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Failing firms and successful entrepreneurs: serial entrepreneurship as a temporal portfolio

Small business economics, 2013-02, Vol.40 (2), p.417-434 [Peer Reviewed Journal]

2013 Springer Science+Business Media New York ;Springer Science+Business Media, LLC. 2011 ;Springer Science+Business Media New York 2013 ;ISSN: 0921-898X ;EISSN: 1573-0913 ;DOI: 10.1007/s11187-011-9412-x

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Title:
Failing firms and successful entrepreneurs: serial entrepreneurship as a temporal portfolio
Author: Sarasvathy, Saras D. ; Menon, Anil R. ; Kuechle, Graciela
Subjects: Binomials ; Business and Management ; Business economics ; Business structures ; Distribution ; Economic theory ; Empirical evidence ; Entrepreneurs ; Entrepreneurship ; Failure ; Financial economics ; Financial portfolios ; Hypotheses ; Industrial economics ; Industrial Organization ; Job creation ; Labour economics ; Law firms ; Management ; Microeconomics ; Population ; Small businesses ; Studies ; Success
Is Part Of: Small business economics, 2013-02, Vol.40 (2), p.417-434
Description: Entrepreneurial performance is almost always confounded with firm performance. In this paper we argue for an instrumental view of the firm by formally showing that entrepreneurs can amplify their expected success rates by designing their careers as temporal portfolios that exploit contagion processes embedded in serial entrepreneurship. The advantages to holding concurrent portfolios that exploit heterogeneity are well known. The same advantages may be achieved in the serial context through contagion. Our model exploits an observation due to William Feller on the near equivalence of the two, statistically speaking. It also leads to empirically plausible implications about the size distribution of firms in the economy and illustrates the relevance of considering firms and entrepreneurs as distinct loci of analysis.
Publisher: Boston: Springer
Language: English
Identifier: ISSN: 0921-898X
EISSN: 1573-0913
DOI: 10.1007/s11187-011-9412-x
Source: AUTh Library subscriptions: ProQuest Central
Alma/SFX Local Collection

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Failing firms and successful entrepreneurs: serial entrepreneurship as a temporal portfolio

2013 Springer Science+Business Media New York ;Springer Science+Business Media, LLC. 2011 ;Springer Science+Business Media New York 2013 ;ISSN: 0921-898X ;EISSN: 1573-0913 ;DOI: 10.1007/s11187-011-9412-x

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