Understanding the Grey Entrepreneur: A Review of the Literature

The role of older business operators has been largely ignored in contemporary entrepreneurship research, even though 31% of all Australian SMEs are owned and operated by persons over the age of 50. Long term demographic trends throughout the developed world suggest that such entrepreneurs will come to play an increasingly important part of economic activity, as populations age and the traditional workforce age cohort declines. This paper provides an overview of current research into the phenomena of the so-called “grey entrepreneur” (also variously known as senior entrepreneurs, older entrepreneurs, third age entrepreneurs, elder entrepreneurs and senior-preneurs), drawing on research from Australia, the United Kingdom, New Zealand and the USA. Little direct information exists about the structure, performance and features of firms operated by grey entrepreneurs, and how they compare with their younger counterparts. The data does indicate that a majority of older entrepreneurs are ma...