Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions

Posted: 4 Nov 2009

See all articles by Deniz Ucbasaran

Deniz Ucbasaran

University of Nottingham

Martin Binks

Nottingham University Business School

Paul Westhead

University of Warwick - Warwick Business School

Mike Wright

Nottingham University Business School

Date Written: 2005

Abstract

Broad characteristics, behavior, and performancecontributions relating to experienced serial and portfolio entrepreneurs areanalyzed in comparison to novice entrepreneurs with no prior business ownershipexperience. Data consisted of 354 firms owned by novice (200 firms), serial (66firms), and portfolio (88 firms) entrepreneurs in Scotland. Results indicate no significant difference among the three groups withregard to the mode of acquisition of equity stake, number of equity partners,current age, location of business, main industrial activity of the business, orwhether the business was a family firm. Significant differences are noted inthe characteristics and behavior of the entrepreneurs with regard to theirbusiness ownership experience. Further analyses show that portfolio entrepreneurs are more likely to bemotivated by the generation of wealth and exhibit higher levels of growth intheir own businesses. Additionally, they exhibit more diverse experiences andhave more resources than serial or novice entrepreneurs. Serial entrepreneursare concerned with independence and autonomy and have exited more businessesthan portfolio entrepreneurs. Conversely, novice entrepreneurs look for secure incomes and are hesitant tolose their independence in pursuit of rapid business growth. It is evident thatexperienced entrepreneurs offer more wealth creation prospects and accumulateseveral entrepreneurial resources, both of which are fundamental for thesuccess of a firm. (NEE)

Keywords: Novice entrepreneurs, Portfolio entrepreneurs, Individual traits, Goals, Knowledge, Experimental/primary research, Wealth creation, Firm survival, Serial entrepreneurs, Public policies, Resource management, Motivation, Skills, Information seeking, Opportunity recognition

Suggested Citation

Ucbasaran, Deniz and Binks, Martin and Westhead, Paul and Wright, Mike, Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions (2005). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1498249

Deniz Ucbasaran

University of Nottingham ( email )

University Park
Nottingham, NG8 1BB
United Kingdom

Martin Binks

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 (0) 115 9515274 (Phone)

HOME PAGE: http://www.nottingham.ac.uk/business/LIZMRB.html

Paul Westhead (Contact Author)

University of Warwick - Warwick Business School ( email )

Coventry CV4 7AL
United Kingdom
+44 0 24 7652 2073 (Phone)

HOME PAGE: http://www.wbs.ac.uk/faculty/members/paul/westhead

Mike Wright

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

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