Prior entrepreneurial experience is one of the most consistent predictors of future entrepreneurial performance. Because launching a new venture is a complex task, entrepreneurs with prior start-up experience have a distinct advantage.
According to Ucbasaran, Howorh, & Westhead, 2000; Ucbasaran & Westhead, 2002, “Recent research on habitual entrepreneurship founds that opportunity recognition may be fueled by prior entrepreneurial experience resulting in knowledge.”
Basically, from common sense, anyone can say that an entrepreneur’s prior entrepreneurial experience plays a chief and important role in developing essential successful skills for a new venture. The findings of several types of research suggest that a well understanding and knowledge of start-up experience is a source of learning for entrepreneurs and it affects the attitudes, preferences, and skills of habitual entrepreneurs. This experience influences entrepreneurial skills for keeping pace with effectual reasoning, liabilities of newness, and behaviors towards failures. Researchers based on longitudinal analysis and qualitative methodology, have understood how habitual entrepreneurs foster the launch, creation, and development of new venture through social networks development and other necessary measures.
Use of the term in Sentence:
- Jim has become a successful entrepreneur because of his hard work and prior entrepreneurial experience.
More from this Section
- Idea-expression dichotomy
Idea-expression dichotomy refers to the legal principle describing the concept that although ...
- Organic growth
Organic growth is internally generated growth within a firm that does not rely on outside ...
- Moral hazard
Moral hazard is a problem a firm faces as it grows and adds personnel; the assumption ...
- Copyright Infringement
Copyright infringement occurs when one work derives from another, is an exact copy or ...
- Small Business Administration (SBA)
Small Business Administration (SBA) is the principal government agency concerned with ...