An exploration of the challenges facing women starting business at fifty
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.