Is Entrepreneurship an Individual Career Choice problem Indeed?
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This paper highlights the entrepreneurial career path decision of new entrepreneurs. In particular, it is demonstrated under which condition they can afford the risk of entrepreneurial failures. For tackling this issue, a theoretic model to analyze how their expected payoffs are affected by either the probability to earn satisfactory startup successes or societal environments, i.e., the external resource funding burden which plays as a barrier for new entrepreneurs to launch own startups under limited resource endowments. According to the theoretic model’s predictions, the smaller the resource burden to new entrepreneurs is endowed, they are more likely to choose to run own startups. Also, they can pursue entrepreneurship when both a chance to earn entrepreneurial success high while entrepreneurial environments are well organized to lessen the external resource requirements for novice entrepreneurs. These predictions are empirically supported. In particular, individuals are the most likely to establish own startups when both factors are well supported; however, it is uncertain which one between them plays a more important role in an entrepreneurial career path decision making problem.
Abstract
This paper highlights the entrepreneurial career path decision of new entrepreneurs. In particular, it is demonstrated under which condition they can afford the risk of entrepreneurial failures. For tackling this issue, a theoretic model to analyze how their expected payoffs are affected by either the probability to earn satisfactory startup successes or societal environments, i.e., the external resource funding burden which plays as a barrier for new entrepreneurs to launch own startups under limited resource endowments. According to the theoretic model’s predictions, the smaller the resource burden to new entrepreneurs is endowed, they are more likely to choose to run own startups. Also, they can pursue entrepreneurship when both a chance to earn entrepreneurial success high while entrepreneurial environments are well organized to lessen the external resource requirements for novice entrepreneurs. These predictions are empirically supported. In particular, individuals are the most likely to establish own startups when both factors are well supported; however, it is uncertain which one between them plays a more important role in an entrepreneurial career path decision making problem.
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