Late-career entrepreneurship, income and quality of life

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Journal of Business Venturing, ISSN: 0883-9026, Vol: 32, Issue: 3, Page: 318-333

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Teemu Kautonen; Ewald Kibler; Maria Minniti
Elsevier BV
Business, Management and Accounting
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article description
Late-career transitions to entrepreneurship are discussed as a promising way to address some of the problematic implications of population aging. By extending employment choice theory to simultaneously account for career stage and for non-monetary rewards from entrepreneurship, we investigate how late-career transitions from organizational employment to entrepreneurship influence the returns from the monetary (income) and non-monetary (quality of life) components of an individual's utility. Using data from the English Longitudinal Study of Ageing, our empirical analysis shows that for late-career individuals, starting a business is positively associated with change in quality of life and negatively associated with change in income.