Abstract

The assumption of the socially embedded nature of economic activities (Polanyi, 1944; Granovetter, 1985) is at the core of the embeddedness perspective. Entrepreneurship is an embedded socio-economic process where the nature, the depth and the extent of individual’s ties into the environment can create a contextual competitive advantage (or disadvantage). While being the most important social structure in most societies, Following Aldrich and Cliff (2003) that note that the impact of the family on businesses is generally underestimated we adopt and operationalize a family embeddedness perspective to investigate what impacts individuals’ entry into entrepreneurship, defined as new venture creation. We do so by drawing on the literature of capitals. We propose an empirical analysis that considers the impact of the family on the entrepreneurial process of an individual, while distinguishing between the possession of human, cultural, social, and financial capital of both the individual and his/her family. The adoption of the capital literature allows us to discuss the significant role of the family within the society.

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