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What Makes a Successful Entrepreneur? Evidence from Brazil

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Author Info

  • Simeon Djankov

    (the World Bank)

  • Yingyi Qian

    (UC Berkeley and CERP)

  • Gerard Roland

    (UC Berkeley and CEPR)

  • Ekaterina Zhuravskaya

    ()
    (New Economic School/CEFIR and CEPR)

Abstract

We report the results of a new survey on entrepreneurship in Brazil. In September 2006, we interviewed 400 entrepreneurs and 550 non-entrepreneurs of the same age, gender, education and location in 7 Brazilian cities. The data are used to test three competing hypotheses on entrepreneurship: the role of economic and legal institutions (security of property rights; access to credit); the role of sociological characteristics (family background, social networks); and the role of individual features (attitude towards risk, I.Q., self-confidence) in becoming an entrepreneur. In line with our previous research in China and Russia, we find that sociological characteristics have the strongest influence on becoming an entrepreneur. In contrast, success as an entrepreneur is primarily determined by the individual’s smartness and higher education in the family. Entrepreneurs are not more self-confident than non-entrepreneurs; and overconfidence is bad for business success.

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Bibliographic Info

Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0104.

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Length: 23 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:cfr:cefirw:w0104

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References

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  1. Simon Johnson & John McMillan & Christopher Woodruff, 2002. "Property Rights and Finance," NBER Working Papers 8852, National Bureau of Economic Research, Inc.
  2. Timothy Frye & Ekaterina Zhuravskaya, 2000. "Rackets, Regulation and the Rule of Law," Working Papers w0002, Center for Economic and Financial Research (CEFIR).
  3. Simeon Djankov & Edward Miguel & Yingyi Qian & Gerard Roland & Ekaterina Zhuravskaya, 2005. "Who are Russia’s entrepreneurs?," Working Papers w0048, Center for Economic and Financial Research (CEFIR).
  4. Roland, Gerard & Verdier, Thierry, 2003. "Law enforcement and transition," European Economic Review, Elsevier, Elsevier, vol. 47(4), pages 669-685, August.
  5. Edward P. Lazear, 2002. "Entrepreneurship," NBER Working Papers 9109, National Bureau of Economic Research, Inc.
  6. Jiahua Che & Yingyi Qian, 1998. "Insecure Property Rights And Government Ownership Of Firms," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 113(2), pages 467-496, May.
  7. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2001. "The Regulation of Entry," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp01-015, Harvard University, John F. Kennedy School of Government.
  8. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 026268148x, December.
  9. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 103(5), pages 903-37, October.
  10. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(2), pages 274-98, April.
  11. Rajkamal Iyer & Antoinette Schoar, 2010. "Are there Cultural Determinants of Entrepreneurship?," NBER Chapters, in: International Differences in Entrepreneurship, pages 209-240 National Bureau of Economic Research, Inc.
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Cited by:
  1. Brixiova, Zuzana & Li, Wenli & Yousef, Tarik, 2009. "Skill shortages and labor market outcomes in Central Europe," Economic Systems, Elsevier, Elsevier, vol. 33(1), pages 45-59, March.

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