Religiosity as a Moderating Variable for Generation X and Generation Baby Boomer.

Pastina

Abstract
Purpose: The objectives of this research are (1) to analyze whether religiosity is a moderating
variable which affects the extrinsic motivation, intrinsic motivation, and perceived risk
toward the successes of generation X entrepreneurship, (2) to investigate whether religiosity
is a moderating variable which affects the extrinsic motivation, intrinsic motivation, and
perceived risk toward the successes of generation Baby Boomer entrepreneurship.
Design/Method: This study was conducted in Indonesia with respondents of anyone who has
a good business aged over 50 years or often called as baby boomer generation and who are
under 50 years or called generation X (Howe and Staruss, 2007). There were 288 samples of
this study including 135 retired workers who set up certian business from X generation, and
153 respondents from baby boomer generation. Questionnaires were distributed to compare
the success in managing business across generation.
Findings: To generation X, religiosity variable is a variable which moderates the effects of
the extrinsic motivation, intrinsic motivation, and perceived risk toward the successes of
entrepreneurship, while to Baby Boomer generation, it is not a variable which moderates the
effects of the extrinsic motivation, intrinsic motivation, and perceived risk toward the
successes of entrepreneurship because it is considered as an inherent part of themselves.
Originality: Those prior studies have tapped on the issues related to business after
retirement, challenges of retirement, successful and happy retirement, and retirement
preparation yet they have not yet specifically discussed about the true measurement of
business after retirement as well as its influential antecedents. In another word, this study is
unique in terms of its high relevance and urgency to be analyzed deeper as the reference for
workers in facing retirement.
Keywords: Entrepreneurship, Retirement, Baby Boomer Generation

1. Introduction
Indonesia is experiencing a demographic bonus phenomenon indicated by the results
of the 2012 population census and its peak will occur in 2028-2030 (www.bps.go.id). Positive
trends regarding demographic bonus are likely to continue in 2020-2030. Referring to the
data of BPS, Indonesian aging population is estimated to be aged 60 years and above about
10% will occur in 2020.
Well-managed demographic bonus is able to accelerate the economic growth in the
society. On the contrary poor management of demographic bonus gives the government more
expenses as it leads to higher number of unemployment. This phenomena occurs because the
number of population in the productive age is rising while at the same time, the number of
retirement also increases. Improving the productivity of retired workers is believed to give
positive contribution to the development of a nation. Productive retirement refers to retired
workers who have adequate abilities to support their life and their family after being retired.
This group is expected to give the nation contributions in the forms of foreign exchange and
ability to live their life independently.
Retirement problems often relate to the disability to stay productive. Retired workers
usually find it difficult to decide what activities to do. They also often fail in managing their
severance pay, leading to various problems such as poverty, sickness, and higher rate of
mortality (Agoes, 2014). Results of field studies show that retired workers face financial
problems, poverty and disability to fulfill the necessities of the family after being retired.
Some retired workers also experience stress, depression, failure to cope with economic
problems and finally they get sick and die. Poor management of family economy and
psychological pressure are the main causes of this phenomena. Whereas, both young people
and old people deserve successful life (Argyle, 2001).
The term success does not only relate to the feeling of happiness as it also means
physical, emotional, social, financial and psychological success (Froh et al., 2011). Physical
success refers to the healthy, sickness-free life and easiness to do God-worship activities.
Emotional success refers to emotional maturity reflected by adequate ability to cope with
negative emotions such as anxiety, stress and depression. Social success allows retired
workers to be engaged in healthy interaction with the society. Retired workers can be said to
be financially successful if they are able to fulfill the necessities of their own and their family.
They are also psychologically successful if they find happiness, tranquility and serenity in
their life.
Successful and dignified retired workers are those who are grateful upon their given
age by doing positive activities and use their time to do good deeds as much as possible.
Good deeds can be done by conducting activities that give others benefits such as by
dedicating their time and wealth to help others. Religious people who do good deeds are
fortunate because they live a secure, calm and happy life. Their life is joyful because they
enjoy their life with their family and heirs. Their life is secure as they are able to fulfill their
own necessities even more they are able to help others. They also live a calm and happy life
because they are able to do good deeds and worship the God (Aminullah, 2013).
Retired workers should be grateful for the favors and long lives given by the God.
They should express their gratitude to Allah SWT by doing more good deeds. This can be
done by doing more righteous deeds, being thankful for the given favors from Allah SWT and
help those in needs. According to Hawkins in a book entitled Power Vs Force, being gratitude
sparks positive energy that makes human body healthier. Being gratitude also makes more
friendship, cures illness, enhances the financial aspect, relieves fear, anxiety and depression,
brings happiness, improve the patience, friendliness, mercy, calmness in heart and soul.
Gratitude is a positive and healthy emotion (Maulana, 2014).
Being gratitude is also shown by doing activities that give benefits for others. Islam
views job as the actualization of spiritual values such as the belief that working certain job is
an application of worship to Allah SWT. The value of working is regarded worshipping
activities because by working, people are able to fulfill the needs of the family, raise the
dignity, give good examples for the children, work truthfully and solemnly, play the role as
leaders which will be regarded as ceaseless charity for the parents and the teachers
(Qardhawi, 1997).
Retired people who do certain activities are happier and healthier compared to those
who have no activity to do (Sirojammuniro, 2015). They feel happy as they make interaction
with the society, share with other people, and give positive contribution to the beloved family.
They are also healthier because they wake up early to do business activities and use their
mind to solve various problems. Retired people who do business learn many new things and
they are more active than those who do not have any business activities. As the body keeps
moving and the brain is actively used to solve various problems, all of the five senses are
stimulated altogether.
The result of a survey done to retired people shows that positive activities that
supports the success of the retired people include doing business, administering social
activities, not blaming the condition or other people, performing religious and spiritual
activities. Those who do not perform any of those activities have higher tendency to face
psychological and mental problems because they tend to focus on thinking about worldly
issues without any real realization action.
Regarding to those facts, it is important that retired workers set an appropriate point of
view in facing the retirement. It is suggested that they prepare good financial management,
set up a business, prepare the psychological aspect, mental preparation, spiritual aspect,
physical aspect, and social aspect by obtaining adequate social supports and comprehending
the information given by the institution they work for related to the retirement. A number of

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retired workers are known to still carry psychological expenses from the workplace to the
social life after the retirement, even though they are no longer holding certain position
(Santoso and Lestari, 2010). This issue triggers negative psychological impacts such as
frustration, inferiority, anxiety in facisang life, depression, dependence on others, and other
psychosomatic signs (Saili, 2008).
The productive elderly people become goals, and how to remain productive in the old
age. Researches on retired entrepreneurship wereconducted by some researchers such as
Forster (2013) in a research on retiredentrepreneurship or known as “entrepreneur”whichis an
entrepreneur who started his business because of already retiredfroma company caused by the
end of working period or decision taken by himself because given the right to pension and
considersa pension decision is a wise thing. Dollinger et al. (1988) calls retired
entrepreneurship as the older entrepreneur. Kautonen et al. (2014) refer it as the grey
entrepreneur. Zolin (2015) refer the older entrepreneur as a retiredperson who starts a
business at the age of 50 and above. It is also mentioned that even though theage is old but
entrepreneurial motivation must still grow, and should make mentors with experience to
overcome the barriers to knowledge that is not owned, and to increase the already owned
potential. Heimonen (2013) mentions a retired entrepreneur, aged 50 years and above as
entrepreneurship in Golden Years. Pilkova (2014) and Maritz (2015) refer an old entrepreneur
with senior entrepreneurship. Backman and Karlsson (2013); Ainsworth (2015) refer them as
Entrepreneurship in aging population and Ahmad et al. (2014) refer a retired entrepreneur as
silver entrepreneurs.
Those prior studies have tapped on the issues related to business after retirement,
challenges of retirement, successful and happy retirement, and retirement preparation yet they
have not yet specifically discussed about the true measurement of business after retirement as
well as its influential antecedents. In another word, this study is unique in terms of its high
relevance and urgency to be analyzed deeper as the reference for workers in facing
retirement.
Patisina et al. (2017) conducted a research on successful retired entrepreneur. The
research reveals that the success of entrepreneurship in the pension age includes 5 dimensions
including: (1) Financial freedom, being retired is said to be successful if someone has
freedom in finance. (2) Family time freedom, being retired is said to be successful if someone
has spare time for his family. (3) Personal satisfaction,being retired is said to be successful if
someone has the pleasure and comfort in doing business. (4) Degree of Spirituality, being
retired is said to be successful if someone is able to get closer to God Almighty. (5) Blessing
others, being retired is said to be successful if someone is able to make a meaningful life for
the people around.
The objectives of this research are (1) to analyze whether religiosity is a moderating
variable which affects the extrinsic motivation, intrinsic motivation, and perceived risk
toward the successes of generation X entrepreneurship, (2) to investigate whether religiosity
is a moderating variable which affects the extrinsic motivation, intrinsic motivation, and
perceived risk toward the successes of generation Baby Boomer entrepreneurship.

2. Literature Review
2.1. Successful Retirees
Retirees who make mature preparations ahead of retirement will be more successful
and comfortable while enjoying their old days. In the study of Indrayani (2013), it
isconcluded that everyone wanted a happy life. That emotional maturity greatly affects the
elderly self-acceptance and so does the support of the family (Sari and Suprapti, 2013). The
ability to manage stress can also increase happiness (Diponegoro, 2006). A person who has a
positive relationship with others realize that his life is meaningful and has a good level of
religiosity (Arba’ah, 2015). Studies on the correlation of success with religion, education,
family, sport and health service have been conducted by Hutapea (2012).Trisusanti and
Satiningsih (2012) in her research explains that financial, productive activities, social
activities and religious activities make happy retirees.

2.2. Religiosity and Successful Entrepreneurship

The religious people will use their confidence in carrying out their work (Audretsch et
al. 2007). The Muslim community is convinced by its entrepreneurial behavior. Muslims
have different views in serving Allah SWT (Davis, 2013). Muslims devote themselves as the
caliph of Allah SWT by hard work, honest, persistence and professional and more sensitive to
the environment (Dilmaghani, 2011). It is because besides their roles as servant of God,
humans act as caliph who prosper the universe. As a caliph, Muslims must have extensive
knowledge to manage the universe, have a strong economy to do good deeds to others, have
health because it takes energy and energy to do good deeds to the universe and build
relationships with humans. Life will be beautiful if morality becomes a view of life in
religion and make it as a foundation in running entrepreneurial activity (Emami and Nazari,
2012). People who have a religion will have a commitment, motivation, knowledge of their
religion and run it so as to get consequence in society, and have affiliation with business
(Muhamad and Mizerski, 2010). It is because honesty,and trustworthinessin managing the
business are the capital in running the business.
Religiosity is defined as a specific level of confidence in religious values and ideals
organized and practiced by an individual. Ancok (1994) describes the five dimensions of
religiosity as follows: the dimensions of belief, the dimensions of religious practice, the
dimensions of experience, the dimensions of religious knowledge and the dimensions of
practice or consequence. These dimensions refers to the identification of the consequences of
the religious beliefs, practices, experiences, and knowledge of a person from day to day. The
study of the influence of religiosity on the development of the business world is becoming
highly developed beyond the psychological and social dimension which emphasizes on new
business and innovation. Religion and entrepreneurship have a complexand interdependent
relationship (Carswell and Rolland, 2007). Studies on the influence of religion and
entrepreneurship have been conducted by some researchers such as Galbraith and Galbraith
(2007); Balog et al. (2014); and Davis (2013).
Religiosity becomes something that is very important and supports the activities of
entrepreneurship and business management (Zulkifli and Rosli, 2013). Religiosity can
improve the performance of entrepreneurs, because it has an impact on attitudes and
entrepreneurial behavior (Carswell and Rolland, 2007). In addition, religiosity as the input of
culture will play a role in entrepreneurship development, as there is a very close relationship
between culture and entrepreneurship (Morrison, 2000). Based on the above explanation, the
authors argue that a person with a good level of religiosity will always strive to run a business
activity with more emphasis on ethics, morality, and more concerned about the environment.
Risk management will be more mature because it is more tranquil (Iannaccone, 1998). Social
culture in religiosity makes businessman to havegood morality and spirituality that will be
connected in the public interest and in the innovation of goods and services, and buildinga
team work. The preparation in organizational structure will make spirituality and social as a
foundation (Naughton and Cornwall, 2009).

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2.3. The Intrinsic and Extrinsic Motivations in Entrepreneurship
Intrinsic motivation is derived from the individual of the entrepreneur. With
entrepreneurship, entrepreneurs will be more meaningful, more comfortable and enjoy life,
and have more motivation for life. The sense of responsibility in running the business makes
entrepreneur more persistence about entrepreneurship. Anentrepreneur can developand
accomplished more with entrepreneurship (Patisina et al. 2017). In their research, Stefanovica
et al. (2011) investigate the factors that motivate someone in doing entrepreneurship. Some of
the factors are because they want to be their own boss, use the experience and training they
have ever got in the past and applying it, prove themself that they can be entrepreneur,
increase revenue, capable in providing employment to family members, for personal
satisfaction and development, have job security because it is self-managed, build a business
of its own, want personal freedom, have fun with business, and close to family. Bird and
Schjoedt (2009) see a relationship between the intentionsfor entrepreneurship with intrinsic
motivation.This is because the entrepreneur has the intention in terms of developing the
company, ensuring the work will still run. This intention is carried out in the form of
entrepreneurial activity, thus there will be positive feelings. While Khan et al. (2009) in their
study see a strong influence between intrinsic motivation and extrinsic motivation on the
growth of entrepreneurship in Bangladesh with the infrastructure as the moderating variable.
Nasurdin et al. (2012) see successful entrepreneurship in the retirement age or so-called silver
is influenced by internal motivation which consists of entrepreneurial capital, attitudes,
networks and competencies while external motivation consists of company’s support
mechanisms, environmental and financial assistance.

2.4. Perceived Risk of Entrepreneurship

Risk management in doing business is an important thing because the higher the risk
of the investment, the higher its return will be (Rengku, 2012). Risk management is an
important factor in developing a strong entrepreneurial personality, which is useful for
business activities Thisis due to the uncertainty in running a business (Hanafi, 2014). Lee and
Cho (2005) argue that risk perception is a person’s assessment of riskysituations, where the
assessment is highly dependent on psychological characteristics and circumstancesof the
person. This is because of the influence of information received by someone outside of
himself. According to Geoffrey Meredith, an entrepreneur has high challenges, confidence,
task and result-orientation, risk-taking behavior, leadership, originality, and future-oriented.
Despite the risks, Entrepreneur loves to develop new things in business. Risk is a natural
thing for entrepreneurs in business, as risk-taking and proactive behavior can support
company performance (Kropp et al. 2008).

2.5. Baby Boomer and Generation X

The theory of generation used is a study developed by Howe and Strauss (2007). In
line with the theory of generation developed by Howe and Strauss (2007), it defines that a
generation is divided into 4 (four) groups: (1) Traditionalists,i.e. those who was born between
1925 and 1945. (2) Baby boomers,i.e. those who was born between the years 1946 and 1964.
(3) Generation X,i.e. those who was born in 1965 to 1980. Finally,(4) Generation Y, they are
the last generation born between tahun1981 and 2000. The characteristics of Generation X
are supporting the values in family, social environment, and organizational activities. In
addition, Generation X has high aggressiveness (Fatimah et al. 2015). According to Benson
and Brown (2011), baby boomers are described as a group of people who value teamwork
and see work from a process-oriented perspective.

3. Conceptual Framework and Hypotheses

The conceptual framework of this research derives from the modification of the
Theory of Planned Behavior and Herzberg Theory, trait theory, and social cognitive theory.
 Theory of Planned Behavior is a theory developed by Ajzen. The theory emphasizes
that targetted behavior does not only depend on one’s intentions, but also on other factors
which are not under individual control (Ajzen, 1991). From here, Ajzen widened the theory to
put emphasis on the role of that ability which later on considered as perceived behavioral
control. Accordingly, perceived risk is concluded in perceived behavioral control, therefore
one of the variables which affect the success of entrepreneurship is perceived risk.
The developed theory is known as the “Two-Factor Model” of motivation, which is a
motivational factor and hygiene factor or “maintenance”. (Herzberg, 1966). According to this
theory, motivational factors are things which support intrinsic achievements, from one’s inner
self. Meanwhile, what is meant by hygiene factor or maintenance is extrinsic factors coming
from outside, which also contribute to determining one’s behavior (Sudrajat, 2008:1-7).
According to the Trait Theory, a leader has traits or personality which are on average
different than most people. The traits are intelligence, persistence, and ambition. Someone’s
success is different from others, it is affected by the traits and characters of each person.
Zaccaro et al. (2004) in their study about leadership is influenced by personal and situational
factors.
Social cognitive theory admits the existence of social contribution toward human’s
way of thinking and acting as well as the cognitive process toward motivation, emotion, and
behavior. The theory, which was developed by Albert Bandura, was based on the proposition
of either social or cognitive process is central to the understanding of motivation, emotion,
and human behavior (Tarsidi, 2010).
This research is aimed to analyze whether religiosity is a moderating variable for
generation X and generation baby boomer. The conceptual framework would be explained
in picture 1.

Modification Theory Trait Theory Social Cognitive

of Planned Behavior Theory
and Herzberg Theory

Religiousity
Extrinsic
Motivation of
Entrepreunershi After Retirement
p Succesful
Entrepreuner
( Generation X and
Intrinsic Baby Boomer
Motivation of Generation)
Entrepreuners
hip

Perceived Risk
of ntrepreneurship

Figure 1 The Model of After Retirement Successful Entrepreneur

There are previous researches, such as Yu and Miller’s (2005), which found a
significant difference between Baby Boomers and Xers in terms of the work characteristics
and preferred management style, specifically in the Taiwanese manufacturing industries.
Yousaf (2015) found that intrinsic motivation is related to task performance (TP) and this
relationship is mediated by the effective occupational commitment. The extrinsic motivation
is related to both TP and contextual performance (CP) and these relationships are mediated by
the affective organizational commitment. Kuswariningsih (2014) had studied the effects of
motivation and interest in the success of entrepreneurship. Barbosa et al. (2014) found that

6
understanding of risks has an impact on the intention of individual entrepreneurship. Fuazan
(2014) stated in the context of entrepreneurship, religion would affect the attitude and
behavior of the entrepreneurs through the construction of value, implementing business
practices by emphasizing more on moral and business ethics. Among these previous studies,
there has not been one which studied the relationship like the one in this hypothesis:
H1: religiosity is a moderating variable which affects the extrinsic motivation, intrinsic
motivation, and perceived risk toward the successes of generation X entrepreneurship

The previous studies, Young and Tinker (2017) stated that the 1960s baby boomers are
characterized by high levels of education, technological proficiency, and a youthful self-
image. Kuswariningsih (2014) had studied the effects of motivation and interest in the
success of entrepreneurship. Barbosa et al. (2014) found that understanding of risks has an
impact on the intention of individual entrepreneurship. Fuazan (2014) stated in the context of
entrepreneurship, religion would affect the attitude and behavior of the entrepreneurs through
the construction of value, implementing business practices by emphasizing more on moral
and business ethics. Among these previous studies, there has not been one which studied the
relationship like the one in this hypothesis:
H2: religiosity is a moderating variable which affects the extrinsic motivation, intrinsic
motivation, and perceived risk toward the successes of generation Baby Boomer
entrepreneurship.

4. Design and Method

This study was conducted in Indonesia with respondents of anyone who has a good
business aged over 50 years or often called as baby boomer generation and who are under 50
years or called generation X (Howe and Staruss, 2007).
There were 288 samples of this study including 135 retired workers who set up certain
business from X generation, and 153 respondents from baby boomer generation.
Questionnaires were distributed to compare the success in managing business across
generation.
Questionnaires were distributed to respondents who were entrepreneurs in Indonesia.
The respondents consisted of 135 respondents of generation X and 153 respondents of baby
boomer, so the total respondents were 288. The questionnaires were used to compare
successful entrepreneurship among religions. It means this research is able to fullfil the
requirement of minimum survey involving as many as 100 respondents (Hair et al. 2013).
Meanwhile, religiosity is developed based on the research conducted by Palupi, M and
Tjahjono, HK (2016). This data is taken as a comparison of whether there is a difference
between the generations on the role of religiosity to successful entrepreneurship.
In this research, the test of moderation used is a residual test because the test on
moderating variable using interaction and absolute difference test tend to trigger high
multicollinearity among independent variables. To overcome multicollinearity, another
method called residual test was developed (Ghozali, 2016).

4. Analysis Result & Discussion

4.1. The effects of extrinsic motivation, intrinsic motivation, and perceived risk toward
the success of generation X entrepreneurship (H1)

Table 1
The result of linear regression toward generation X
Description Coefficient Sig.
Extrinsic Motivation of Entrepreneurship 0.191 0.053
Intrinsic Motivation of Entrepreneurship 0.244 0.021
Perceived Risk of ntrepreneurship 0.313 0.001
 The analysis results depicted in Table 1 shows that the success of entrepreneurship in
generation X is only affected by intrinsic motivation and perceived risk. It is caused by
pvalue from the two variables which is less than 0.05. The influence of intrinsic motivation
and perceived risk toward the success of entrepreneurship in generation X is a positive effect
because coefficient marked as positive. The variable of extrinsic motivation has no effect
toward the success of entrepreneurship in generation X because the pvalue is more than 0.05.
The factor of extrinsic motivation gives effective contribution as much as 59.39% to
the success of entrepreneurship in generation X. Even though the number of 59.39% is not
significant to the analysis results of double linear regression in table 1.
Intrinsic factor is the motivation factor originally from the entrepreneur’s inner self.
Based on table 1, it can be seen that intrinsic motivation has a significant positive effect on
the success of entrepreneurship in generation X. This factor of intrinsic motivation gives
contribution as much as 65.845% to the success of entrepreneurship in generation X
The factor of perceived risk in this research explains 62.389% of the success of
entrepreneurship in generation X. Generation X believes that risks are an ordinary thing as
well as a natural part of a business. Yet it needs to be emphasized that risks are a natural thing
but must be repressed to the minimum.
Table 2
The result of the residual moderating test on religiosity
of Generation X (H1)

Model Coefficient Sig.

Successful entrepreneurship of -0.325 0.000

Generation X

In the moderation test using residual test, a variable can be considered as moderation
variable if it is significant and having a negative constant. From the data on table 2, it can be
acknowledged that for generation X, religiosity is a moderating variable due to the negative
and significant coefficient (Ghozali, 2016).
X generations view religiousness as a factor that strengthens other variables; extrinsic
motivation, intrinsic motivation, and perceived risk in a business. Pensioners from X
generation have the tendency to run their business to obtain worldly goals. Fortunately, when
religiousness aspect is put into their consideration, the role of motivation and other variables
are improved and are able to support their entrepreneurial success.
It can be seen from the result of the data analysis that religiousness moderates other
independent and dependent variables. Religious pensioners form X generation puts Allah
SWT as the final goals and they give out all of their energy and effort for the sake of Allah
SWT. It is a good way that entrepreneurs engage religious values into their business efforts.
Maslow’s theory of needs states that in order to step on to further step, basic needs
should be first fulfilled (Turabik and Baskan, 2015). Basic needs include physiological needs,
needs for self-development, religiousness and spirituality. Entrepreneurship would be more
enjoyable when entrepreneurs engage spirituality and religiousness into their business (Jalil,
2013).
Various ways can be done in engaging religious values in building the mentality of
businessman such as being truthful in every transaction, providing the best service for the
consumers and being trusted in making business cooperation, as well as showing their trusts
to business partners.
Studies on the role of religiousness in the development of business is a popular theme
after the roles of psychological and social aspects in a management of new business and
innovation. Religiousness and entrepreneurship shares mutually supportive roles (Carswell
and Rolland, 2007). The influence of religiousness on entrepreneurs has been studied by a

8
number of researchers including Galbraith and Galbraith (2007); Valliere (2008); Baharun
and Kamarudin (2001); Balog et al. (2014); Dana (2010); Dana (2009); Dodd et al, (2007)
Davis (2013).
Religious businessmen tend to be more charitable to share their wealth in the way
Allah expects (Yusanto, 2002). Helping others through charity works is actually an act that
helps others out from their problems. Religious businessmen are always grateful for every
business journey they experience and those who are grateful are happy people.
Religious businessmen with good spirituality are always healthy and happy as they
have stronger immune system and they are less vulnerable to economic changes, health
problems and they have stronger mentality (Oman and Thoresen, 2005). Unconditional
happiness can be obtained by only those who have strong spirituality and religiousness in
performing their jobs, either as employees or as business owners. Through patience and heard
work, success will be easier to achieve (Syam, 2009).
David R Hawkins in his book entitled Power vs Force studied the correlation between
spirituality aspect and material aspects (wealth, prosperity and life achievements). According
to him, ones’ mind and emotion can be stratified based on the level of energy. Some are
included in the Force vibe, while some others belong to the Power vibe (Hawkins, 2002).
Force is a vibration of mind and emotion at low frequency and it is rather negative such as
shame, guilt, apathy, deep sadness, desire, fear, and pride. While Power is a vibe of mind and
emotion with strong and positive energy including courage, expectation, gratitude, mindful,
affection, joy, peace and enlightenment.
Humans’ energy is different form the energy of o ther God’s creature. Other
creatures’ energies are rather neutral, while human’s energy is rather qualitative, meaning that
it consists of goodness and badness (Poniman et al., 2007). Achievement is the result of
positive energy. If an effort is done through positive energy, the result will be good, and the
vice versa. Furthermore, Poniman also mentions about the accumulation of positive and
negative energy. A businessman spends positive energy equal to 10 million rupiah (effort=
+10 million IDR) but he only gets 5 million IDR in return, it means that the person makes 5
million IDR of positive energy saving. Whereas, a person who conducts a corruption equal to
100 million IDR (effort = 100 million IDR) unknown to others (HUT = 0), then this person is
actually saving 100 million IDR negative energy (TE= -100 million IDR). These energies are
eternal and someday they would transform into unexpected occurrences.
In interviews with successful pensioners, they shared that they had experienced some
obstacles in life including losing all of their wealth which had been collected for quite a long
time and their pension money. In conditions where they had spent all of their savings, faith in
Allah SWT made things return back. This phenomena is called negative saving withdrawal,
in which when this negative occurrence is accepted with sincerity, life returns normal and
business goes well.

4.2. The effect of extrinsic motivation, intrinsic motivation, and perceived risk toward
the success of entrepreneurship in generation Baby Boomer (H2)

Tabel 3
Hasil regresi linier pada generasi Baby Boomer
Description Coefficient Sig.
Extrinsic Motivation of Entrepreneurship 0.386 0.000
Intrinsic Motivation of Entrepreneurship 0.244 0.012
Perceived Risk of ntrepreneurship 0.209 0.007
The results of the analysis shown in Table 3 indicate extrinsic motivation, intrinsic
motivation, and perceived risk berpengaruh signifikan positif terhadap kesuksesan wirausaha
pada generasi baby boomer. Hal terbukti dengan pvalue pada 3 variabel independen yang
kurang dari 0.05 dan bertanda positif.
 The higher the extrinsic motivation, intrinsic motivation, and perceived risk, the
higher the entrepreneurial success of baby boomers will be and the vice versa.
The results of the interview related to extrinsic motivation for entrepreneurial success
show that entrepreneurs have more time to spend with family when running their own
business. These people do the business for their family, meaning that what they earn is for the
wealth of the family and success also means being close to the family when they retire.
People find it easier to build relationships and networking through entrepreneurship.
Network is a factor affecting success in running a business. Intellectual and emotional
intelligence is necessary in building business relationships because relationships represent a
social capital to develop business. Extrinsic motivation factor contributes 70.667% to the
entrepreneurial success of baby boomers.
In addition to extrinsic motivation, intrinsic motivation also has a significant influence
on entrepreneurial success. The intrinsic motivation factor contributes 80.021% to the
entrepreneurial success. The intrinsic motivation of retirement provides a deeper meaning of
life for baby boomers; they argue that being an entrepreneur will help them to demonstrate
their achievement as an example for their children and grandchildren. The baby boomers
hope to develop their own career through entrepreneurship.
Perceived risk in this study explains 69.729% entrepreneurial success of baby
boomers. The baby boomers believe that risk is natural in business. An entrepreneur always
develops new things, innovates, seeks new opportunities, and failure is part of the experience.
Failure is something certain in business, but rising from failure is a priority that must be
carried out and enjoyed.
The results of interviews with retired entrepreneurs show that almost all of them have
experienced failure. It is not the failure that matters; it is the decision to try again as the door
to success. Failure is a valuable experience in running a business. They suggest that a
beginner learn from successful people and have them as the mentors, as to minimize failure.

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 Table 4
The result of residual moderating test on religiosity
of Baby Boomer Genration (H2)

Model Coefficient Sig.

Successful entrepreneurship of Baby 0.604 0.000

Boomer Generation

According to the data on table 2, it can be seen that religiosity is not a moderating
variable for generation baby boomer. It can be acknowledged through the positive and
significant value of coefficient (Ghozali, 2016:231). Therefore, hypothesis 2 cannot be denied
so religiosity is not a variable which moderates the effect of extrinsic motivation, intrinsic
motivation, and perceived risk toward the successes of generation Baby Boomer
entrepreneurship.

5. Conclusions and Suggestions

The conclusions of this study are To generation X, religiosity variable is a variable which
moderates the effects of the extrinsic motivation, intrinsic motivation, and perceived risk
toward the successes of entrepreneurship, while to Baby Boomer generation, it is not a
variable which moderates the effects of the extrinsic motivation, intrinsic motivation, and
perceived risk toward the successes of entrepreneurship because it is considered as an
inherent part of themselves.
This study also give some suggestions related to entrepreneurial success according to
baby boomer generation and X generation as follows: (1) this study gives positive motivation
for pensioners from X generation who want to set up certain business. (2) Social capital can
be set as a moderating variable in further research regarding to the fact that in this study,
social capital is included in the religiousness and extrinsic motivation. Future researchers are
recommended to do similar research for Y generation and Z generation. (3) It is important
that pensioners obtain success in religion, civic, social and spiritual aspects.

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