiers in Psychology, 8. https:/doi.org/10.3389/fpsyg.2017.02015 DOI: https://doi.org/10.3389/fpsyg.2017.02015
View in Google Scholar

Botham, R. & Graves, A. (2009). The grey economy: How third age entrepreneurs are contributing to growth. NESTA.
View in Google Scholar

Cannon, T. (2008). Silver entrepreneurship: New days, new ways. Working with Older People, 12(2), 30–33. https://doi.org/10.1108/13663666200800029 DOI: https://doi.org/10.1108/13663666200800029
View in Google Scholar

Clarke, J. S., & Holt, R. (2019). Images of entrepreneurship: Using drawing to explore entrepreneurial experience. Journal of Business Venturing Insights, 11, e00129. https://doi.org/10.1016/j.jbvi.2019.e00129 DOI: https://doi.org/10.1016/j.jbvi.2019.e00129
View in Google Scholar

Cornet, G. (2014). Europe’s ‘silver economy’: A potential source for economic growth? Gerontechnology, 13(3), 319–321. https://doi.org/10.4017/GT.2015.13.3.001.00 DOI: https://doi.org/10.4017/gt.2015.13.3.001.00
View in Google Scholar

Cristea, M., Noja, G. G., Stefea, P., & Sala, A. L. (2020). The impact of population aging and public health support on EU labor markets. International Journal of Environmental Research and Public Health, 17(4), 1439. https://doi.org/10.3390/ijerph17041439 DOI: https://doi.org/10.3390/ijerph17041439
View in Google Scholar

Curran, J., & Blackburn, R. (2001). Older people and the enterprise society: age and self-employment propensities. Work, Employment and Society, 15(4), 889–902. DOI: https://doi.org/10.1017/S0950017001008893
View in Google Scholar

Diez, R. C. Á., Esparza, R. M. V., Bañuelos-García, V. H., Santillán, M. T. V., Félix, B. I. L., & Luna, V. A. (2022). Silver economy and entrepreneurship, an emerging innovative area: An academic, scientific and business framework for building new knowledge. Iberoamerican Journal of Science Measurement and Communication, 2(3), 1–18. https://doi.org/10.47909/ijsmc.45 DOI: https://doi.org/10.47909/ijsmc.45
View in Google Scholar

Estrin, S., & Mickiewicz, T. M. (2011). Entrepreneurship in transition economies: The role of institutions and generational Change. In M. Minniti (Ed.), the dynamics of entrepreneurship (pp. 181–208). Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199580866.003.0009 DOI: https://doi.org/10.1093/acprof:oso/9780199580866.003.0009
View in Google Scholar

European Commission. (2015). Growing the European Silver Economy—background paper. http://ec.europa.eu/research/innovation-union/pdf/active-healthy-ageing/silvereco.pdf
View in Google Scholar

Eurostat. (2023). Self-employment by sex, age and economic activity (from 2008 on- wards, NACE Rev. 2) – 1 000. https://ec.europa.eu/eurostat/databrowser/view/lfsq_esgan2custom_8456564/default/table?lang=en
View in Google Scholar

Fachinger, U. (2019). Senior entrepreneurship. Self-employment by older people— an uncharted territory. International Review of Economics & Business, 22(Special Conference Issue), 95–106. https://doi.org/10.2478/zireb-2019-0007 DOI: https://doi.org/10.2478/zireb-2019-0007
View in Google Scholar

Fachinger, U., & Frankus, A. (2017). Self-employed people and pension: is old age poverty the inevitable dark side of an entrepreneurial society? In J. Bonnet, M. Dejardin & D. Garcia-Perez-De-Lema (Eds.), Exploring the Entrepreneurial Society (pp. 245– 256). Edward Elgar Publishing. https://doi.org/10.4337/9781783472666.00029 DOI: https://doi.org/10.4337/9781783472666.00029
View in Google Scholar

Gerstorf, D., Hülür, G., Drewelies, J., Eibich, P., Duezel, S., Demuth, I., Ghisletta, P., Steinhagen-Thiessen, E., Wagner, G. G., & Lindenberg, U. (2015). Secular changes in late-life cognition and well-being: Towards a long bright future with a short brisk ending? https://www.diw.de/documents/publikationen/73/diw_01.c.498497.de/diw_sp0738.pdf DOI: https://doi.org/10.1037/pag0000016
View in Google Scholar

Gielnik, M. M., Zacher, H., & Frese, M. (2012). Focus on opportunities as a mediator of the relationship between business owners’ age and venture growth. Journal of Business Venturing, 27(1), 127–142. https//doi.org/10.1016/j.jbusvent.2010.05.002 DOI: https://doi.org/10.1016/j.jbusvent.2010.05.002
View in Google Scholar

Global Entrepreneurship Monitor. (2023). Global Entrepreneurship Monitor 2022/2023– adapting to a “new normal”. https://www.gemconsortium.org/reports/latest-global-report
View in Google Scholar

Gordon, R. (2016). The rise and fall of American growth. Princeton University Press. Greco, F., Carignani F., Tregua, M., & Bifulco, F. (2023). Silver entrepreneurship: A new trend in startups. Sinergie, 40(3), 123–148. https://doi.org/10.7433/s119.2022.06
View in Google Scholar

Greco, F., Tregua, M., Carignani, F., & Bifulco, F. (2022). Silver entrepreneurship: A new trend in startups. Sinergie Italian Journal of Management, 40(3), 123–148. https://doi.org/10.7433/s119.2022.06 DOI: https://doi.org/10.7433/s119.2022.06
View in Google Scholar

Green, B. N., Johnson, C. D., & Adams, A. (2006). Writing narrative literature reviews for peer-reviewed journals: Secrets of the trade. Journal of chiropractic medicine, 5(3), 101–117. DOI: https://doi.org/10.1016/S0899-3467(07)60142-6
View in Google Scholar

Gross, E. (2016). The enterprising self and prejudices toward unemployed persons. Zeitschrift für Soziologie, 45(3), 162–180. https://doi.org/10.1515/zfsoz-2015-1010 DOI: https://doi.org/10.1515/zfsoz-2015-1010
View in Google Scholar

Gusmano, M. K., & Okma, K. G. (2018). Population aging and the sustainability of the welfare state. Hastings Center Report, 48, 57–61. https://doi.org/10.1002/hast.915 DOI: https://doi.org/10.1002/hast.915
View in Google Scholar

Harms, R., Luck, F., Kraus, S., & Walsh, S. (2014). On the motivational drivers of gray entrepreneurship: An exploratory study. Technological Forecasting and Social Change, 89, 358–365. https://doi.org/10.1016/j.techfore.2014.08.001 DOI: https://doi.org/10.1016/j.techfore.2014.08.001
View in Google Scholar

Ilczuk D., Dopierała, Ł., & Bednarz, J. (2023). What are the real motivations and experiences of silver entrepreneurs? Empirical evidence from Poland. Journal of Entrepreneurship, Management and Innovation, 19(3), 129–167. https://doi.org/10.7341/20231934 DOI: https://doi.org/10.7341/20231934
View in Google Scholar

Kautonen, T. (2013). Senior entrepreneurship, A background paper for the. Centre for Entrepreneurship, SMEs and Local Development. University of Turku. https://www.oecd.org/cfe/leed/senior_bp_final.pdf
View in Google Scholar

Kautonen, T., Tornikoski, E. T., & Kibler, E. (2011). Entrepreneurial intentions in the third age: The impact of perceived age norms. Small Business Economics, 37, 219– 234. https://doi.org/10.1007/s11187-009-9238-y DOI: https://doi.org/10.1007/s11187-009-9238-y
View in Google Scholar

Katz, S. (2000). Busy bodies: Activity, aging, and the management of everyday life. Journal of Aging Studies, 14(2), 135–152. https://doi.org/10.1016/S0890-4065(00)80008-0 DOI: https://doi.org/10.1016/S0890-4065(00)80008-0
View in Google Scholar

Klimczuk, A. (2021). The silver economy as a constructive response in public policy on aging. In I. Barković Bojanić & A. Erceg (Eds.), Strategic approach to aging population: Experiences and challenges (pp. 19–35). DOI: https://doi.org/10.2139/ssrn.3879888
View in Google Scholar

J.J. Strossmayer University of Osijek. Kolbacher, F., Herstatt, C., & Levsen, N. (2015). Golden opportunities for silver innovation: How demographic changes give rise to entrepreneurial opportunities to meet the needs of older people. Technovation, 39–40, 73–82. https://doi.org/10.1016/j.technovation.2014.05.002 DOI: https://doi.org/10.1016/j.technovation.2014.05.002
View in Google Scholar

Lallo, C. & Raitano, M. (2018). Life expectancy inequalities in the elderly by socioeconomic status: Evidence from Italy. Population Health Metrics, 16(7), 1–21. https://doi.org/10.1186/s12963-018-0163-7 DOI: https://doi.org/10.1186/s12963-018-0163-7
View in Google Scholar

Lange, G. S., & Johnston, W. J. (2020). The value of business accelerators and incubators–an entrepreneur’s perspective. Journal of Business & Industrial Marketing, 35(10), 1563–1572. https://doi.org/10.1108/JBIM-01-2019-0024 DOI: https://doi.org/10.1108/JBIM-01-2019-0024
View in Google Scholar

Lasen, A. J., & Moreira, T. (2014). Unmaking old age: Political and cognitive formats of active ageing. Journal of Aging Studies, 30, 33–46. https://doi.org/10.1016/j.jaging.2014.03.004 DOI: https://doi.org/10.1016/j.jaging.2014.03.004
View in Google Scholar

Lassen, A. & Vrangbæk, K. (2021). Retirement transitions in the 21st century: A scoping review of the changing nature of retirement in Europe. International Journal of Ageing and Later Life, 15(1), 39–72. https://doi.org/10.3384/ijal.1652-8670.1501 DOI: https://doi.org/10.3384/ijal.1652-8670.1501
View in Google Scholar

Lawal, S., & Adeniran, D.A. (2022). Assessment of entrepreneurial challenges on opportunity identification of second career entrepreneurs in north-western Nigeria.
View in Google Scholar

GPH-International Journal of Business Management, 5(5), 1–10. https://doi.org/10.5281/zenodo.6770909
View in Google Scholar

Leśna-Wierszołowicz, E. (2018). Silver economy as a response to demographic changes. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 529, 162–169. DOI: https://doi.org/10.15611/pn.2018.529.14
View in Google Scholar

Linardi, M. A., & Costa, J. (2022). Appraising the role of age among senior entrepreneurial intentions. European analysis based on HDI. Journal of Entrepreneurship in Emerging Economies, 14(6), 953–975. https://doi.org/10.1108/JEEE-12-2020-0435 DOI: https://doi.org/10.1108/JEEE-12-2020-0435
View in Google Scholar

Maâlaoui, A. (Ed.). (2019). Handbook of research on elderly entrepreneurship. Springer. Maestas, N., Mullen, K. J., & Powell, D. (2016). The effect of population aging on economic growth, the labor force and productivity. NBER, w22452.
View in Google Scholar

Malek, B., Adnane, M., & Imen, S. (2011). Entrepreneurial intention among seniors: An application to French entrepreneurs. Proceedings of the 2011 Annual Conference of the International Council for Small Business, pp. 1–17. https://www.proquest.com/docview/922575098?sourcetype=Conference%20Papers%20&%20Proceedings
View in Google Scholar

Maritz, A. (2019). Senior entrepreneurship perspectives in Australia. In M. Backman, C. Karlsson & C. Kekezi (Eds.), Handbook of research on entrepreneurship and aging (pp. 352–369). Edward Elgar Publishing. https://doi.org/10.4337/9781788116213 DOI: https://doi.org/10.4337/9781788116213.00023
View in Google Scholar

Maritz, A., & Eager, B. (2017). Senior entrepreneurship themes: An Australian perspective. International Journal of Organizational Innovation, 9(4), 206–221.
View in Google Scholar

Martin, L., & Omrani, N. (2019). Understanding senior entrepreneur behavior. Journal of Enterprising Culture, 27(3), 259–282. https://doi.org/10.1142/S0218495819500109 DOI: https://doi.org/10.1142/S0218495819500109
View in Google Scholar

Matos, C. S., Amaral, M., & Baptista, R. (2018). Senior entrepreneurship: A selective review and research agenda. Foundations and Trends® in Entrepreneurship, 14(5), 427–554. DOI: https://doi.org/10.1561/0300000084
View in Google Scholar

Matricano, D. (2018). Grey vs. young entrepreneurs: Are they really that different in terms of entrepreneurial intentions? Empirical evidence from Italy. International Journal of Business and Management, 13(2), 1–76. https://doi.org/10.5539/ijbm.v13n2p76 DOI: https://doi.org/10.5539/ijbm.v13n2p76
View in Google Scholar

McGuirk, H., Conway Lenihan, A., & Lenihan, N. (2022). Awareness and potential of the silver economy for enterprises: A European regional level study. Small Enterprise Research, 29(1), 6–19. https://doi.org/10.1080/13215906.2021.1919915 DOI: https://doi.org/10.1080/13215906.2021.1919915
View in Google Scholar

Mikić, M., Horvatinović, T., & Morić Milovanović, B. (2021). Challenges in the development of senior entrepreneurship. In I. Barković Bojanić & A. Erceg (Eds.), Economics and aging: Emerging issues (pp. 67–83). J.J. Strossmayer University of Osijek, Faculty of Economics in Osijek.
View in Google Scholar

Minarcine, S., & Shaw, C. (2016). Motivations for entrepreneurship. International Journal of the Academic Business World, 10(2), 47–56.
View in Google Scholar

Nasurdin, A. M., Halim, H.A., & Seet, P. S. (2012). Silver entrepreneurship agenda in Malaysia: A proposed model for productive aging. The Winners, 13(1), 1–8. DOI: https://doi.org/10.21512/tw.v13i1.662
View in Google Scholar

OECD & European Commission. (2021). The missing entrepreneurs 2021: Policies for inclusive entrepreneurship and self-employment. OECD Publishing. https://doi.org/10.1787/71b7a9bb-en DOI: https://doi.org/10.1787/71b7a9bb-en
View in Google Scholar

Officer, A., Thiyagarajan, J.A., Schneiders, M. L., Nash, P., & de la Fuente-Núñez, V. (2020). Ageism, healthy life expectancy and population ageing: How are they related? International Journal of Environmental Research and Public Health, 17(9), 3159. https://doi.org/10.3390/ijerph17093159 DOI: https://doi.org/10.3390/ijerph17093159
View in Google Scholar

Patel, S. (2015). Success can come at any age. Just look at these 6 successful entrepreneurs. https://www.entrepreneur.com/leadership/success-can-come-at-any-age-just-look-at-these-6/241346
View in Google Scholar

Perić, J. (2020). Social entrepreneurship as a mean to boost silver economy growth. In I. Barković Bojanić & A. Erceg (Eds.), Aging society—rethinking and redesigning retirement (pp. 221–232). J.J. Strossmayer University of Osijek – Faculty of Economics in Osijek.
View in Google Scholar

Pilkova, A., Rehak, J., & Jancovicova, Z. (2016). Senior entrepreneurship in Central and Eastern European countries: GEM evidences. Proceedings of the 4th International Conference IMECS, pp. 571–582. https://doi.org/10.18267/pr.2016.svo.2153.4 DOI: https://doi.org/10.18267/pr.2016.svo.2153.4
View in Google Scholar

Prettner, K. (2013). Population aging and endogenous economic growth. Journal of Population Economics, 26, 811–834. https://doi.org/10.1007/s00148-012-0441-9 DOI: https://doi.org/10.1007/s00148-012-0441-9
View in Google Scholar

Ruiu, G., & Breschi, M. (2019). The effect of aging on the innovative behavior of entrepreneurs. Journal of the Knowledge Economy, 10(4), 1784–1807. https://doi.org/10.1007/s13132-019-00612-5 DOI: https://doi.org/10.1007/s13132-019-00612-5
View in Google Scholar

Roxburgh, C. (2019). The rise of the silver entrepreneur. https://www.linkedin.com/pulse/rise-silver-entrepreneur-chris-roxburgh-digital-marketing-expert/
View in Google Scholar

Schröder, E., Schmitt-Rodermund, E., & Arnaud, N. (2011). Career choice intentions of adolescents with a family business background. Family Business Review, 24(4), 305–321. https://doi.org/10.1177/0894486511416977 DOI: https://doi.org/10.1177/0894486511416977
View in Google Scholar

Stirzaker, R., & Galloway, L. (2017). Ageing and redundancy and the silver lining of entrepreneurship. The International Journal of Entrepreneurship and Innovation, 18(2), 105–114. https://doi.org/10.1177/1465750317706441 DOI: https://doi.org/10.1177/1465750317706441
View in Google Scholar

Stirzaker, R., Galloway, L., & Potter, L. (2019). Business, aging, and socioemotional selectivity: A qualitative study of gray entrepreneurship. Journal of Small Business Management, 57(S2), 616–636. https://doi.org/10.1111/jsbm.12516 DOI: https://doi.org/10.1111/jsbm.12516
View in Google Scholar

Stumbitz, B. (2013). Social entrepreneurship shaped by the life course: A case study of older social entrepreneurs in the UK. [Unpublished doctoral thesis]. Middlesex University.
View in Google Scholar

Stypinska J., Franke A., & Myrczik J. (2019). Senior entrepreneurship: The unrevealed driver for social innovation. Frontiers in Sociology, 4(30), 1–16. https://doi.org/10.3389/fsoc.2019.00030 DOI: https://doi.org/10.3389/fsoc.2019.00030
View in Google Scholar

Technopolis & Oxford Economics. (2018). Silver economy study. https://www.generacionsavia.org/think-tank/reports/silver-economy-study-en-comision-europea-technopolis-y-oxford-economics-fc8d
View in Google Scholar

United Nations Department of Economic and Social Affairs, Population Division. (2022). World population prospects 2022: Summary of results. https://desapublications.un.org/file/989/download
View in Google Scholar

Wahrendorf, M., Akinwale, B., Landy, R., Matthews, K., & Blane, D. (2017). Who in Europe works beyond the state pension age and under which conditions? Results from SHARE. Journal of Population Ageing, 10(3), 269–285. https://doi.org/10.1007/s12062-016-9160-4 DOI: https://doi.org/10.1007/s12062-016-9160-4
View in Google Scholar

Weber, P., & Schaper, M. (2004). Understanding the grey entrepreneur. Journal of Enterprising Culture, 12(2), 147–164. https://doi.org/10.1142/S0218495804000087 DOI: https://doi.org/10.1142/S0218495804000087
View in Google Scholar

World Economic Forum. (2016). The silver economy: How 21st-century longevity can create markets, jobs and drive economic growth, based on the World Economic Forum White Paper. https://www3.weforum.org/docs/IP/2016/HE/B20_WEF_GACAgeing_23%20March.pdf
View in Google Scholar

Yang, Q. Z., Miao, C. Y., & Shen, Z. Q. (2015). Digital services innovation for aging-in-place. 2015 IEEE International Conference on Industrial Engineering and Engineering Management, Singapore, pp. 569–573. https://doi.org/10.1109/IEEM.2015.7385711 DOI: https://doi.org/10.1109/IEEM.2015.7385711
View in Google Scholar

Zsarnoczky, M. (2018). The new hope for the EU—silver economy. https://www.regionalstudies.org/wpcontent/uploads/2018/07/Martin_Zsarnoczky_-_The_New_Hope_for_the_EU_eng.pdf
View in Google Scholar

Downloads

Published

2024-03-29 — Updated on 2024-11-18

Versions

Issue

Section

Research article- regular issue

How to Cite

Barković Bojanić, I., Erceg, A., & Damoska Sekuloska, J. (2024). Silver entrepreneurship: A golden opportunity for ageing society. Economics and Business Review, 10(1), 153-178. https://doi.org/10.18559/ebr.2024.1.1068 (Original work published 2024)

Similar Articles

1-10 of 97

You may also start an advanced similarity search for this article.