Abstract

What actually makes an entrepreneur? A great deal of research dealing with this question focuses on the entrepreneurs’ human capital as success factor. However, a recent studies report low correlations between traditional human capital variables and entrepreneurial success in general (Unger et al. 2011). One reason for this disappointing result might be that prior research has mainly focused on traditional human capital indicators such as education and management experience which are easy to measure but can arguably predict success in paid employment too. Another problem with these indicators is that they are distal to the entrepreneurial task of combining different resources such as physical and financial capital, people and ideas in order to successfully run a business. Building on this insight, Lazear (2005) proposed the importance of balanced set of experiences for the entrepreneur. As previous entrepreneurship research on the jack-of-all-trades view has primarily focused on the entry decision (e.g., Lazear 2005; Silva 2007), we don’t know much about its potential effect on performance once a venture has been started.

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