Becoming a first-time entrepreneur in your 40s and older: lessons from survival analysis, Dr Ondřej Dvouletý, Dr Ivana Svobodová, Dr Nina Bočková, Dr Jarmila Šebestová
Dr Ondřej Dvouletý
Department of Entrepreneurship
Prague University of Economics and Business
Czech Republic
Dr Ivana Svobodová
Department of Entrepreneurship
Prague University of Economics and Business
Czech Republic
Dr Nina Bočková
Department of Entrepreneurship
Prague University of Economics and Business
Czech Republic
Dr Jarmila Duháček Šebestová
Department of Business Economics and Management
School of Business Administration, Silesian University in Opava
Czech Republic
Paper Type: Research Paper
Received: 4 June 2024 / Revised: 11 August 2024 / Accepted: 2 September 2024 / Published: 25 November 2024
DOI: 10.47556/J.WJEMSD.20.2.2024.4
Purpose: This article aims to have a better understanding of a specific group of first-time entrepreneurs starting a business at the age of 40 years and older (associated in the literature with the terms “third age” or “silver age”), often experiencing career shocks or feeling a need to change their working lives and habits.
Design/Methodology/Approach: The research explores the situation in a small, open Central European economy, the Czech Republic. It is based on extensive business register data covering the years 2010-2023, allowing first-time entrepreneurs within this age group to be captured. These individual-level data, combined with information from other sources, created a dataset of 178,388 first-time entrepreneurs aged 40+ by the time of starting their business. These were used to study their characteristics and analyse factors shaping their business survival.
Findings: We found that, on average, 12,857 individuals aged 40+ become entrepreneurs for the first time annually; their characteristics differ in terms of age, gender, sectoral orientation, region of doing business, and education. The results from the Cox-Hazard survival analysis support the importance of these factors, highlighting, for example, that females had higher chances of closing their business activity, and that the likelihood of closing the business increases with age.
Originality/Value: This article uniquely addresses the population of third-age entrepreneurs in a specific country context. Becoming an entrepreneur at the third age might be an opportunity to change working habits, leave employment, and enhance work-life balance through an entrepreneurial career pathway. This is important, especially in the context of population ageing and increased life length expectancy, allowing individuals to stay economically active longer.
Keywords: Entrepreneurship; First-time Entrepreneur; Third Age; Silver Age, 40+ population; Czech Republic; SDG 8: Decent Work and Economic Growth.
Citation: Dvouletý, O., Svobodová, I., Bočková, N. and Šebestová, J. (2024): Becoming a First-time Entrepreneur in your 40s and Older: Lessons from Survival Analysis. World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 20, No. 2, pp. 141-157.
