Senior entrepreneurship – key facts at regional level in Romania

Open access


Senior population is still a valuable resource for the labour market and for entrepreneurship. While ageing population is a global phenomenon and solution are needed to milder the economic impact, there are also to consider the positive outcomes related to the optimal use of potential in the senior population and the benefits of an active life upon the elderly. This paper focuses on the entrepreneurial activity of senior population at regional level in Romania (Bucharest-Ilfov and South-Muntenia), considering a panel of 200 limited liability companies established in the last 5 years, by a single shareholder aged 60+ years. The empirical descriptive study is mainly based on the information about these companies searched for on the Ministry of Finance website. The paper aims to answer questions related to entrepreneurial activity of grey population like e.g. fields of activity raising interest of senior entrepreneurs at regional level in Romania and size of companies in terms of employees’ number and yearly turnover. The paper presents few considerations in view of assessing some dimensions of this phenomenon of senior entrepreneurship at regional level in Romania, based on the data obtained for the last 5 years. The results of this analysis will be enhanced by a further study on the same panel addressing mainly motivational drivers to start-up a business.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • Adrien M.-H. Kirouac S. Sliwinski A. (1999). Women’s Entrepreneurship in Canada: All that Glitters is not Gold. Universalia Occational Paper 38 1-13. Available at: Accessed on 3rd of April 2017.

  • Ainsworth S. (2015). Ageing Workers and the Employee-Employer Relationship Springer International Publishing 243-260.

  • Aisa R. Larramona G. Pueyo F. (2015). Active ageing preventive health and dependency: Heterogeneous workes differential behavior. Journal of Economic Behavior&Organization 117 1-9.

  • Baucus D. Human S.E. (1994). Second Career Entrepreneurs: A multiple case of entrepreneurial processes and antecedent variables. Entrepreneurship Theory and Practice 19(2) 41-71.

  • Bergmann H. Sternberg R. (2007). The changing face of entrepreneurship in Germany. Small Business Economics 28(2) 205-221.

  • Bierwisch A. Goluchowicz K. Som O. (2014). Stocktaking of activities in active ageing and work environment in policy science and industry - The German case. Technological Forecasting&Social Change 89 343-357.

  • Blanchflower D. G. Oswald A. Stutzer A. (2001). Latent entrepreneurship across nations. European Economic Review 45(4-6) 680-691.

  • Bohlmann C. Rauch A. Zacher H. (2017). A Lifespan Perspective on Entrepreneurship: Perceived Opportunities and Skills Explain the Negative Association between Age and Entrepreneurial Activity Frontiers in Psychology. Available at: (Accessed on 20th of Dec 2017).

  • Botham R. Graves A. (2009). The grey economy. How third age entrepreneurs are contributing to growth. Nesta Research Report. Available at: (accessed Jun 2016).

  • Buttner E.H. Moore D.P. (1997). Women's Organizational Exodus to Entrepreneurship: Self-reported Motivations and Correlates with Success. Journal of Small Business Management 35(1) 34-46.

  • Curran J. Blackburn R. (2001). Older people and the enterprise society: Age and selfemployment propensities. Work Employment and Society 15(4) 889-902.

  • Emile M. Chalabaev A. Stephan Y. Corrion K. D’Arripe-Longueville F. (2014). Aging stereotypes and active lifestyle: Personal correlates of stereotype internalization and relationships with level of physical activity among older adults. Psychology of Sport and Exercise 15 198-204.

  • European Commission The 2015 Ageing Report: Economic and budgetary projections for the 28 EU Member States (2013-2060) EUROPEAN ECONOMY 3|2015. Available at: (Accessed 8th of Jan. 2016).

  • European Commission EIP on AHA What is the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA)? Available at: (Accessed on 3rd of April 2017).

  • European Commission. Eurostat statistics on Population structure and ageing. Available at: Accessed on 3rd of April 2017).

  • Fairlie R. W. Fossen F.M. Opportunity versus Necessity Entrepreneurship: Two Components of Business Creation SIEPR Discussion Paper No. 17-014 Available at ; accessed 1st of Dec. 2017

  • Foy C.G. Vitolins M.Z. Case L.D. Harris S.J Massa-Fanale C. Hopley R.J. Gardner L. Rudiger N. Yamamoto K. Swain B. Goff D.C. Jr. Darnhauer S.C. Booth D. Gaspari J. (2013) Incorporating prosocial behavior to promote physical activity in older adults: Rationale and Design of the Program for Active Ageing and Community Engagement (PACE). Contemporary Clinical Trials 36 284-297.

  • Giacomin O. Guyot J.L. Janssen F. Lohest O. (2007). Novice Creators: Personal Identify and Push Pull Dynamics. Crecis Working paper 7/10. Available on Accessed 1st of Nov 2017

  • Harms R. Luck F. Kraus S. Walsh S. (2014). On the motivational drivers of gray entrepreneurship: An exploratory study. Technological Forecasting & Social Change 89 358-365.

  • Huges K.D. (2003). Pushed or pulled? Women’s entry into self-employment and small business ownership. Gender Work and Organization 10 (4) 433-454.

  • Kalache A. Kickbush I. (1997). A global strategy for healthy ageing. World Health 4 4-5.

  • Kautonen T. (2008). Understanding the older entrepreneur: comparing third age and prime age entrepreneurs in Finland. International Journal of Business Science and Applied Management 3(3) 3-13

  • Kautonen T. S. Down and L. South (2008). Enterprise support for older entrepreneurs: The case of PRIME in the UK. International Journal of Entrepreneurial Behaviour & Research 14 85-101.

  • Kautonen T. Down S. Minniti M. (2014). Ageing and entrepreneurial preferences. Small Business Economics 42(3) 579-594.

  • Kean R. C Van Zandt S. and Maupin W. (1993). Successful Ageing: The Older Entrepreneur Journal od Women and Aging 5(1): 25-42.

  • Kok J. de Ichou A. Verheul I. (2010) New Firm Performance: Does the Age of Founders Affect Employment Creation? Scales Research Reports H201015 EIM Business and Policy Research. Available at: (Accessed on 12 January 2017).

  • Kraus S. Bouncken R. B. (2014) Senior entrepreneurship: definitions and underlying theories International Journal of Business Research IJBR 14(3) 209-215.

  • Lassen A.J. Bønnelycke J. Otto L. (2015). Innovating for ‚active ageing‘ in a public-private innovation partnership: Creating doable problems and alignment. Technological Forecasting & Social Change 93 10-18.

  • Lassen A.J. Moreira T. (2014). Unmaking old age: Political and cognitive formats of active ageing. Journal of Ageing Studies 30 33-46.

  • Lévesque M. Minniti M. (2006). The effect of aging on entrepreneurial behavior. Journal of Business Venturing 21(2) 177-194.

  • Lévesque M. Minniti M. (2011). Age matters: How demographics influence aggregate entrepreneurship. Strategic Entrepreneurship Journal 5(3) 269-284.

  • Levy B.R. Myers L.M. (2004). Preventive health behaviors influenced by self-perceptions of aging. Preventive Medicine 39 625-629.

  • Lewis K. & Walker E. A. (2011). Self-employment: Policy panacea for an ageing population? Small Enterprise Research 18(2) 143-151.

  • Maâlaoui A. Castellano S. Safraou I. Bourguiba M. (2013). An exploratory study of seniorpreneurs. A new model of entrepreneurial intentions in the French context. International journal of entrepreneurship and small business 20 (2) 148-164.

  • Moulaert T. Paris M. (2013). Social policy on ageing: The case of “active ageing” as a theatrical methaphor. International Journal of Social Science Studies 1(2) 113-123.

  • Parker S.C. (2009). The economics of self-employment and entrepreneurship Cambridge University Press Cambridge 113-160.

  • Păunescu C Blid L. 2017. Seniorpreneur as a career option for smart active ageing. A study on Romania Proceedings of the International Conference on Business Excellence 11 (1).

  • Pilkovaa A. Holienkaa M. Rehaka J. (2014). Senior entrepreneurship in the perspective of European entrepreneurial environment. Procedia Economics and Finance 12 523 -532.

  • Robichaud Y. LeBrasseur R. Nagarajan K.V. (2010). Necessity and Opportunity-driven Entrepreneurs in Canada: An Investigation into their Characteristics and an Appraisal of the Role of Gender Journal of Applied Business & Economics 11 (1) 59.

  • Rogoff E.G. (2008) The Issues and Opportunities of Entrepreneurship After Age 50 Occasional Papers AARP Office of Academic Affairs. Available on (Accessed 20th of Jul. 2017).

  • Romanian National Statistics Institute. The stable resident population. Demografic structure. Population on census of […] 2011 - counties and categories of localities Available at: (Accessed 1st of Nov. 2017).

  • Singh G. DeNoble A. (2003). Early retirees as the next generation of entrepreneurs. Entrepreneurship Theory & Practice 23 207-226.

  • Staudinger U. M. (1999). Older and Wiser? Integrating Results on the Relationship Between Age and Wisdom-related Performance. International Journal of Behavioral Development 23(3) 641-664.

  • Thorgren S. Sirén C. Nordström C. Wincent J. (2016). Hybrid entrepreneurs’ second-step choise: The nonlinear relationship between age and intention to enter full-time entrepreneurship. Journal of Business Venturing Insights 5 14-18.

  • United Nations World population prospects Key findings and advanced tables 2015 Revision Available at: (Accessed 20th of Jul. 2017).

  • Verheul I. Thurik R Hessels J. van der Zwan P. (2010). Factors Influencing the Entrepreneurial Engagement of Opportunity and Necessity Entrepreneurs SCALE - Scientific analysis of Entrepreneurship and SMEs available at: (Accessed on 1st of Nov. 2017).

  • Verheul I. van Stel A. (2007). Entrepreneurial diversity and economic growth. SCALE - Scientific analysis of entrepreneurship and SMEs 1-29. Available on;jsessionid=A82F4969300A91D83E5D9ADBD0744C88?doi=; accessed on 1st of Oct. 2017.

  • Wagner J. (2002). The Impact of Risk Aversion Role Models and the Regional Milieu on the Transition from Unemployment to Self-Employment: Empirical Evidence for Germany. Discussion Paper . Institute for the Study of Labor Discussion Paper No. 468. Available at: (Accessed on 20th of Jul. 2017).

  • Walker E..A. Webster B.J. (2007). Gender age and self-employment: some things change some stay the same. Women in Management Review 22 122-135.

  • Walker A. (2009). Commentary: The emergence and application of active aging in Europe. Journal of Aging & Social Policy 21(1) 75-93.

  • Weber P. and Schaper M. (2004). Understanding the grey entrepreneur. Journal of Enterprising Culture 12(2) 147-164.

  • World Health Organization (WHO) (2002). Active Ageing A Policy Framework Accessed on on 1st of Nov. 2017.

  • Zhang T. (2008). Elderly Entrepreneurship In An Aging Us Economy: It's Never Too Late. Vol. 2 of Series on economic development and growth. World Scientific 5-8.

Journal information
All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 301 127 5
PDF Downloads 225 92 3