Generational cohorts and their predisposition toward entrepreneurship in an emerging economy

Abstract

PurposeThe study investigates the predisposition of generational cohorts toward entrepreneurship in an emerging economy as entrepreneurship has arguably become a panacea for unemployment and sustainable economic development.Design/methodology/approachThe study adopts descriptive and cross-sectional survey designs. The study also employs quantitative approach to collect the data from 1,000 workers in 20 selected private and public organizations in Ghana. The data were analyzed using descriptive statistics, correlation and hierarchical regression techniques.FindingsThe results reveal that baby boomers and Generation Z (Gen Z) have a higher predisposition toward entrepreneurship, while Generation X (Gen X) and Generation Y (Gen Y) have a lower predisposition toward entrepreneurship. However, the study found that baby boomers are more predisposed to entrepreneurship than all the generational cohorts. Furthermore, a generation may become entrepreneurs regardless of their gender. Finally, individuals with higher educational qualification (i.e. masters and doctorate) are more likely to become entrepreneurs in a given generation.Practical implicationsThe findings imply that entrepreneurial opportunities (such as ease of doing business, favorable business regulations, access to credit facilities, low interest rate, ease of registering business, start-up capital, etc.) should be created by government and its stakeholders to serve as stimuli for members of these generations (particularly baby boomers and Gen Z) to participate fully in entrepreneurial activities. In addition, the culture of “go to college and graduate with the expectation of government employment” and “job for life” should be discouraged to allow members of Gen X and Gen Y build up entrepreneurial mindsets.Originality/valueThis study contributes to generational cohorts and entrepreneurship literature by providing a perspective from the cultural and socio-economic background of an emerging economy. Additionally, this study demonstrates that irrespective of gender, one may become an entrepreneur and highly educated individuals tend be entrepreneurs.