Basic Entrepreneurial Skills for Business Startup to Promote Effective Post-Retirement Life Management among Pre-retirees in Universities in Edo State, Nigeria

Abstract

Post-retirement life challenges noticeable among retirees are appalling and the need for risk mitigation plan with entrepreneurship development became imperative. The study therefore, examined latent basic entrepreneurial skills possessed by pre-retirees and the need to stimulate their entrepreneurial intentions and tendencies towards business startup at post-retirement that would promote their effective post-retirement life management. Two research questions guided the study. The descriptive survey research design was adopted and the entire pre-retirees from both public and private universities in Edo State constituted the study population. Primary data was collected from 250 respondents through the use of a 25-item structured questionnaire which was analyzed using the descriptive statistical tool of mean and standard deviation. The findings revealed among others that most of the respondents possess latent basic entrepreneurial skills necessary for business startup which could be reawaken through various strategies such as conferences, symposia, workshop as pre-retirement counseling. It was recommended among others that employers and the government should initiate long term impactful pre-retirement counseling and training programme in entrepreneurship development that would stimulate pre-retirees’ latent entrepreneurial tendencies prior to retirement in universities in Edo State, Nigeria which would promote their effective post-retirement life management.

Key Words: Mitigation plan, Latent entrepreneurial skills, Entrepreneurial tendencies, starting a business at post-retirement, surmounting post-retirement life challenges