| dc.description |
Entrepreneurship has become a worldwide phenomenon such that various government and
non-profit organisations are developing different programme for encouraging start-up of new
entrepreneurs for youth, middle aged and retired people (senior entrepreneurs). Supporting
senior entrepreneurs is also emerging in developing countries and policy makers are trying to
develop strategies to encourage start-up of new business.
The purpose of this study was to examine the factors influencing senior entrepreneurs in
starting up their business in Tanzania a case of Mwanza city. The study was guided by the
following objectives: (i) to determine the types of business undertaken by senior
entrepreneurs in Mwanza city, (ii) to identify the characteristics of senior entrepreneurs in
Mwanza city, (iii) to determine different factors that influence senior entrepreneurs in starting
up their businesses.
The research employed both quantitative and qualitative methods within descriptive research
design to answer the research objectives. The study surveyed 115 respondents using self
administered questionnaires. In addition in depth interviews were conducted with the
business licensing officers and the retirees. The data were analyzed using descriptive
statistics through SPSS and Excel computer packages.
The research finding revealed that retirees (senior entrepreneurs) are influenced by factors
such as human capital, financial capital, access to information and regulations, social
environment and social capital in starting up their business. When ranked in order of their
importance, financial capital was ranked as the most important influential factor followed by
human capital, access to information and regulations and last was social capital.
The study recommends the following measures to be taken to improve the performance of
businesses of retirees: prospective retirees must embrace retirement planning which starts
with early saving for retirement. Retirees should endeavour to attend training seminars to
improve their business and financial management skills. The prospective retirees should start
business before retirement age to gain hands on experience and build foundation for their
businesses well before retirement age.
The study suggests areas for further research such as extensive studies in other regions prior
for generalization and should focus on the internal and external factors affecting the
performance of business of retirees in Tanzania. |
|