Transitions in Later Life – Part 3: Social Entrepreneurship – turning experience into impact

As we age, both expected and unexpected life changes can disrupt our routines, possibly even affecting health and well-being. Major life transitions—such as retiring, becoming a grandparent, losing a loved one, caring for another person, or moving to a new home—can disrupt our sense of purpose and stability. Big changes like ceasing or transitioning away from previous employment can not only change our day-to-day routines, but also our social networks, opportunities for engagement, and sense of purpose. As a result, maintaining strong social connections during such transitions is crucial, as social participation can support better physical, mental, and cognitive health outcomes in later life.

Retirement is often described only as an ending, but for many people it can be a transition towards more autonomy, flexibility, and purpose. Increasingly, older adults are pursuing “social entrepreneurship” as part of this transition. Unlike volunteering, social entrepreneurship is a small venture project that aims to meet a real need in the community (e.g., reducing social isolation, supporting families, or strengthening community life) while also generating income.¹ These types of ventures typically take two paths, either by starting something new (your own project), or by creating something new within an existing organization (also called intrapreneurship). Here are a few examples of what each type of venture might look like:

Starting something new

• Providing after-school support for parents (e.g., creating routines, providing snacks, engaging in playtime, or helping with homework before parents finish work)
• Providing workshops on topics of personal interest like urban gardening or pottery
• Supporting older adults downsize and sort their belongings during a move

Creating something new inside an existing organization

• Partner with a community centre to create a neighbourhood visiting program
• Work with a yoga provider to create workshops targeting older adults
• Establish a mentoring program within a preexisting company

What the evidence says

An evidence synthesis of 50 studies attempted to understand the characteristics of people who become social entrepreneurs and analyzed why some persist in their ventures. Key takeaways included:¹

• Motivation is multi-layered: while social impact is a key driving factor, people also report motivation coming from enjoyment, having a creative outlet, engaging in meaningful work, and sometimes financial benefits.
• Key traits help prolong engagement: like “regular” entrepreneurs, social entrepreneurs show traits such as proactivity, self-efficacy, risk tolerance, and internal locus of control
• Social traits increase drive: other socially oriented traits might also matter, such as empathy and moral obligation as driving factors for engagement in social entrepreneurship
• Avoiding pitfalls: the authors note that it is important to understand risks and potential strain that may come from social entrepreneurship ventures, and plan accordingly so that burnout can be avoided

Getting started – A roadmap for social entrepreneurship

You don’t need a business degree to be a social entrepreneur! You only need a clear problem to address, a realistic offer, and ensure that you provide the offer at a pace you can comfortably sustain.

1. Start with “why”
   • Finish the following prompts: “what leads me to want to do this project is that…”, “I feel like it is because I want to…”
   • If your why includes both purpose and practical needs (e.g., structure, connection, and/or supplemental income), that’s OK
2. Choose your starting point
   • Do you want to build something new independently (greater autonomy but more responsibility) or within an organization (more support, but greater constraints)?
3. Pick a specific need in the community
   • Good projects have a specific purpose, try to keep yours targeted and attainable
4. Test before you grow
   • Before building something big or making large plans: 1) talk to 10 potential users or customers, 2) ask what they’d pay for/what they’d use and what would make it easier for them, 3) do a pilot project first (e.g., 2-4 clients)
5. Decide what “success” means for your venture
   • Does it mean establishing around two days a week of meaningful work? Creating income to cover a goal (e.g., travel, savings buffer, supporting grandchildren)? Increasing community connection and a reason to engage? Using preexisting skills or building new ones?
   • Whatever success might mean to you, develop and potentially grow your venture with those goals in mind

What benefits and potential risks should you expect and plan for?

• Benefits: flexibility, autonomy and independence, using or learning skills, creating motivation and a sense of pride, seeing something tangible and meaningful from your actions
• Risks: uncertainty about income, discouragement if your venture doesn’t immediately take off, pressure to perform

Remember, feeling discouraged doesn’t mean the idea itself was bad, it might just need adjusting (e.g., to pricing, audience, partnerships, scope or service or schedule). Taking the time to refine the idea, engage collaborators, and build something slowly can help avoid burnout. Some practices that might help avoid burnout include:

• Ensuring your weekly social entrepreneurship schedule leaves time for recovery
• Keeping the first version of the project smaller than your long-term ambitions
• Creating collaborations early so you’re not doing it alone
• Expect that your idea will continue to evolve as you test it in a real-world setting

For more structured guidance, you can visit Présâges’ Mûr·e pour entreprendre^® initiative that aims to support retirees’ engagement in social entrepreneurship (use your browser to translate the page to English or see the resources listed below).

Learn more about the importance of different transitions in later and staying socially connected during these transitions with more blogs from our Transitions in Later Life series, brought to you in part by the Montreal Regional Public Health Department through Réseau Résilience Aîné.es Montréal, and through the other resources listed below.

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