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
Insourcing is an approach that takes place when a service provider comes inside a partner’s ...
- Patent infringement
Patent infringement takes place when one party engages in the unauthorized use of another ...
- Buyback clause
Buyback clause refers to a clause found in most founders’ agreement which legally obligates ...
- Follow-on funding
Follow-on funding means the additional funding for a firm following the initial investment ...
Franchisee refers to an individual or firm that enters into a franchise agreement and ...