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Entrepreneurs: Jacks of all Trades or Hobos?

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Author Info
Thomas Astebro () (Rotman School of Management, University of Toronto)
Peter Thompson () (Department of Economics, Florida International University)

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Abstract

Human capital investment theory suggests that entrepreneurs should be generalists, while those who work for others should be specialists; it also predicts higher incomes for entrepreneurs with generalist skills. An alternative view predicts that those with greater taste for variety are more likely to become entrepreneurs and that entrepreneurs will see their incomes decrease with greater skill variety. Data from a survey of 830 independent inventors and 300 individuals from the general population confirm that inventor-entrepreneurs typically have a more varied labor market experience. However, the more varied their experience, the lower their household income. The results support the interpretation that both choice of entrepreneurship and investment in generalist skills are driven by a taste for variety.

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File URL: http://www.fiu.edu/orgs/economics/wp2007/07-05.pdf
File Format: application/pdf
File Function: Revised version, 2009
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Publisher Info
Paper provided by Florida International University, Department of Economics in its series Working Papers with number 0705.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 31 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:fiu:wpaper:0705

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Postal: Miami, FL 33199
Phone: (305) 348-2316
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Web page: http://www.fiu.edu/orgs/economics/
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Related research
Keywords: Entrepreneurship; employment choice; skill; jack-of-all-trades; taste for variety.;

Find related papers by JEL classification:
J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Astebro, Thomas B. & Dahlin, Kristina B., 2005. "Opportunity knocks," Research Policy, Elsevier, vol. 34(9), pages 1404-1418, November. [Downloadable!] (restricted)
  2. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Jürgen Schupp & Gert G. Wagner, 2005. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," IZA Discussion Papers 1730, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  3. J. Wagner, 2003. "Testing Lazear's jack-of-all-trades view of entrepreneurship with German micro data," Applied Economics Letters, Taylor and Francis Journals, vol. 10(11), pages 687-689, September. [Downloadable!] (restricted)
    Other versions:
  4. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June. [Downloadable!] (restricted)
  5. Ari Hyytinen & Pekka Ilmakunnas, 2007. "Entrepreneurial Aspirations: Another Form of Job Search?," Small Business Economics, Springer, vol. 29(1), pages 63-80, June. [Downloadable!] (restricted)
  6. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
  7. Ari Hyytinen & Pekka Ilmakunnas, 2004. "Entrepreneurial Aspirations," Discussion Papers 890, The Research Institute of the Finnish Economy. [Downloadable!]
  8. McAlister, Leigh & Pessemier, Edgar, 1982. " Variety Seeking Behavior: An Interdisciplinary Review," Journal of Consumer Research: An Interdisciplinary Quarterly, University of Chicago Press, vol. 9(3), pages 311-22, December.
  9. Edward P. Lazear, 2005. "Entrepreneurship," Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 649-680, October. [Downloadable!]
  10. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June. [Downloadable!] (restricted)
  11. Thomas Astebro, 2003. "The Return to Independent Invention: Evidence of Unrealistic Optimism, Risk Seeking or Skewness Loving?," Economic Journal, Royal Economic Society, vol. 113(484), pages 226-239, January. [Downloadable!] (restricted)
  12. Wagner, Joachim, 2004. "Nascent Entrepreneurs," IZA Discussion Papers 1293, Institute for the Study of Labor (IZA). [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Joop Hartog & Mirjam van Praag & Justin van der Sluis, 2008. "If you are so smart, why aren’t you an Entrepreneur?," Tinbergen Institute Discussion Papers 08-073/3, Tinbergen Institute. [Downloadable!]
  2. Hartog, Joop & van Praag, Mirjam & van der Sluis, Justin, 2008. "If You Are So Smart, Why Aren't You an Entrepreneur? Returns to Cognitive and Social Ability: Entrepreneurs versus Employees," IZA Discussion Papers 3648, Institute for the Study of Labor (IZA). [Downloadable!]
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This page was last updated on 2009-11-3.

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