From retirement to entrepreneurship»: profiles and challenges of older entrepreneurs. Do gender and social orientation matter?

2026. . D. International Entrepreneurship and Management Journal 22(2), 68

Espinoza-Benavides, J., Yañez-Valdés, C., Díaz, D., & Ribeiro-Soriano

Abstract:

The 2025ageing of the population has intensified interest in entrepreneurship in later life as a way to extend the economic participation of older adults and promote active ageing. This study aims to identify and characterize distinct profiles of older entrepreneurs, considering their sociodemographic characteristics, motivations, and perceptions of entrepreneurship. To this end, a cluster analysis was conducted based on data from the Adult Population Survey (APS) of the Global Entrepreneurship Monitor (GEM) 2019, complemented by decision trees to interpret the classification rules for each group. The results reveal the existence of three main profiles of older adult entrepreneurs: “conventional entrepreneurs,” “socially oriented entrepreneurs,” and “pragmatic entrepreneurs.” Conventional entrepreneurs perceive opportunities in their environment, trust their entrepreneurial abilities, and are motivated primarily by economic reasons and financial independence. Socially oriented entrepreneurs are distinguished by their focus on businesses with community impact and the high proportion of women within the group. Finally, pragmatic entrepreneurs present a utilitarian view of entrepreneurship, with a predominantly economic motivation, either out of necessity due to a lack of job opportunities or as a strategy to generate additional income. Decision tree analysis confirms that gender, the perception of businesses with social impact, and the perception of entrepreneurial opportunities are key factors in the segmentation of these entrepreneurs. Furthermore, subgroups are identified within each cluster, suggesting greater heterogeneity within these segments. These findings reinforce the need for differentiated policies that address the diverse motivations and conditions of older entrepreneurs. Adapted strategies are suggested, such as financing and mentoring programs for conventional entrepreneurs, incentives and support networks for ventures with social impact, and training and financial inclusion for pragmatic entrepreneurs. This study contributes to the literature on entrepreneurship in old age by providing an empirical basis for the design of public policies that promote the productive participation of older adults in the economy.

Palabras claves: Older entrepreneurship, active ageing, older adult entrepreneurs, economic participation, entrepreneurial profiles, cluster analysis, decision trees, Global Entrepreneurship Monitor (GEM), Adult Population Survey (APS), social entrepreneurship, entrepreneurial motivation, financial independence, opportunity perception, social impact ventures, pragmatic entrepreneurs, conventional entrepreneurs, entrepreneurial abilities, gender differences, public policy, financial inclusion, entrepreneurship in later life, productive ageing, entrepreneurial segmentation, senior entrepreneurship, community impact, entrepreneurial opportunity recognition, entrepreneurship and ageing, inclusive entrepreneurship, mentoring programs, entrepreneurship policy.

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