Hybrid Entrepreneurship during Retirement: Comparison of Motives and Aspirations

  • Erno T. Tornikoski
  • Anmari Viljamaa
  • Elina Varamäki


Hybrid entrepreneurship represents a surprisingly large part of economic activities in many countries. For example, it has been estimated that in Finland as much as 4 per cent of the employed workforce and 4 per cent of the non-employed population (e.g., students, pensioners) are involved in entrepreneurial activities on a part-time basis (Akola et al. 2007; Entrepreneurship Review 2010). Hybrid entrepreneurs (HEs) also represent a significant share of all entrepreneurial activities (Folta, Delmar and Wennberg 2010; Lith 2010). According to one study, full-time entrepreneurs were outnumbered by individuals who engaged simultaneously in self-employment and wage work (Burke, FitzRoy and Nolan 2008). Hybrid entrepreneurship also seems to be an interesting option for starting a new business. At least, over 50 per cent of nascent entrepreneurs — individuals in the process of starting a new venture — are simultaneously engaging in wage-employment (Acs et al. 2005; Reynolds et al. 2004; Gelderen, van Thurik and Bosma 2005; Bosma and Harding 2007).


Entrepreneurial Activity Entrepreneurial Intention Growth Opportunity Nascent Entrepreneur Global Entrepreneurship Monitor 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Acs, Z. J., P. Arenius, M. Hay and M. Minniti M. (2005). Global Entrepreneurship Monitor. 2004 Executive Report. Babson Park, MA: Babson College.Google Scholar
  2. Akola, E., J. Heinonen, A. Kovalainen, T. Pukkinen, and J. Österberg. (2007). Yrittäjyyden ja palkkatyön rajapinnalla? Työn ja toimeentulon rakentuminen eri ammateissa 2000-luvun suomessa. Työpoliittinen tutkimus 326/2007. Helsinki: Työministeriö.Google Scholar
  3. Atchley R. C. (1989). A Continuity Theory of Normal Aging. Gerontologist 29(2): 183–190.CrossRefGoogle Scholar
  4. Austad, S.N. (1997). Why We Age: What Science Is Discovering about the Body’s Journey through Life. New York: Wiley.Google Scholar
  5. Becker, G. S. (1964). Human Capital. Chicago: University of Chicago Press.Google Scholar
  6. Bosnia, N., and R. Harding. (2007). Global Entrepreneurship Monitor. GEM 2006 Summary Results. Babson Park, MA, Babson College; London: London Business School.Google Scholar
  7. Bosma, N., M. von Praag and G. de Wit. (2000). Determinants of Successful Entrepreneurship. SCALES Scientific Analysis of Entrepreneurship and SMEs, research report 2000/E.Google Scholar
  8. Botham, R., and A. Graves. (2009). The Grey Economy: How Third Age Entrepreneurs Are Contributing to Growth. Research report, August, NESTA, London, Accessed 15 May 2014.
  9. Boulbry, G. (2003). L’impact du vieillissement cognitif sur l’efficacité publicitaire: Le cas de la publicité à évocations nostalgiques. Doctoral thesis, University of Rennes 1, France.Google Scholar
  10. Burke, A., F. FitzRoy and M. Nolan. (2008). What Makes a Die-Hard Entrepreneur? Beyond the Employee or Entrepreneur Dichotomy. Small Business Economics 31(1): 93–115.CrossRefGoogle Scholar
  11. Carter, N. M., W. B. Gartner, K. G. Shaver, and E.J. Gatewood. (2003). The Career Reasons of Nascent Entrepreneurs. Journal of Business Venturing 18(1): 13–39.CrossRefGoogle Scholar
  12. Cassar, G. (2007). Money, Money, Money? A Longitudinal Investigation of Entrepreneur Career Reasons, Growth Preferences and Achieved Growth. Entrepreneur ship and Regional Development 19(1): 89–107.CrossRefGoogle Scholar
  13. Chandler, G. N., and S. H. Hanks. (1994). Founder Competence, the Environment, and Venture Performance. Entrepreneurship Theory and Practice 18(3): 77–89.Google Scholar
  14. Chrisman, J. J., and W. E. McMullan. (2000). A Preliminary Assessment of Outsider Assistance as a Longer-Term Impact of New Venture Counseling. Entrepreneurship Theory and Practice 24(3): 37–53.Google Scholar
  15. Cole, C. A., and G.J. Gaeth, G.J. (1990). Cognitive and Age-Related Differences in the Ability to Use Nutritional Information in a Complex Environment, Journal of Marketing Research 27(2): 175–184.CrossRefGoogle Scholar
  16. Cole C. A., and M. J. Houston. (1987). Encoding and Media Effects on Consumer Learning Deficiencies in the Elderly. Journal of Marketing Research 24(1): 55–63.CrossRefGoogle Scholar
  17. Covin, J.G., and D. P. Slevin. (1997). Strategy Formation Patterns, Performance, and the Significance of Context. Journal of’Management 23(1): 189–209.Google Scholar
  18. Davidsson, P. (1989). Entrepreneurship — and After? A Study of Growth Willingness in Small Firms. Journal of Business Venturing 4 (3): 211–226.CrossRefGoogle Scholar
  19. Davidsson, P. (1991). Continued Entrepreneurship: Ability, Need, and Opportunity as Determinants of Small Firm Growth. Journal of Business Venturing 6(6): 405–429.CrossRefGoogle Scholar
  20. Davidsson, P., and B. Honig. (2003). The Role of Social and Human Capital among Nascent Entrepreneurs. Journal of Business Venturing 18(3): 301–331.CrossRefGoogle Scholar
  21. Davidsson, P., B. Kirchhoff, A. Hatemi-J., and H. Gustavsson. (2002). Empirical Analysis of Growth Factors Using Swedish Data. Journal of Small Business Management 40(4): 332–349.CrossRefGoogle Scholar
  22. Entrepreneurship Review (2010). Employment and Entrepreneurship 60/2010. Helsinki: Ministry of Employment and the Economy.Google Scholar
  23. Entrepreneurship Review (2011). Employment and Entrepreneurship 34/2011. Helsinki: Ministry of Employment and the Economy, European Economy 2/2012.Google Scholar
  24. European Commission (2004). Increasing the Employment of Older Workers and Delaying the Exit from the Labour Market. COM (2004): 146.Google Scholar
  25. European Commission (2005). Working Together for Growth and Jobs: A New Start for the Lisbon Strategy. COM (2005): 24.Google Scholar
  26. European Commission (2006). Implementing the Renewed Lisbon Strategy for Growth and Jobs. COM (2006).Google Scholar
  27. European Commission (2012). The 2012 Ageing Report: Economic and Budgetary Projections for the 27 EU Member States (2010–2060). Accessed 11 September, 2014.
  28. Eurostat (2014). Population Structure and Aging. Accessed 11 September, 2014.
  29. Eurostat (2012). Europe in Figures. Brussels: European Commission.Google Scholar
  30. Foley, M. R. (1984). What Makes a Small Business Successful? Sheffield Center for Environmental Research, Occasional paper 41.Google Scholar
  31. Folta, T., F. Delmar and K. Wennberg. (2010). Hybrid Entrepreneurship. Management Science 56(2): 253–269.CrossRefGoogle Scholar
  32. Gelderen, M., R. van Thurik and N. Bosma. (2005). Success and Risk Factors in the Pre-startup Phase. Small Business Economics 24: 365–380.CrossRefGoogle Scholar
  33. Gray C. (2004). Age Effects on Small Firm Growth and Strategic Objectives. The 34th efmd EISB Conference Abstracts Proceedings, 8–10 September 2004, Turku.Google Scholar
  34. Greco, A. J., and L. E. Swayne. (1992). Sales Response of Elderly Consumers to Point-of-Purchase Advertising. Journal of Advertising Research 32(5): 43–53.Google Scholar
  35. Gruenert, J. (1999). Second Job Entrepreneurs. Occupational Outlook Quarterly 43(3): 18–26.Google Scholar
  36. Havighurst, R. J., and R. Albrecht. (1953). Older People. Oxford: Longmans, Green.Google Scholar
  37. Hayek, F. A. (1945). The Use of Knowledge in Society. American Economic Review 35(4): 519–530.Google Scholar
  38. Haynie, J. M., D. A. Shepherd and J. S. McMullen. (2009). An Opportunity to Me? The Role of Resources in Opportunity Evaluation Process, Journal of Management Studies 46(3): 337–361. terveysalalla sekä kaupallisella ja teknisellä alalla. Työvoimapoliittinen Tutkimus 297/2006. Helsinki: Työministeriö.CrossRefGoogle Scholar
  39. Heinonen, J., A. Kovalainen, K. Paasio, T. Pulkkinen and J. Österberg. (2006). Palkkatyöstä yrittäjäksi: Tutkimus yrittäjäksi rhytymisen reiteistä sosiaali — jaGoogle Scholar
  40. Heinonen, J., and T Pukkinen. (2005). Nopeasti kasvavat yritykset: Tapaus turun seutukunta. In Heinonen, J. (ed.), Kasvun olemus ja reitit: Fokuksessa suomalaiset pk-yritykset. Turku: Turku School of Economics, 67–75.Google Scholar
  41. Hoogstra, G. J., and J. van Dijk. (2004). Explaining Firm Employment Growth: Does Location Matter? Small Business Economics 22(3/4): 179–192.CrossRefGoogle Scholar
  42. Johansson, D. (2004). Is Small Beautiful? The Case of the Swedish IT Industry. Entrepreneurship and Regional Development 16(4): 271–287.CrossRefGoogle Scholar
  43. 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.Google Scholar
  44. Kautonen, T., S. Luoto and E. Tornikoski. (2010). The Influence of Work History on Entrepreneurial Intentions in Prime Age and Third Age: A Preliminary Study. Small Business Economics 28(6): 583–601.CrossRefGoogle Scholar
  45. Kim, S., and D. C. Feldman. (2000). Working in Retirement: The Antecedents of Bridge Employment and Its Consequences for Quality of Life in Retirement. Academy of Management Journal 43(6): 1195–1210.CrossRefGoogle Scholar
  46. Kirzner, L. (1979). Perceptions, Opportunity, and Profit. Chicago: University of Chicago Press.Google Scholar
  47. Lith, P. (2010). Yrittäjäksi palkkatyön tai eläkkeen ohella. Tieto and Trendit 7. Accessed 14 April 2014.
  48. Mäki-Fränti, P. (2006). Pk-yritysten kasvu ja kasvuhakuisuus: Tutkimus suoma-laisella yrityskysely-aineistolla. KTM Julkaisuja 41. Helsinki: Kauppa-ja teollisuusministeriö.Google Scholar
  49. Martikainen, M., and J. Nikkinen. (2005). Suomalaisten pk-yritysten menesty-minen ja kasvu: Kasvun determinantit, innovatiivisuus ja eri yritysrakenteet. Helsinki: Suomen Yrittäjät.Google Scholar
  50. Mungaray, A., and M. Ramirez-Urquidy. (2011). Full and Part-Time Entrepreneurship and the Supply of Entrepreneurial Effort: Evidence from Mexican Microenterprises. Journal of Developmental Entrepreneurship 16(4): 441–458.CrossRefGoogle Scholar
  51. OECD (2001). The Well-Being of Nations: The Role of Human and Social Capital. Center for Educational Research and Innovation, Accessed 10 September 2014.
  52. Petrova, K. (2011). Part-Time Entrepreneurship, Learning and Ability. Journal of Management Policy and Practice 12(1): 64–75.Google Scholar
  53. Petrova, K. (2012). Part-Time Entrepreneurship and Financial Constraints: Evidence from the Panel Study of Entrepreneurial Dynamics. Small Business Economics 39(2): 473–493.CrossRefGoogle Scholar
  54. Reijonen, H., and R. Komppula. (2007). Perception of Success and Its Effect on Small Firm Performance. Journal of Small Business and Enterprise Development 14(4): 689–701.CrossRefGoogle Scholar
  55. Reynolds, P., N. Carter, W. Gartner and P. Greene. (2004). The Prevalence of Nascent Entrepreneurs in the United States. Small Business Economics 23(4): 263–284.CrossRefGoogle Scholar
  56. Safraou, I. (2009). Etude de l’efficacité publicitaire auprès de personnes âgées: Le cas du voyage. Doctoral thesis, University of Paris 9.Google Scholar
  57. Shane, S. (2000). Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Organization Science 11(4): 448–469.CrossRefGoogle Scholar
  58. Shane, S., and S. Venkataraman. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review 25(1): 217–226.Google Scholar
  59. Singh, G., and A. DeNoble. (2003). Early Retirees as the Next Generation of Entrepreneurs. Entrepreneurship Theory and Practice 27(3): 207–226.CrossRefGoogle Scholar
  60. Smith, R. B., and G. P. Moschis. (1984). Consumer Socialization of the Elderly: An Explanatory Study. Advances in Consumer Behavior 11(1): 548–552.Google Scholar
  61. Spanos, Y., and S. Lioukas. (2001). An Examination into the Causal Logic of Rent Generation: Contrasting Porters Competitive Strategy Framework and the Resource-Based perspective. Strategic Management Journal 22(10): 907–935.CrossRefGoogle Scholar
  62. Stevenson, H. H., M.J. Roberts and H. I. Grousbeck. (1989). New Business Ventures and the Entrepreneur. Homewood, IL: Irwin.Google Scholar

Copyright information

© Erno T. Tornikoski, Anmari Viljamaa and Elina Varamäki 2015

Authors and Affiliations

  • Erno T. Tornikoski
  • Anmari Viljamaa
  • Elina Varamäki

There are no affiliations available

Personalised recommendations