Contexts, future time perspectives, and senior entrepreneurship in Thailand
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Abstract
Senior entrepreneurship is a significant phenomenon resulting from population ageing, with senior entrepreneurs increasingly playing an important role in economic activity. The selection of entrepreneurship pursuit amongst older people depends on the context in which they reside and their perception of future time, as entrepreneurial motivations can change across the lifespan. This exploratory qualitative research explores the role of institutional, spatial, and social contexts and draws on the lifespan theory of motivation—socioemotional selectivity theory—to discuss entrepreneurship in later life in Thailand. The research participants consisted of 19 individuals aged 50 years or over who commenced micro, small, and medium-sized businesses in Thailand, a country that became an aged society in 2022 and has a less generous welfare state. The findings suggest that institutional, spatial, and social contexts influence senior entrepreneurs to engage in entrepreneurial activities in several ways. Despite the perception of limited future time, older individuals facing financial adversity may, at times, prioritise financial motives by entering entrepreneurship, challenging the central assumption of socioemotional selectivity theory. Research into senior entrepreneurship in the Thai context emphasises that the phenomenon is complex and context-dependent. This study provides insights into how context influences older individuals’ decisions to become business owners in Thailand and how entry into entrepreneurship helps them address those challenges that come with age.
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