Systematic literature review on the senior entrepreneurship studies

Senior entrepreneurship, which involves individuals aged 50 and older who launch new business ventures, has attracted considerable interest due to the global aging population and evolving social perceptions of retirement. This phenomenon has gained significant attention in recent years because of the increasing number of elderly people choosing to start businesses and the potential benefits that senior entrepreneurship can bring to both individuals and Society. This study aims to conduct a systematic literature review (SLR) of the literature on senior entrepreneurship to identify key trends, analyze motivations and challenges, and suggest future research directions. A systematic search of papers utilizing the SPAR-4-SLR protocol discovered 67 relevant articles for examination. It analyzes the publication trends, terminology, research settings, methods, and theoretical frameworks. The findings reveal a growing body of studies, particularly from developed countries, that often use quantitative methodologies and theories, such as the Theory of Planned Behavior and the Push-Pull Approach. The analysis delved into various motivations, including necessity-driven ("push" factors like financial need) and opportunity-driven ("pull" factors like personal fulfillment), as well as the challenges faced by senior entrepreneurs, such as limited access to financing, ageism, and technological obstacles. This study's implications suggest future research should geographically extend to developing countries and utilize qualitative and mixed methods to provide deeper insights into senior entrepreneurs' experiences. The use of interdisciplinary theories, including the Need for Achievement Theory, Life Course Theory, and the Resource-Based View, could enhance understanding of senior entrepreneurs' motivation and success factors. Future studies should explore the interplay of age, gender, race, and digital literacy in senior entrepreneurship, offering a deeper understanding of this growing phenomenon across different socioeconomic contexts.