One of the primary reasons is the fear of retirement. To understand this fear, it is necessary to appreciate the relationship between work, the meaning of life and social evaluation. For many founders, work and the business are synonymous with a meaningful life. The intense involvement the entrepreneur has with the business increases the importance of the job and his or her identity. Removal from work is like losing a part of oneself.
Work is important to the entrepreneur because it provides Economic returns.
Opportunities to contribute to society. Status and self-respect. Escape from loneliness and isolation. That's a lot to ask someone to give up. Especially important is the loss of status and social power.