• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.5
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• pp.29-44
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• 2024

Recently, with the retirement of baby boomers, middle-aged and older people's entrepreneurship has become an issue that is receiving attention as a second career. However, existing literature has mainly focused on the entrepreneurial intention or entrepreneurial performance of middle-aged and older people, and above all, there is insufficient understanding of the antecedent factors that make it difficult for middle-aged and older people to start a business. Therefore, this study aimed to explore the effect of middle-aged and older people's indecisiveness preparing for starting a business on their fear of failure in starting a business. In addition, it aimed to verify the effects of public self-awareness and negative external evaluation as antecedent factors that affect the fear of failure of prospective middle-aged and older entrepreneurs. For empirical analysis, a survey was conducted on 221 men and women aged 45 to 64 who were willing to start a business. The results of the empirical analysis showed that indecisiveness significantly affected public self-awareness, negative external evaluation, and fear of failure in starting a business. In addition, public self-awareness and negative external evaluation were confirmed to be related to the fear of failure in starting a business. All hypotheses were supported as a result of the hypothesis verification. The significance of this study lies in the fact that it reinterprets the negative aspects of middle-aged and older adults' indecisiveness and fear of failure in starting a business from a positive perspective, and based on the results of this study, it provides practical implications for resolving the indecisiveness and fear of failure in middle-aged and older adults preparing to start a business.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.19 no.5
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• pp.231-245
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• 2024

While the large-scale retirement of the second baby boomers is predicted, new beginnings such as re-employment and start-up of prospective retirees who attempt to switch careers before and after retirement based on the skills and expertise accumulated in the industrial field are very important in terms of society. Therefore, this study established a research model based on Shapero's start-up event model, a representative theory explaining start-up intention and behavior. In the direct variable affecting the start-up motivation of prospective retirees, factors affecting positive (+) and negative (-) factors In order to comprehensively grasp it, family support and the burden of failure were set as parameters to verify the effect of these factors on the intention to start a business. As a result, a positive (+) influence relationship was found on the effect of the retiree's start-up motivation on the burden of failure, the start-up motivation on the family support, the start-up motivation on the start-up intention, and the family support on the start-up intention. It was found that the start-up motivation had a positive (+) effect on the start-up intention through family support. In other words, for prospective retirees, who are mainly middle-aged, the threshold for start-up has been very low due to technological advances, but nevertheless, family support was found to be a very important factor in the conditions of investing retirement funds and capital, which are important in family relationships. However, it was confirmed that the burden of failure had a negative (-) effect on the start-up intention, and the loss of investment and fear of repayment of the loan appeared as a large burden. Accordingly, it is proposed that prospective retirees who are considering starting a business be able to thoroughly prepare for a start-up through the support of their families, and to operate a specialized outplacement start-up education program that can learn about raising funds and efficient management of funds. It is expected to systematically support retirees' preparation for start-ups, reduce the burden of failure, and ultimately increase the likelihood of a successful start-up.