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Working Paper No. 210. Practice Makes Perfect

PublikationWorking paper
Entreprenörskap, Erfarenhet, Firm performance, Företagandets villkor, Karl Wennberg, Phillip H. Kim, Rasmus Toft-Kehler
Working Paper No. 210.
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Sammanfattning

This study tackles the puzzle of why increasing entrepreneurial experience does not always lead to improved financial performance of new ventures. We propose an alternate framework demonstrating how experience translates into expertise by arguing that the positive experience–performance relationship only appears to expert entrepreneurs, while novice entrepreneurs may actually perform increasingly worse because of their inability to generalize their experiential knowledge accurately into new ventures. These negative performance implications can be alleviated if the level of contextual similarity between prior and current ventures is high. Using matched employee–employer data of an entire population of Swedish founder-managers between 1990 and 2007, we find a non-linear relationship between entrepreneurial experience and financial performance consistent with our framework. Moreover, the level of industry, geographic, and temporal similarities between prior and current ventures positively moderates this relationship. Our work provides both theoretical and practical implications for entrepreneurial experience—people can learn entrepreneurship and pursue it with greater success as long as they have multiple opportunities to gain experience, overcome barriers to learning, and build an entrepreneurial-experience curve.

Related content: Practice makes perfect

Kim, P H., Wennberg, K. & Toft-Kehler, R. (2013). ”Practice Makes Perfect: Entrepreneurial-Experience Curves and Venture Performance”. Ratio Working Paper No. 210.


Liknande innehåll

Entreprenörsstaten?
BokPublikation
Wennberg, K., Sandström, C.
Publiceringsår

2022

Publicerat i

Ratio: Stockholm.

Sammanfattning

Västvärlden har upplevt ihållande arbetslöshet och avsaknad av varaktig ekonomisk återhämtning. Vi har sett hur skydd av nationella intressen vuxit fram, liksom välgrundad oro för ekonomisk ojämlikhet och globala miljöproblem.

I denna jordmån har den interventionistiska industripolitiken upplevt en renässans. Mariana Mazzucatos bok The Entrepreneurial State (2011) utgjorde tillsammans med finanskrisen startskottet för alltmer proaktiva ingrepp i ekonomin. Hennes argumentation var spännande och enkel: Staten har varit den främsta aktören bakom innovation och ekonomisk tillväxt: entreprenörer och stora företag har egentligen bara kapitaliserat på dessa satsningar.

I den här skriften granskas dessa idéer. Vårt innehåll är i flera bemärkelser en varning. Storslagna planer för att skapa önskvärda utfall har sällan ett historiskt smickrande facit. Politiken varken kan eller bör försöka satsa på specifika bolag eller teknologier. Resultatet förvränger incitamentsstrukturerna och resulterar i skadlig opportunism.

The Entrepreneurial Story and its Implications for Research
Artikel (med peer review)Publikation
Brattström, A., & Wennberg, K.
Publiceringsår

2022

Publicerat i

Entrepreneurship theory and practice, 46(6), 1443-1468.

Sammanfattning

Research is not merely report-writing; it also involves elements of storytelling. In this essay, we reflect on two narrative archetypes in entrepreneurship research: the stories of entrepreneurship as a road to salvation and means to emancipation. We outline a framework to analyze research from a storytelling perspective, apply this framework to identify implicit assumptions and methodological biases in mainstream research, and discuss how a storytelling framework can be used to generate alternative stories. We argue for a more empirically grounded research agenda that continues the development of entrepreneurship research into a rich and diverse field.

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