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When to Start a New Firm?: Modelling the Timing of Novice and Serial Entrepreneurs

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Author Info
Gries, Thomas
Naude, Wim

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Abstract

The success of new start-up firms often depends on timing. It is valuable for the potential entrepreneur to wait for the right moment before starting a new firm. In this paper we provide a theoretical model to determine the optimal time for starting a new firm. We integrate insights from the real option theory with the theory on entrepreneurial market entry. An important and novel feature of our model is that it allows the start-up timing decisions of novice and serial entrepreneurs to be distinguished.

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2009/RP2009-39.pdf
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Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Papers with number UNU-WIDER Research Paper RP2009/39.

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Length: 45
Date of creation: 2009
Date of revision:
Handle: RePEc:unu:wpaper:rp2009-39

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Related research
Keywords: entrepreneurship; serial entrepreneurship; start-ups; real options; stochastic optimal control;

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  18. Lloyd-Ellis, Huw & Bernhardt, Dan, 2000. "Enterprise, Inequality and Economic Development," Review of Economic Studies, Blackwell Publishing, vol. 67(1), pages 147-68, January.
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  32. 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)
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