Transitions to entrepreneurship, self-realization, and prolonged working careers: Insights from the English Longitudinal Study of Ageing

This article contributes to our understanding of self-realization as a psychological benefit of entrepreneurship and its consequences on entrepreneurs' careers. By utilizing panel data from the English Longitudinal Study of Ageing (2002–2019), the analysis shows that individuals aged 50–67 experience an increase in perceived self-realization after starting a business, and this increase mediates the positive effect of transitioning to entrepreneurship on the individuals’ desire to postpone retirement. However, contrary to the dominant view in the literature, the self-realization effect of transitioning to entrepreneurship is short-lived: the perceived level of self-realization returns to the pre-start-up level within four years.