There is no single profile or psychological template for being an entrepreneur. Entrepreneur can be of any age, gender, religion and ethnicity who is passionate about the business idea and shows immense commitment, dedication and hard work to make the ideas work (Spinelli & Adams). The research by Kaufmann Index of Entrepreneurship shows that 25% of the entrepreneurs are of the age group between 55 and 64. It reveals that most people decide to go into business for themselves in their later career (Pierre, 2017).
It is so because after the professional experience of many years, they have clearer idea about what excites and motives them to work and what their passion is. So, post retirement they may choose to work on their passion and start entrepreneurship journey. Similarly, at the starting of the career, people want a stable, secure and less-risky jobs. Once they started living a stable life from the earnings and feel that they are ready to take the challenge, they start working on their ideas. In addition, when the technological development changes the working procedure, they might choose to embrace entrepreneurship and give continuity to whatever they were doing rather than train themselves for being tech-savvy. Another reason for this might be because people are habituated to work and when they are about to retire or leave of a job because of their age factor, they find it difficult to stay idle and very few organizations are willing to hire to hire aged people. So they choose to become entrepreneur so that they remain engaged.
In context of Nepal, the people have to bear the financial responsibility of their family. The responsibilities like educating the children or looking after the parents need a stable income that is not guaranteed if we are an entrepreneur. So till the time they are bounded by responsibility they chose to work for others for fixed income. When they feel they no more have to contribute fixed income for their family and can take the risk, the start entrepreneurship.
When people work for others, they gain idea about the market, adequate exposure to different working situations, widespread networks and financial stability with no or very less amount of risk involved. The different skills needed to be an entrepreneur like critical thinking, decision-making and problem solving, dealing with unfavorable situations etc. can be acquired from the work. Later, they can capitalize on their experience, skills, exposure and networks built during the job by being an entrepreneur and it also allows them to share their knowledge and learning to newer generations who work with them.
References
Pierre, R. S. (2017, May 26). How Older Entrepreneurs Can Turn Age to Their Advantage. Retrieved from Entrepreneur: entrepreneur.com/article/294799
Spinelli, S., & Adams, R. J. (n.d.). New Venture Creation: Entrepreneurship for the 21st Century (Nineth ed.). Irwin: McGraw Hill Education.
For further actions, you may consider blocking this person and/or reporting abuse
We're a place where students share, stay up-to-date, learn and grow.
There is no single profile or psychological template for being an entrepreneur. Entrepreneur can be of any age, gender, religion and ethnicity who is passionate about the business idea and shows immense commitment, dedication and hard work to make the ideas work (Spinelli & Adams). The research by Kaufmann Index of Entrepreneurship shows that 25% of the entrepreneurs are of the age group between 55 and 64. It reveals that most people decide to go into business for themselves in their later career (Pierre, 2017).
It is so because after the professional experience of many years, they have clearer idea about what excites and motives them to work and what their passion is. So, post retirement they may choose to work on their passion and start entrepreneurship journey. Similarly, at the starting of the career, people want a stable, secure and less-risky jobs. Once they started living a stable life from the earnings and feel that they are ready to take the challenge, they start working on their ideas. In addition, when the technological development changes the working procedure, they might choose to embrace entrepreneurship and give continuity to whatever they were doing rather than train themselves for being tech-savvy. Another reason for this might be because people are habituated to work and when they are about to retire or leave of a job because of their age factor, they find it difficult to stay idle and very few organizations are willing to hire to hire aged people. So they choose to become entrepreneur so that they remain engaged.
In context of Nepal, the people have to bear the financial responsibility of their family. The responsibilities like educating the children or looking after the parents need a stable income that is not guaranteed if we are an entrepreneur. So till the time they are bounded by responsibility they chose to work for others for fixed income. When they feel they no more have to contribute fixed income for their family and can take the risk, the start entrepreneurship.
When people work for others, they gain idea about the market, adequate exposure to different working situations, widespread networks and financial stability with no or very less amount of risk involved. The different skills needed to be an entrepreneur like critical thinking, decision-making and problem solving, dealing with unfavorable situations etc. can be acquired from the work. Later, they can capitalize on their experience, skills, exposure and networks built during the job by being an entrepreneur and it also allows them to share their knowledge and learning to newer generations who work with them.
References
Pierre, R. S. (2017, May 26). How Older Entrepreneurs Can Turn Age to Their Advantage. Retrieved from Entrepreneur: entrepreneur.com/article/294799
Spinelli, S., & Adams, R. J. (n.d.). New Venture Creation: Entrepreneurship for the 21st Century (Nineth ed.). Irwin: McGraw Hill Education.