How Retirees' Evaluation of Starting Food Service Business Affects Effectiveness of Their New Business and Quality of Life

This study surveyed how retirees' evaluation of starting food service business affects the effectiveness their new business and quality of life, based on personal factors such as entrepreneurship and business-starting capability and environmental factors by using questionnaires. Bootstrapping was carried out in order to find out factors affecting rapidly changing new business environments and retirees' initial intent to start a business so as to verify basic hypothesis about relation between retirees' evaluation of starting food service business (social, economic, and psychological effects) and the effectiveness of their new business and quality of life and confirm whether the effectiveness of the new business acts as a medium between the evaluation of starting food service business and quality of life. In addition, PLS-MGA was performed in order to verify whether the correlations among test factors can be varied according to the kind of job the target retirees had. Having examined the basic thesis, it was found that social and economic factors had significant positive effect on the effectiveness of the new business, and social and psychological factors had significant positive effect on the quality of life. Having analyzed whether the effectiveness of new business acted as a media between evaluation of starting food service business and quality of life, there was no significant effect as a medium. Having studied whether the kind of job of the retirees controlled or affected the relations among evaluation of starting food service business, effectiveness of new business and quality of life, the results were as follows: in the office job retiree group, the greater economic factor led to increase of effectiveness of new business, while social and psychological factors influenced the quality of life; In the physical labor group, the higher social factor resulted in higher effectiveness of new business, which showed significant positive effect on the quality of life. Having researched about which element is considered to be most important in starting food service business, the most important element was found to be dish/menu, followed by staff management, accounting management, business management, and service education. Having analyzed relation between accomplishment and important consideration for starting food service business, "managers with entrepreneurship," "appropriate distribution of time to prepare for starting business," and "operation of practical field education programs" showed higher importance compared to the degree of satisfaction, so it is needed to more concentrate on the above matters. This study intends to raise retirees' awareness of starting business and help them live better life based on the analysis results, and further suggest detailed mechanism and specific operations of factors affecting retirees' decision making on starting business, such that they can use the information as basic materials to make better choices that can lead to successful business.