Abstract:

Serial entrepreneurs forgo a secure work environment to endure a process of ups and downs, laboring endlessly to form and grow a new venture, all in the hope of making a successful exit. They do so repeatedly despite the high (about 90%) failure rate. In this paper, we examine how an individual’s prior entrepreneurial experience factors into this perpetual momentum. We analyze the entrepreneurial activity of 528 serial entrepreneurs during the period 1980-2017. Our findings show that even those with nothing but failed experiences persist in their efforts. We further provide evidence demonstrating how successful experience, which is considered the founding block of future entrepreneurial success, can, under certain conditions, lead to a significant decline in the entrepreneurial momentum. Finally, our study highlights the moderating effect of age (young vs. mature entrepreneurs) on the relationship between prior entrepreneurial experiences (success vs. failure) and entrepreneurial proclivity, showing that the entrepreneurial perpetual momentum of serial entrepreneurs, which is influenced by prior entrepreneurial experience, is contingent on age.

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Acting as a session chair: If your paper is accepted, would you agree to serve as a session chair for the Track you submitted to?: Yes

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Dr. Barak Aharonson