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Beyond portfolio entrepreneurship: multiple income sources in small firms

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  • Sara Carter
  • Stephen Tagg
  • Pavlos Dimitratos

Abstract

The economic activities of entrepreneurs are not confined to the ownership of a single firm, but encompass income generation from a variety of sources including wage labour, non-earned income and profit from secondary business ventures. This paper investigates the multiple income sources of a sample of 18 561 business owners in the UK. A latent class analysis revealed seven different groups of entrepreneurs differentiated by their degree of engagement in enterprise ownership and income generation. The results demonstrate the importance of multiple income sources in smaller firms and challenge previous assumptions that portfolio activities are expedited solely as a profit maximization strategy by growth-seeking entrepreneurs. While some use portfolio activities for the purpose of wealth accumulation, others use them as a survival mechanism. The results also highlight time variations in the use of portfolio activities. For some business owners, they are a long-term and relatively stable strategy contributing towards either the economic survival of marginal ventures or the development of high growth enterprises. For others, they are a time-limited strategy facilitating business entry or exit.

Suggested Citation

  • Sara Carter & Stephen Tagg & Pavlos Dimitratos, 2004. "Beyond portfolio entrepreneurship: multiple income sources in small firms," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 16(6), pages 481-499, November.
    • Handle: RePEc:taf:entreg:v:16:y:2004:i:6:p:481-499
    DOI: 10.1080/08985620410001693008
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    Citations

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    Cited by:

    1. Friederike Welter, 2011. "Contextualizing Entrepreneurship—Conceptual Challenges and Ways Forward," Entrepreneurship Theory and Practice, , vol. 35(1), pages 165-184, January.
    2. Gry Agnete Alsos & Sara Carter & Elisabet Ljunggren, 2013. "Entrepreneurial families and households," Research Papers 0010, Enterprise Research Centre.
    3. Johan Wiklund & Dean A. Shepherd, 2008. "Portfolio Entrepreneurship: Habitual and Novice Founders, New Entry, and Mode of Organizing," Entrepreneurship Theory and Practice, , vol. 32(4), pages 701-725, July.
    4. María Villares-Varela & Monder Ram & Trevor Jones, 2018. "Bricolage as Survival, Growth and Transformation: The Role of Patch-Working in the Social Agency of Migrant Entrepreneurs," Work, Employment & Society, British Sociological Association, vol. 32(5), pages 942-962, October.
    5. Emanuela Carbonara & Hien Thu Tran & Enrico Santarelli, 2020. "Determinants of novice, portfolio, and serial entrepreneurship: an occupational choice approach," Small Business Economics, Springer, vol. 55(1), pages 123-151, June.
    6. Trevor Jones & Monder Ram, 2013. "Entrepreneurship as ethnic minority liberation," Research Papers 0011, Enterprise Research Centre.
    7. Chong Choi & Sae Kim, 2008. "Women and Globalization: Ethical Dimensions of Knowledge Transfer in Global Organizations," Journal of Business Ethics, Springer, vol. 81(1), pages 53-61, August.
    8. Sara Carter, 2011. "The Rewards of Entrepreneurship: Exploring the Incomes, Wealth, and Economic Well–Being of Entrepreneurial Households," Entrepreneurship Theory and Practice, , vol. 35(1), pages 39-55, January.
    9. Urbig, Diemo & Reif, Karina & Lengsfeld, Stephan & Procher, Vivien D., 2021. "Promoting or preventing entrepreneurship? Employers’ perceptions of and reactions to employees’ entrepreneurial side jobs," Technological Forecasting and Social Change, Elsevier, vol. 172(C).

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