Selected Essays of Dean A. Shepherd
Chapter 12: A Hubris Theory of Entrepreneurship
A good theory of entrepreneurship should explain the supply of ventures, which depends on the formation of new ventures and the exit, including failure of exisitng ones. It is puzzling and intriguing that so many ventures start in the presenve of the alarmingly high rates of venture failure (e.g., 574,300 firms were started, or made their first sale, in the United States in 2000; see Shock et al. 2003).
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