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Education and other competency sources for financially successful entrepreneurship

Author

Listed:
  • Tiit Elenurm
  • Paavo Heil

Abstract

Many studies are focused on success of new ventures but little research has been focused on educational background and competency sources of entrepreneurs that have successfully accumulated financial assets in their long-term entrepreneurship during the transition to the market economy. This paper is based on the survey and interviews of such entrepreneurs about their academic learning experience and attitudes concerning relevance and sources of different competencies by using for the representatives sample the Estonian Business Registry data concerning ownership stakes of entrepreneurs. Among entrepreneurs with an academic degree, the share of very successful entrepreneurs is 2.1 times higher than among entrepreneurs with vocational education. Among successful entrepreneurs that have accumulated assets more than 1 million Euro, 43% are graduates of management-, entrepreneurship or economic specialties. Key competencies perceived as crucial by financially successful entrepreneurs are: ability to see and use opportunities, people management skills, persistence and risk taking.

Suggested Citation

  • Tiit Elenurm & Paavo Heil, 2015. "Education and other competency sources for financially successful entrepreneurship," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 25(3), pages 314-330.
    • Handle: RePEc:ids:ijesbu:v:25:y:2015:i:3:p:314-330
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