Abstract

Entrepreneurial persistence is the decision to remain steadfast in the new venture regardless of counterinfluences, adversity, or enticing alternatives. An entrepreneur chooses to persist by considering the appeal of the perceived outcomes of continuing with the venture (valences) and by determining a relative probability of actually achieving those outcomes (expectancy). These judgments are influenced by personal characteristics and environmental feedback. Using a conjoint experiment, I explore how adversity and values impact the weight placed on expectancy and valences in the persistence decision policies of 105 entrepreneurs. The findings suggest that the persistence decision policies are heterogeneous depending on the level of adversity experienced and the individual values held by the entrepreneurs. The results provide interesting insights into why and how entrepreneurs choose to persist.

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