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Habitual Entrepreneurs

Deniz Ucbasaran, Paul Westhead and Mike Wright

Deniz Ucbasaran, Paul Westhead and Mike Wright use a combination of theory and empirical evidence to illustrate why it is so important for researchers, policymakers, entrepreneurs and investors to distinguish between novice (i.e. first time) entrepreneurs and habitual entrepreneurs. Issues tackled include human capital characteristics, information search and opportunity identification behaviours, and the performance of different types of entrepreneurs. The book also highlights the heterogeneity of habitual entrepreneurs by drawing attention to serial and portfolio entrepreneurs.
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Chapter 6: Firm and Entrepreneur Performance by Type of Entrepreneur

Deniz Ucbasaran, Paul Westhead and Mike Wright


Introduction The performance of surveyed firms owned by novice and habitual as well as serial and portfolio entrepreneurs are examined with regard to several financial and non-financial performance indicators. In addition, a number of indicators relating to the entrepreneurs’ performance are discussed. The structure of the chapter is as follows. First, surveyed firm performance differences between novice and habitual entrepreneurs, and then serial and portfolio entrepreneurs, are examined within a bivariate statistical framework. Firm performance is monitored with regard to the surveyed business in terms of two weighted performance measures, sales and employment growth, as well as profitability relative to competitors. This is followed by a discussion of entrepreneur performance with regard to the standard of living in relation to when the surveyed business was first started or purchased and money taken out of the business(es) owned. In the penultimate section, firm and then entrepreneur performance differences are examined within a multivariate statistical framework. Finally, conclusions are provided. Firm and Entrepreneur Performance: Bivariate Analysis This section presents the findings relating to differences reported by novice and habitual and then serial and portfolio entrepreneurs in terms of various dimensions of performance within a bivariate framework. Firm Performance Table 6.1 shows that no significant differences were detected between novice and habitual entrepreneurs with respect to the two weighted performance measures, and profit relative to competitors. The employment contribution made by each type of entrepreneur between 1996 and 2001 is summarized in Table 6.2. In total, firms owned by habitual 129 130...

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