What happens to nascent entrepreneurs? An econometric analysis of the PSED.

Belghitar, Yacine and Parker, Simon C. (2006) What happens to nascent entrepreneurs? An econometric analysis of the PSED. Small Business Economics, 27 (1) . pp. 81-101. ISSN 0921-898X [Article] (doi:10.1007/s11187-006-9003-4)

Abstract

This article follows the progress of a large and nationally representative sample of American nascent entrepreneurs – identified in the initial interview of the Panel Study of Entrepreneurial Dynamics (PSED) – over the next 12 months of the panel. We develop a novel theoretical framework based on maximisation of expected utility and the value of waiting, and estimate it to reveal which personal and economic characteristics are associated with venture start-up – and which are associated with remaining a nascent entrepreneur, or giving up entirely. The value of waiting turns out to play a key role in helping us understand what happens to nascent entrepreneurs. We discuss the implications of our results for entrepreneurs, lenders, business start-up support agencies and policy-makers.

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