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Stepping Forward: Personality Traits, Choice of Profession, and the Decision to Become Self-Employed

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  • Michael Fritsch

    ()
    (School of Economics and Business Administration, Friedrich-Schiller-University Jena)

  • Alina Sorgner

    ()
    (School of Economics and Business Administration, Friedrich-Schiller-University Jena)

Abstract

We argue that entrepreneurial choice proceeds in at least in two steps, with vocational choice nearly always preceding choice of employment status, whether that be self-employment or dependent employment. Since the two decisions are interrelated, analysis of entrepreneurial choice as a single act may lead to inconsistent estimates of the factors that determine the decision to launch a business venture. Our empirical analysis utilizes a bivariate probit model that jointly estimates both decisions. The results support our argument that entrepreneurial choice is a two-stage decision process.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2013-004.

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Date of creation: 10 Jan 2013
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Handle: RePEc:jrp:jrpwrp:2013-004

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Keywords: Entrepreneurial choice; vocational choice; personality traits;

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