An exploration of the challenges facing women starting business at fifty

Abstract

Purpose

The paper aims to investigate the motivations, goals, challenges, successes and needs of older women starting new ventures.

Design/methodology/approach

In-depth semi-structured interviews were conducted with ten successful female entrepreneurs who had created their businesses at age 50 or over. The key areas of focus included the women's motivation for starting a business, their previous work experience, potential barriers/enabling factors (including their human, social and financial capital), and the performance of their ventures. Responses were taped, transcribed, coded, grouped and analyzed.

Findings

The primary trigger for older women to start a new venture appears to be the need to find a creative outlet (self-actualization). Further, more than half the women stated that because they now had significantly reduced family responsibilities, this was the time for them to pursue their own goals. Interestingly, a majority of the women had started new ventures in an area completely unrelated to their previous work experience. Family support, particularly from their spouse/partner, was acknowledged by virtually all the women as an important factor contributing to the success of their ventures. All the ventures were profitable and growing.

Research limitations/implications

The findings suggest that well-trained mentors could make a significant difference to this older cohort of female entrepreneurs, particularly in terms of helping them to grow their businesses.

Originality/value

This study fills a gap in the literature by providing an understanding of the motivations and needs of older female entrepreneurs.

Citation

Logan, J. (2014), "An exploration of the challenges facing women starting business at fifty", International Journal of Gender and Entrepreneurship, Vol. 6 No. 1, pp. 83-96. https://doi.org/10.1108/IJGE-03-2013-0019