Leveraging Prior Work Experience: Key Assets of Late-Career Entrepreneurs in Switzerland

The number of entrepreneurs at an advanced age, also known as late-career entrepreneurs, is increasing in Switzerland. According to literature, many of them are successful. One major advantage that late-career entrepreneurs have is the wealth of prior work experience they bring with them.

The aim of this thesis is to find out more about the actual use of this advantage. The following research question is therefore posed: How do late-career entrepreneurs leverage their prior work experiences?

To answer the research question, a qualitative research was conducted using a grounded theory approach. This included a review of current relevant literature and nine semi-structured interviews with Swiss late-career entrepreneurs, all of whom are over 50 years old. The transcripts of the interviews were coded and a theoretical framework was derived.

The results of this thesis present the seven most important assets that result from prior work experience late-career entrepreneurs possess:

Financial stability: Having guaranteed initial funding from independent wealth.
Risk-taking experience: Being able to assess risks based on thorough analysis and evaluation with resilience.
Industry knowledge: Understanding the market and customers thoroughly to develop competitive and differentiated products.
Decision-Making Experience: Being able to make informed and systematic decisions based on a strategy.
People skills: Understanding stakeholders and having good communication and interaction with them.
Leadership experience: Applying the right leadership techniques to lead with confidence and promote a positive work culture.
Existing network: Being able to cultivate networks to rely on the partnerships.

The connections between the assets are explained, as well as the three types of entrepreneurial success they lead to, namely financial success, innovative success, and operational success.

This thesis is an addition to the current state of the literature on late-career entrepreneurs, as the topic of prior work experience has not been researched to this extent before. Late-career entrepreneurs themselves or authorities can use this research to better understand the value of prior work experience and how to effectively leverage it and adapt the entrepreneurial landscape in Switzerland to be more age inclusive. Further research could be conducted on this topic, including longitudinal, comparative, cross-cultural or descriptive studies.