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The effects of perceptions of risk, environmental uncertainty, and growth aspirations on new venture creation success

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  • William Gartner

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  • Jianwen Liao

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    Abstract

    This study extends Xu and Reuf (Strateg Organ 2:331–355, 2004) by exploring the strategic and non-strategic risk-taking propensity perceptions of nascent entrepreneurs as it relates to the subsequent likelihood of venture formation success. In addition, the moderating influences of perceptions of environmental uncertainty and venture growth aspirations are also examined. Findings from an analysis of data from the Panel Study of Entrepreneurial Dynamics (PSED) I indicate that an entrepreneur’s risk-taking propensity has no relationship to the likelihood of successfully starting a business. Perceptions of environmental uncertainty and venture growth aspirations were positively related to non-strategic risk-taking propensity, yet none of these variables (strategic and non-strategic risk-taking propensity, environmental uncertainty and growth aspirations) had a significant effect on venture creation success. We suggest that risk-taking propensity, as measured in this study, does not play a significant role in differentiating between nascent entrepreneurs or others, or between those that are successful or unsuccessful at starting businesses. Copyright Springer Science+Business Media, LLC. 2012

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    File URL: http://hdl.handle.net/10.1007/s11187-011-9356-1
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    Bibliographic Info

    Article provided by Springer in its journal Small Business Economics.

    Volume (Year): 39 (2012)
    Issue (Month): 3 (October)
    Pages: 703-712

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    Handle: RePEc:kap:sbusec:v:39:y:2012:i:3:p:703-712

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    Web page: http://www.springerlink.com/link.asp?id=100338

    Related research

    Keywords: Risk-taking propensity; Nascent entrepreneur; PSED; Start-up; D81; J24; L26; M13;

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    1. Gatewood, Elizabeth J. & Shaver, Kelly G. & Gartner, William B., 1995. "A longitudinal study of cognitive factors influencing start-up behaviors and success at venture creation," Journal of Business Venturing, Elsevier, vol. 10(5), pages 371-391, September.
    2. Carter, Nancy M. & Gartner, William B. & Shaver, Kelly G. & Gatewood, Elizabeth J., 2003. "The career reasons of nascent entrepreneurs," Journal of Business Venturing, Elsevier, vol. 18(1), pages 13-39, January.
    3. Brian Wu & Anne Marie Knott, 2006. "Entrepreneurial Risk and Market Entry," Management Science, INFORMS, vol. 52(9), pages 1315-1330, September.
    4. Jianwen Liao & William Gartner, 2006. "The Effects of Pre-venture Plan Timing and Perceived Environmental Uncertainty on the Persistence of Emerging Firms," Small Business Economics, Springer, vol. 27(1), pages 23-40, August.
    5. Johan Wiklund & Dean Shepherd, 2003. "Aspiring for, and Achieving Growth: The Moderating Role of Resources and Opportunities," Journal of Management Studies, Wiley Blackwell, vol. 40(8), pages 1919-1941, December.
    6. William Gartner, 2008. "Variations in entrepreneurship," Small Business Economics, Springer, vol. 31(4), pages 351-361, December.
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