Senior Entrepreneurship: Agenda for a Youth Economy (Indian Perspective)

Introduction

An entrepreneur is a person who schematize and synthesis business resources and operates with greater than normal financial risk and environmental uncertainties. Entrepreneurship is the intention and capability to develop, organize and manage a business undertaking, accompanied by its nasty risks, with an objective to safeguard a profit interest. Entrepreneurship requires energy, attitude, inspiration, inventiveness as well as business acumen. Some argue that too much older workforce slows down entrepreneurship. Older workers occupying top position may also hinder younger workforces’ opportunities to develop their skills and competences which increase with experience in high-level positions. While others believe that older workforce bring crucial resources (e.g., capital, networks etc.) in addition to their experience. Moreover, they tend to be well qualified, and keen to transform and innovate and view sustainable progress as a crucial business objective (Cannon, 2008). In one of the recent studies, it was found that there exist relatively weak but positive linear relationship between age and overall entrepreneurial success. At the same time, it does illustrate a U- shaped pattern, with the younger population having a negative relationship and the older population having positive relationship (Liang et al., 2018; Zhao et al., 2021). The model implies that entrepreneurship should display an inverted-U-shape relation to age. The very young do not possess the business skills necessary to start a business and the very old lack the creativity, energy, or willingness to engage in entrepreneurship.

In a developing youth- economy such as India, the age dependency ratio, old, in 2018 was recorded maximum to be 9.26%. Adding to that, steep surge in unemployment due to coronavirus pandemic- induced lockdowns was also observed throughout the country. Could India be the next destination for third- age entrepreneurship to find its calling? Should we acknowledge the advantages of senior entrepreneurship and sensitize the aging population and the Governments toward it? With an objective to answer the above questions, this chapter begins by highlighting the alternative perspective upon entrepreneurship triggered by changing circumstances world- wide. In light of limited literature available for senior entrepreneurship, potential motivating factors or driving force are discussed. Furthermore, entrepreneurship in India is highlighted encompassing status of entrepreneurship, policies and schemes promoting entrepreneurship and opportunities and challenges for senior entrepreneurship. Finally, the chapter concludes with implications for practice in policy- making and in terms of encouraging senior entrepreneurship and its antecedents in Indian context.