Senior Entrepreneurship in Malaysia: Motivations and Barriers

The main purpose of the study is to explore the motivational and hindering factors to become an entrepreneur or self-employed in a later age. Becoming an entrepreneur or self-employed later in life could be great career path and good alternative to waged employment or unemployment. This tenet is true in the Malaysian context. Thus, from policy perspectives, creating favorable environment and policies to support senior entrepreneurship seems to be critical to maintaining active participation in the workforce. This study employs a structured interview technique that was conducted with 10 informants (five senior entrepreneurs and five aspiring senior entrepreneurs). The results of this exploratory study show that entrepreneurship in a later age is considered as career alternative. Informants' motivations to engage in entrepreneurial activity varied from intrinsic (e.g., passion) to extrinsic motivation (e.g., money). Further, informants indicate personal and institutional events as factors that would prevent them from transitioning to self-employment. The personal barriers include fear of failure and adaptation to the current business environment. The institutional barriers include lack of relevant policies and financial support. Overall, the findings reveal that entrepreneurship is perceived positively and can be pursued as a good career option at a later age.