On the Nature of Entrepreneurship

• 成果类型: Article
• 署名作者: Bhandari, Anmol; Kass, Tobey; May, Thomas J.; McGrattan, Ellen R.; Schulz, Evan
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; California State University System; California State University Fullerton
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/739823
• 发表日期: 2026
• 关键词: returns; consumption; equity; earnings; RISK

摘要

This paper examines the nature of entrepreneurship using a novel panel dataset based on US Internal Revenue Service data. We analyze income growth trajectories and the determinants of entrepreneurial choice for business owners. Compared with prior household survey-based studies, we find that self-employed individuals have significantly higher average incomes and steeper income growth than their wage-earning matched peers. Contrary to survey evidence, we find a limited role for nonpecuniary motives, uninsurable risk, and liquidity constraints driving entrepreneurial choice. Prior work experience predicts entrepreneurial entry. Entry and exit rates into self-employment remain stable over time, including during the Great Recession.