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What Makes an Entrepreneur? Evidence on Inheritance and Capital Constraints

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Author Info
David Blanchflower
Andrew J. Oswald

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Abstract

The paper studies the factors which shape entrepreneurship among young adults. It finds, using data on a British birth cohort, that the probability of self-employment depends sensitively upon whether the individual ever received a gift or inheritance. Those who were given or inherited £5,000, for example, were approximately twice as likely, ceteris paribus, to set up in business. This is consistent with, and a new test of, recent results from the US stressing the importance of capital and liquidity constraints. The paper also evaluates a number of hypotheses suggested in the literature on small businesses.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3252.

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Date of creation: Feb 1990
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Handle: RePEc:nbr:nberwo:3252

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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. Micklewright, John, 1989. "Choice at Sixteen," Economica, London School of Economics and Political Science, vol. 56(221), pages 25-39, February. [Downloadable!] (restricted)
  2. 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)
  3. Borjas, George J & Bronars, Stephen G, 1989. "Consumer Discrimination and Self-employment," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 581-605, June. [Downloadable!] (restricted)
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  4. Blau, David M, 1987. "A Time-Series Analysis of Self-employment in the United State," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 445-67, June. [Downloadable!] (restricted)
  5. George J. Borjas, 1986. "The Self-Employment Experience of Immigrants," NBER Working Papers 1942, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. David Blanchflower & A Oswald, 1993. "Entrepreneurship," CEP Discussion Papers dp0134, Centre for Economic Performance, LSE.
  7. Kanbur, S M Ravi, 1982. "Entrepreneurial Risk Taking, Inequality, and Public Policy: An Application of Inequality Decomposition Analysis to the General Equilibrium Effects of Progressive Taxation," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 1-21, February. [Downloadable!] (restricted)
  8. Connolly, Sara & Micklewright, John & Nickell, Stephen, 1992. "The Occupational Success of Young Men Who Left School at Sixteen," Oxford Economic Papers, Oxford University Press, vol. 44(3), pages 460-79, July. [Downloadable!] (restricted)
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  1. John Armour & Douglas Cumming, 2005. "Bankruptcy Law and Entrepreneurship," ESRC Centre for Business Research - Working Papers wp300, ESRC Centre for Business Research. [Downloadable!]
    Other versions:
  2. Mesnard, Alice & Ravallion, Martin, 2001. "Wealth Distribution and Self-Employment in a Developing Economy," CEPR Discussion Papers 3026, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. John Armour, 2006. "Legal capital: an outdated concept," ESRC Centre for Business Research - Working Papers wp320, ESRC Centre for Business Research. [Downloadable!]
  4. Mesnard, Alice & Ravallion, Martin, 2001. "Is inequality bad for business : a non-linear microeconomic model of wealth effects on self-employment," Policy Research Working Paper Series 2527, The World Bank. [Downloadable!]
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