Serial Entrepreneurship: Learning by Doing?

• 成果类型: Article
• 署名作者: Lafontaine, Francine; Shaw, Kathryn
• 署名单位: University of Michigan System; University of Michigan; Stanford University
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/683820
• 发表日期: 2016
• 页码: S217-S254
• 关键词: liquidity constraints; experienced entrepreneurs; performance; persistence; EMPLOYMENT; returns; GROWTH; novice; WEALTH; MODEL

摘要

Among typical entrepreneurs, is serial entrepreneurship common? Is the serial entrepreneur more likely to succeed? If so, why? These questions are addressed using data on all establishments started between 1990 and 2011 to sell retail goods and services in Texas. An entrepreneur is the owner of a new business. A serial entrepreneur is one who opens repeat businesses. We find that 25.6% of businesses are operated by serial entrepreneurs. These are the more successful businesses: prior business experience increases the longevity of the next business opened. Results with owner fixed effects suggest that past experience imparts valuable business skills.