An Interpretive Phenomenological Study of Older Entrepreneurs in Pakistan

What are the factors that lead an individual to be self-employed after retirement, and what factors help or hinder the transformation of entrepreneurial intentions into practical reality? We have investigated the triggers of self-employment after retirement from a push & pull perspective. The helping factors in materializing entrepreneurial intentions, and hindering factors due to which one may not do so have also been studied. Results from semi-structured interviews reveal that individuals are more likely to be pushed rather than pulled into self-employment at older age. The dominant push factors identified are financial security, maintaining/improving the existing standard of living, catering to family related needs and work-life balance. The pull factors include previous business experience and knowledge of other successful entrepreneurs. Factors that assisted the retirees in their entrepreneurial initiatives consist of social capital, previous experience (employment & business) and supportive role of family. Those who were not able to turn their self-employment intentions into practical reality were hindered by health issues, lack of capital, perceived complexities, and risk aversion. Research limitations, future research directions and policy recommendation have been given.


Introduction 1.
Developed economies are characterized by ageing populations, due to which there is a greater influx of studies and policy interest focusing old age entrepreneurs as compare to developing economies.Having a significant percentage of older people in a population may increases their representation in different activities including self-employment and business start-ups (Curran & Blackburn, 2001).Greater life expectancy due to improvement in health care and graceful ageing discourse in developed countries has led to a surge in old age entrepreneurial activities, thus resulting in an increase in old age self-employment research.In contrast there is a dearth of research in developing countries in general and Pakistan in particular concerning the entrepreneurial intentions and endeavors of older people.One possible reason for this paucity of research may be due to the greater number of younger and prime age people in population as compare to older people, though a significant shift have been observed in the world' s elder population structure, that by 2020, 67% of them will be residing in developing countries (Shrestha, 2000) .United Nations report on world population estimates that in some Asian countries there might be an increase of four hundred percent in elderly population by 2025, and by 2050 nearly eighty percent of them will live in the less developed regions of the world (UN report onWorld Population ageing 2013).
Besides this, significant improvement in life expectancy has also been observed in developing world.In case of Pakistan, life expectancy has increased consistently from 44.4 years in 1965 to 60.5 years in 2000 (Feeney & Alam, 2003).Generally such trends results in increase in the years of healthy life (Christensen, Doblhammer, Rau, & Vaupel, 2009), due to which retirement in today's world is no more seen a complete withdrawal from society, but a time to be socially and economically active.Self-employment after retirement is one way to engage the elder population in productive and economically useful activity.Self-employment at older age is not only beneficial for individuals but can prove beneficial for government and society as well.Government can benefit from it in the form of reduce dependency on social pension funds, and society as a whole can get benefit in the form of employment and economic activity (Fasbender, Deller, Wang, & Wiernik, 2014).Post-retirement employment may lead to greater life satisfaction and psychological well being (Wang, 2007).Previous longitudinal studies have also reported improved physical and mental health for those who opt for paid or self-employment after retirement (Zhan, Wang, Liu, & Shultz, 2009).Post-retirement entrepreneurial engagement may also result in supplemental income, a structured daily routine, and support in order to cope with the sudden change in one's life due to retirement.Though old age entrepreneurship in general and selfemployment after retirement in particular has proven benefits, but to the authors' best knowledge researchers in the field of entrepreneurship and small business have yet to study it in the context of Pakistan.This study aims to fill this void in entrepreneurship research.
Keeping in view this backdrop, this study has two broader objectives, to study the triggers of self-employment after retirement and to identify the helping and hindering factors in transforming entrepreneurial intentions of older entrepreneurs into practical reality.We hope that this study will be a harbinger in the comparatively virgin territory of old age entrepreneurship research in the context of developing countries in general and Pakistan in particular.The study will also supplement the existing literature of old age entrepreneurship through empirical evidence.Inclusion of both groups, those who owns small business and those who had intentions, but could not materialize their dream makes the study further unique.
The next section of the article is comprised of the relevant literature providing theoretical guideline for carrying out this study.Methodological ways, and results in the form of illustrative quotes have been given.Results are interpreted in light of previous research and the article has been sum up by mentioning limitations of the study, future research directions and policy recommendations.

Theoretical Background 2.
Older people decision to opt for self-employment has been investigated through several dimensions such as, economic, psychological, socio-cultural, individual characteristics and contextual factors.Economic rationale points toward the wealth creation and maximization as the primary motivator to enter self-employment.Such thinking has its base in the idea of rational actor, who strives for economic wealth through exploitation of opportunities offered by self-employment.Desire for a steady stream of income at older age also supports this economic reasoning (Kautonen, 2008).However, according to some researchers personal wealth and income factors may not be the only reasons for old age selfemployment (Singh & DeNoble, 2003).Factors influencing business start-up decision have also been explained from a push & pull perspective (Kautonen, Down, & South, 2008).Pull factors are considered to be the positive motivators such as opportunity to exploit ideas, learning, self-actualization, need for achievement, societal respect and increased earnings.In contrast push factors are considered as negative aspects or causes that push towards self-employment at older age.These factors may include, meager retirement funds, unemployment, dissatisfaction with current job or employer, age discrimination, work-life balance and fulfillment of family related needs etc. Push and pull triggers of selfemployment have been studied in detail in previous studies (Amit & Muller, 1995;Schjoedt & Shaver, 2007;Segal, Borgia, & Schoenfeld, 2005).Self-employment at older age may also offer an opportunity to remain healthy (Curran & Blackburn, 2001).Health could be both a push and pull factor for the potential older entrepreneur.Sound and good health may pull an individual toward self-employment, while ill-health may sometimes push towards it by quitting paid employment (Zissimopoulos & Karoly, 2007).Factors influencing self-employment decisions have also been explained from a resource based perspective (Barney, 1996).It is reported that having financial resources, or lack of it have an impact to be self-employed at older age (Singh & DeNoble, 2003) besides intellectual and social capital of a person (Davidsson & Honig, 2003).Further, knowledge base and experience have also been considered to be possible factors in stimulating and supporting the business start-up process.The positive role of personal networks in the likelihood of selfemployment at older age has been reported (Singh & DeNoble, 2003).Decision to be an entrepreneur has also been studied from psychological perspectives.Theory of need for achievement (McClelland, 1965) and locus of control theory (Rotter, 1975) have been widely used in explaining personality as determinant of entrepreneurial initiatives.Desire for learning and personal development also plays a vital role in the decision to be self-employed (Macpherson & Holt, 2007).Ajzen (1991) theory of planned behavior has also been used in predicting and explaining the business start-up initiatives at older age.Ajzen's theory is an amalgamation of socio-cultural and psychological theories in order to predict overall human behavior.Intentions has a significant role in any decision including entrepreneurial initiatives as it is the precursor of behavior (Kautonen, Tornikoski, & Kibler, 2011).The three elements in the theory of planned behavior, i-e attitude towards behavior, the subjective norm and behavioral control can help in explaining an individual's intention to be selfemployed or not.Understanding intentions is important because it defines the state of mind that guides a person's attention, knowledge and experience towards initiatives like self-employment and business start-ups (Bird & Jelinek, 1988).It also reflects a person's commitment to start a business venture (Krueger Jr, Reilly, & Carsrud, 2000).Intentions of an individual to become an entrepreneur depend on his/her own characteristics as well as that of the situation.A comparable external environment may not lead all individuals to be entrepreneurs and self-employed, because psychological attributes also play a significant role in such decisions (Stewart Jr, Watson, Carland, & Carland, 1999).Thus the intention to become self-employed depends on the individual's needs, wants, values, beliefs and habits (Bird & Jelinek, 1988).Situational factors like financial and time constraints, social pressure, and task difficulty may also influence business start-up intentions (Boyd & Vozikis, 1994).
Studying entrepreneurial intentions and initiatives of older people in general and retirees in particular have gained momentum recently (Kautonen et al., 2011;Kibler, Wainwright, Kautonen, & Blackburn, 2012), but in the context of this study empirical studies have yet to contribute in old age and post-retirement entrepreneurship research.In this study push and pull approach has been adopted to study the triggers of self-employment after retirement.Further the study has also investigated helping and hindering factors for those who intend to opt for self-employment after retirement.

3.
The phenomenon of entrepreneurship can be explored using both quantitative and qualitative methods (Perren & Ram, 2004).Studying entrepreneurship through quantitative lens has been a dominant trend; however qualitative approaches have also gained momentum recently.The global percentage of qualitative studies has been increased from 9.2 percent in 2007 to18.7 percent in 2012 (Hlady Rispal & Jouison Laffitte, 2014).It is believed that the uncharted depths in entrepreneurship can be explored through qualitative methodology, which can lead to significant contribution in this field of academic inquiry (Neergaard & Ulhøi, 2007).In this study a qualitative approach was adopted to study the entrepreneurial intentions and the helping and hindering factors for older entrepreneurs after retirement.Finding out meaning in the stories of those involved in self-employment in their third age is a good way to come up with possible reasons for doing so.The field of entrepreneurship to a lesser extent and older entrepreneurship to a greater extent is lacking in in-depth qualitative exploration (Kautonen, 2008).This study has been carried out form an interpretative phenomenological perspective.Studies on the basis of such approaches are creeping in into entrepreneurship literature (Berglund, 2007).
Keeping in view the exploratory nature of the study the research design was consistent with the research question under investigation.Data for this study was collected through semi-structured interviews in order to address both the issues of flexibility and comparability.The interviews were conducted in the winter of 2014, and each interview took 56 minutes on average.Coding was based on the triggers of self-employment after retirement, and helping and hindering factors in starting a business.The respondents were retired individuals from public and private sector organizations of Pakistan.List of potential respondents was taken from an NGO (nongovernmental organization) working for the promotion of small businesses in Khyber Pakhtunkhwa province of Pakistan.In order to assist those individuals who were about to retire and had intention to start their own business after retirement, the said NGO had conducted a survey in this regard in the year 2008.On the basis of the data provided by the NGO two groups of potential respondents were identified, one group comprised of those individuals who had business intention before retirement and now owns a business, and the other group comprised of those who had business intention but could not materialize their dream, the groups were named as group A and group B respectively.A total of 40 potential respondents were targeted from the list of 89 potential entrepreneurs on the basis of geographical proximity with researchers.Among 40 potential respondents, 22 belonged to group A and 18 were from group B. Out of 22 individuals from group A, 7 refused to be part of this study, 5 of them couldn't be contacted and 1 of them had to withdraw himself from the study at the eleventh hour due to domestic urgency, so in total 9 individuals were interviewed from group A. In case of group B, 6 individuals refused to be part of this study and 4 were not able to be contacted, thus a total of 8 individuals were interviewed from this group.Similar questions asked from each respondent were related to the reasons for self-employment, challenges in the process, and factors which assisted and hindered the star-up process.

Demographics
Respondents and firm demographic characteristics are presented in the following paragraphs and also given in table 1.
All of the respondents were male, belonging to Malakand division of Khyber Pakhtunkhwa province of Pakistan.The gender imbalance in this study may be due low female work force participation in Pakistan in general and the said province in particular.Age of the respondents at the time of interview ranged from 52 years through 64 years with an average age of 60.5.Majority of the respondents were from private sector and only 4 individuals out of 17 had worked for public sector organizations, two of them had worked for a public sector bank and the other two were from a state owned oil and gas exploration organization.Most of the private sector retired individuals were from the banking sector, i-e 7 out of 13, 2 of them were from pharmaceutical sector, 3 of them were retired from an FMCG organization and one from an automobile manufacturer.Among the total respondents, five had availed the early retirement schemes offered by their previous organizations.Educational qualification of the respondents varied from intermediate to master level, having nine master degree holders, six bachelor degree holders and two of them just having an intermediate school certificate.Marital status of the respondents was such that just two respondents were single among the seventeen.Majority of the respondents were having dependents as well as elder care responsibilities with a few exceptions.One respondent was having just elder care responsibility but no dependents, one had the other way round having just dependents but no elder care responsibility and two respondents were having neither dependents nor elder care responsibility.

Triggers of entrepreneurial intent after retirement
The respondents came up with more than one reason to opt for self-employment in their third age.Push & pull approach has been adopted to delineate the triggers entrepreneurial intent in this study.

Push factors
The dominant push factors identified were, financial security, maintaining/improving the existing standard of living, catering to family related needs, and work-life balance.The following illustrative quotes bear testimony to this.According to respondent D "when retirement age was approaching I started fearing that the wealth that has been accumulated throughout my paid employment will be lost as no more salaries and bonuses will come to my rescue, besides this some relatives of mine were trying to borrow money from me to expand their business, I thought why not to invest it in my own business".Similarly, respondent M stated "I wanted to secure my pension fund and savings and to have a return on it, one way was to deposit it in a bank with a small percentage of return, and the other way was to dream for a big return in the form of having a business, I chose the latter".
Financial necessity due to family related matters and the urge to maintain or improve the standard of living were also highlighted as motivators for self-employment, as Described by respondent F "I had to think of some kind of business because I didn't want my daughters and sons to feel some kind of deficiency in my post-retirement age, simply I didn't want them to be nostalgic for the provisions they had in the past".Respondent K mentioned " As I got married at the age of 45, and now my eldest son is 16 years old, and the other three kids are also school going, so I was worried about their education……….., I think this was a primary stimulus for me to opt for business after retirement".
Respondent B illustrated that "I had started thinking two years before my retirement to start my own business because I just wanted to improve the standard of living of my family rather to deteriorate it further as I won't be enjoying the constant stream of money after two years".Respondent N said that "though I had no intention for starting business after retirement, but the sudden accidental death of my eldest son, who had a small manufacturing business, compelled me to take care of his business and expand it further for the future of his two sons and a daughter.
Respondent L had a bit different story by stating that "in the last year of my paid employment I trusted a property dealer and invested some money in real estate, but it turned out to be a failure because the development cost of the said land was too much……..and I had to borrow money as well, I had to do something to get myself out of this quagmire, thus I thought to get a loan from a bank besides my pension savings to settle the debt incurred and also to try my luck in the retail business as well" Respondent E mentioned "working for a commercial bank for 24 years with a fix duty routine from morning to evening had made my life miserable, I had been trying since long to get rid of this deplorable situation but my financial circumstances didn't allow me.When my organization announced the voluntary separation scheme, I just jumped at the opportunity to be a boss of myself" Respondent I said that "due to tough schedule of my job I was not able to participate in the family and other social gatherings, I had to miss important occasions like wedding ceremonies, and sometimes funerals of close relatives due to work pressure".Similarly respondent G described that "I used to look at people with envy who were enjoying the freedom of flexibility and leisure in their work.When a golden hand shake scheme for early retirement was announced I availed it with the intention to work for myself".

Pull factors
Previous business experience and knowledge of other successful entrepreneurs were the dominant pull factors in this study.The following quotes from the transcripts illustrate this.
Respondent Q shared his previous side business experience by stating that "besides my paid employment I was partnering with a close relative in a small furniture business which was going well but I wanted to expand it further……… I thought, after retirement I should part ways with my business partner and establish my own furniture manufacturing firm".Respondent P mentioned that "during the last six years of my job the real estate business was booming, and I invested a sizable proportion of my savings in property business, after just four months I sold the property with a profit above my expectations….that was the start and when I was about to reach the retirement age, I had got good connections in the real estate sector……….sothe ground had been paved for me to enter this business with my heart and soul.Knowledge of other successful entrepreneurs was an additional pull factor besides work life balance and previous side business experience, as described by Respondent P "being a branch manager in a commercial bank, the impressive bank balances of young fellows who were in the real estate business lured me to opt for self-employment in the same sector" similarly Respondent O said " two of my close friends had opted for early retirement and had established their own business, their financial position was far better than me at my retirement age, I thought if they can, why not me?"Respondent F mentioned that "rags to riches story of a close relative in poultry business compelled me to think about starting my own business"

Role of helping and hindering factors in leading intention to action
Respondents in group A were asked to mention those factors that facilitated them a great deal in changing their selfemployment intention into reality, similarly respondents in group B were asked to mention those hindering factors due to which they were not able to change their business intentions into reality.From the transcripts the dominant helping factors identified were social capital, previous experience (employment and business) and supportive role of family.Dominant hindering factors highlighted in the study are health issues, lack of capital, perceived complexities, and risk aversion.Illustrative quotes from group A are given below.
Respondent D described "I had established good relationship with a few successful business people; without their guidance it would have been very difficult".Respondent O mentioned that "contacts in my previous employer organization helped me a lot in getting agency permit, and the initial process was quite easy for me" Respondent M said " a very close friend in oil and gas regulatory organization assisted me a great deal in getting license for establishing my CNG station" Respondent Q said " my previous partnership experience proved very helpful in starting and running my existing furniture business, as I knew already how to get good quality and comparatively cheap wood" Respondent N said " during my employment in …….Bank, mostly I had been a customer relationship manager, the experience at such a position and trainings received were quite helpful in running my small guest house (hotel)."Respondent M also mentioned that "my family had been very supportive since I shared my intentions of going for a business after retirement … especially the active role played by my eldest son, who has done MBA, was very helpful".Respondent K described that "my elder brother was already doing well in the real estate business…… he had given me a detail description of the property business and had acquainted me with reliable people in this business".

Illustrative quotes for hindering factors from group B are given below
Respondent G described his situation that "though I had strong intention to start my own business when I opted for early retirement, but a severe heart attack after a few months of my retirement didn't allow me to pursue my plan, I went through a bypass surgery…….afterrecovery by the grace of almighty Allah my eldest son got o good job in a multinational company so I dropped the idea".Respondent P mentioned that "I was about to start my business, but as bad luck would have it I got severe injuries in a fatal road accident…….ittook me almost two years to recover, and after that I was not in a position to start my business due to lack of capital, as I had spend a substantial amount on my treatment, and other necessities".Respondent F said "I had intended to establish a private college for paramedical education in partnership with a doctor friend of mine…… unfortunately we had bought a disputed land, due to which we were not able to start construction, though we had invested money in the project, but were running short of money so we couldn't continue it".Respondent J stated that "one of my cousins was in auto spare parts business, he convinced me to open an auto parts shop in my home city……….. after spending almost two weeks with him and other auto parts dealer, I thought it to be complicated for me to handle, besides this a recent mishap with my cousin in a business deal scared me to go with my plan, I thought if this happens to me I will lose everything".Respondent C explained his situation that "initially I thought it to be easy to start a business, but gradually realized the difficulties ahead……….One thing that kept me worried that if my business stunt turns out to be a failure what would be the fate of my two daughters, how would I manage their dowry after an year or two when they will be getting married".

5.
The purpose of this study was to investigate the triggers of self-employment for retired individuals, and to identify the role of helping and hindering factors in changing their intention of self-employment into practical reality.

Triggers of entrepreneurial intent after retirement
Push & pull approach (Amit & Muller, 1995;Clark & Drinkwater, 2000) was adopted for categorizing the triggers of selfemployment.The dominant push factors identified in this study were financial security, maintaining/improving the existing standard of living, catering to family related needs and, work-life balance.Financial security was a major concern of the respondents, due to which they were trying to secure their savings and pension funds through self-employment.Previous research has reported that retired people want to maintain a stable level of income through bridge employment, which includes both self-employment and wage-employment (Wang, Adams, Beehr, & Shultz, 2008).Feeling of having inadequate or substantial financial resources after retirement may lead to self-employment (Hurd, 1990).This is a general economic assumption that working after retirement is driven by financial reasons.Once a person get used to a preferred life style than it is very difficult to change it due to financial constraints, and it is a rational assumption that the person will strive to maintain the life style he/she had.Additional income generated through self-employment after retirement allows the individuals to maintain their previous life style (Kibler et al., 2012;Walker & Webster, 2007).The general human urge to improve one's existing standard of living may also lead to self-employment.Individuals not only want to maintain their existing standard of living, they will also think about improving it with the passage of time.Catering to family related needs was one of the prominent push factors among the respondents of this study.Family situation has been studied in relationship to work related decisions (Eby, Casper, Lockwood, Bordeaux, & Brinley, 2005).Family situation refers to family related responsibilities, demands or needs that necessitate action by the individual for the well-being of the family members.Besides catering to psychological and social needs, individuals also need to address the financial needs of their families.Thus going to work after retirement is triggered by addressing the financial and social needs of the respective families.Another possible explanation of catering to family related needs as dominant push factor is the collectivist culture of the research locale.Primarily Pakistani culture is a collectivist one (Hofstede, 1983) in which the parents have to fulfill the financial needs of their sons and daughters unless and until they are financially independent or get married in case of their daughters.In some instances one has to address the needs of the extended family members as well, as the nature and strength of relationship among the members of a collectivist culture is comparatively stronger than individualistic culture (House, Hanges, Javidan, Dorfman, & Gupta, 2004).Another push factor surfaced in this study was work life balance.Older people tend to start their own business in order to balance their work and family life (Walker & Webster, 2007).In the context of our study work life balance was an important trigger of self-employment for those who opted for early retirement from their jobs (Respondent E, I and G).This is in conformance with the findings of previous studies that preference for social life and leisure in old age is a dominant trigger of early retirement (Bütler, Huguenin, & Teppa, 2004;Dorn & Sousa-Poza, 2004).Those who went for early retirement were working for commercial banks, where a tough working routine is prevailing as compared to other employment sectors in Pakistan.
Previous business experience and knowledge of other successful entrepreneurs were the dominant push factors for the older entrepreneurs.Having some kind of business experience besides one's paid employment may leads to enhanced likelihood of self-employment in later life.An earlier positive self-employment experience makes it more attractive to opt for self-employment for the second time (Mueller, 2006;Rotefoss & Kolvereid, 2005).From a psychological point of view any positive business venturing experience may increase the likelihood of self-employment.The phenomenon of quasi or hybrid entrepreneurship is also pertinent over here, as some individuals may combine both their paid employment and self-employment (Folta, Delmar, & Wennberg, 2010).Learning experiences in the form of hybrid entrepreneurship not only triggers full time self-employment but also enhances the chances of survival in comparison to those who directly jumps from their wage work into self-employment (Raffiee & Feng, 2013).The second dominant pull factor identified was knowledge of other successful entrepreneurs.Looking at others' achievements in their entrepreneurial endeavors may increase the likelihood of entrepreneurship for other agents as well.Previous research on entrepreneurial activities in a different context has reported that besides other factors, entrepreneurial examples in one's family and social circle plays a positive role to be entrepreneurially engaged (Djankov, Miguel, Qian, Roland, & Zhuravskaya, 2005).Some studies on comparing opportunity-driven and necessity-driven entrepreneurs have found that role models matters most for the opportunity-driven entrepreneurs as compare to necessity-driven (Wagner, 2005), while others have reported equal significance for both cohorts (Morales-Gualdrón & Roig, 2005).In a recent study knowledge of other entrepreneurs has been reported as a positive influencing factor on the entrepreneurial intentions (ul Haq, Usman, & Hussain, 2014).Besides the two important pull motivations in our study, other pull factors discussed in entrepreneurship literature are recognition, independence; wish to continue family tradition, roles, self-realization and financial success (Birley & Westhead, 1994;Carter, Gartner, Shaver, & Gatewood, 2003;Giacomin et al., 2011).In our context such pull factors were less dominant as compared to previous researches.

Role of helping and hindering factors in leading intention to action
This exploratory study has come up with three dominant helping factors including social capital, previous experience (employment and business) and supportive role of family.
Social capital is an important and valuable resource for all entrepreneurs which may prove very beneficial in transforming their entrepreneurial intentions into practical actions.In case of older entrepreneurs social capital in the form of extensive networks and personal contacts might help them a great deal in starting and running a business venture (Alizadeh, 2000;De Bruin & Firkin, 2001).Older individuals after retirement can capitalize on their networks which have been nurtured by them throughout their jobs.Networks and contacts in a particular sector may not prove that much beneficial if one enters into a sector completely different from the job employment sector, so new networks need to be generated and maintained (Kibler et al., 2012).In the particular context of this study most of our respondents were retired from banking sector, where their customers comprised of diverse individuals including successful business people.In such situations formal customer relationship may transform into a long term personal relationship which can facilitate the retired individuals in pursuing their entrepreneurial dreams.Besides social capital older people also have a repertoire of human capital as well, as over their working lives they had been accumulating valuable skills, knowledge and experiences.Human capital accumulated through past wage employment experiences can prove very supportive in postretirement entrepreneurial endeavors.The helping role of past experience also depends on the nature of experience as former managerial experience may have a different impact as compare to blue color work experience (Kautonen et al., 2008;Weber & Schaper, 2004).Previous self-employment experience also assists the retired individuals a great deal in starting a business venture as they can swim in the entrepreneurial sea by avoiding the dangerous tides of uncertainty as compare to the novices who are comparatively prone to be eaten by the sharks of competition.Supportive role of family was another dominant helping factor highlighted in this study.As work and family domains deeply influence each other whether one is engaged in self-employment or wage employment.It has long been reported that family support assists the start up process (Birley, 1986).The illustrative quotes in our study have dominantly highlighted the supportive role played by the family members of older entrepreneurs in assisting them through their entrepreneurial journey.
Four main hindering factors identified were lack of capital, health issues, perceived complexities, and risk aversion.Access to financial resources is considered to be an important stimulus for business start-up.The lack of capital may seriously hinder the chances of stepping on the first rung of entrepreneurial ladder, as pointed out by previous studies (Blanchflower, Oswald, & Stutzer, 2001;Evans & Leighton, 1989).Lack of capital has also been referred to as liquidity constraint in literature, and those without this constraint are more likely to opt for self-employment (Evans & Jovanovic, 1989).In case of older entrepreneurship, accumulated capital through savings and pension funds can facilitate launching a new venture, but on the other hand may hinder it because the retired individuals no more relies on continuous revenue stream (Webster, Walker, & Brown, 2005).Lack of capital surfaced as a dominant hindering factor because the older entrepreneurs' financial capital was not enough to start a business venture.The accumulated capital through their wage work and pensions was utilized in other necessities due to which they were facing this liquidity constraint.Health problems were also pointed as a dominant hindering factor for older entrepreneurs.Healthy individuals are more likely to opt for bridge-employment as compare to those who are facing health related problems (Kim & Feldman, 2000).Good health may prove a helping and pull factor in the process of becoming self-employed, and may prove vice versa in case of poor health.Older individuals may face the problems of poor health, low energy level and productivity (Curran & Blackburn, 2001), and may hesitate to go for self-employment after retirement.Not only real health problems have a strong impact on one's decision to be self-employed in old age, but the perceived health problems and perceived low energy level may also negatively affect the decision.Those who consider themselves to be energetic are more likely to enter into self-employment in comparison to those who considers themselves to be frail and less energetic.The dominant hindering factors also included perceived complexities involved in starting a new business.Administrative complexity in western context have been reported to have a negative relationship with entrepreneurial activities especially in the startup process (Grilo & Thurik, 2005;van Stel & Stunnenberg, 2006).Here by perceived complexities we do not mean administrative complexity but the overall complexities involved in the process which may include what kind of business to start, finding out suppliers, and dealing with competition.Those older entrepreneurs who consider self-employment to be full of such complexities and headaches are less likely to become business owners.In Pakistani context administrative complexity is of little concern because one can have a small business without cumbersome regulatory requirements, but the perception of other business related complexities turned out to be dominant hindering factor.A recent study has termed old age entrepreneurship a process characterized by difficulty, complexity and personal engagement (Mallett & Wapshott, 2014).Risk aversion was also highlighted as a major hindering factor for older individuals to become selfemployed.Besides other factors, business related risk in older age may be a cause of hesitation to opt for selfemployment (Curran & Blackburn, 2001).Some studies have explained this hesitation with the opportunity cost of time, which may increases with the passage of time and may not allow the older people to start their own business (Levesque & Minniti, 2006).Retired individuals from wage employment have been used to get a constant stream of income with little or no risk.They may hesitate to expose their accumulated wealth to a greater risk in the form of self-employment.

Conclusion 6.
The aim of this paper was to explore the triggers of self-employment after retirement, and to know about the role of helping and hindering factors in transforming entrepreneurial intentions into practical reality.The push factors as triggers of self-employment includes financial security, maintaining/improving the existing standard of living, catering to family related needs and work-life balance, while pull factors includes previous business experience and knowledge of other successful entrepreneurs.This study points towards a necessity based hypothesis rather than an opportunity based hypothesis of older entrepreneurship.Necessity based entrepreneurs are driven by push motivations and for opportunity based entrepreneurs pull factors are the primary motivators.In the context of this study older people after retirement primarily goes for self-employment due to financial and other pressing needs, and its less likely for them to be motivated by pull factors like, need for achievement and self-actualization as pointed out by previous studies.
The contextualized nature of this study should be taken into consideration (Zahra, 2007), as cultural specificity rather than universal generalization has been emphasized in order to study the phenomenon of entrepreneurship (Morrison, 2000).The context of our investigation is a developing country characterized by political and economic instability and badly affected by terrorism, which might have resulted in strongly featuring the push type of motivators.Similar results have been anticipated for such contexts in a recent study contextualized towards an affluent European country, where pull type of motivators came to surface (Harms, Luck, Kraus, & Walsh, 2014).Pull factors in other studies have also been identified in developed countries context (Ahmad, Nasurdin, Halim, & Taghizadeh, 2014;Glancey, Greig, & Pettigrew, 1998).At this stage we can just assume that push factors are the primary drivers of older entrepreneurship in a developing country context and pull factors in a developed context, as further qualitative and quantitative studies need to be carried out in order to prove or disapprove this hypothesis.Besides this, the cohort of older entrepreneurs should not be considered a homogenous group.Personality, geographical and other situational differences exists among them, thus may lead to significant variation in results.As this study is cross sectional in nature, future studies should opt for longitudinal data in order to identify the causal relationships in the entrepreneurial process in general and older entrepreneurship in particular.Future researchers are also advised to triangulate their studies by using a multi-method approach.Keeping in view the dearth of research about older age entrepreneurship in general and in the context of Pakistan in particular, one needs to be careful in formulating policy recommendations.In the light of this study it would be naïve to suggest the establishment of a separate governmental body for old age entrepreneurs.SMEDA (small and medium enterprise development authority) is a Pakistani organization working under ministry of labor for the promotion and development of small and medium enterprises.We would suggest that a special service may be provided through SMEDA's platform like its women entrepreneurship initiatives program, in order to cater to the needs of older entrepreneurs.Such kind of service may prove very beneficial especially for those who intend to start their business after retirement.Such programs may also initiate a graceful ageing discourse in society and can make a segment of older population economically active.