Afterlife: Who Takes Heart for Restart?
AbstractThe performance of young and newly founded firms depends largely to the human capital of the firm owner. The entrepreneur is therefore one of the main success factors for the firm. Yet entrepreneurs differ considerably in their background and characteristics. Particularly, founders? individual entrepreneurial experience is a property that might be crucial for firm development, though it is part of the firm?s human capital, too. Business failures, namely bankruptcies, may trigger the transition from being a novice entrepreneur to becoming an entrepreneur who is entrepreneurially experienced. About 3 percent of novice entrepreneurs who file for bankruptcy reestablish afterwards. On average, slightly more than 15 months will elapse until such ?fallen? entrepreneurs venture out anew. They differ from entrepreneurs not willing or able to take a second chance in several respects. --
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Bibliographic InfoPaper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 06-38.
Date of creation: 2006
Date of revision:
Bankruptcy; Business Failure; Restart; Second Chance;
Find related papers by JEL classification:
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
- J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-17 (All new papers)
- NEP-BEC-2007-02-17 (Business Economics)
- NEP-ENT-2007-02-17 (Entrepreneurship)
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