An Everlasting Battle between Theoretical Knowledge and Practical Skills? The Joint Impact of Education and Professional Experience on Entrepreneurial Success
Objective: The objective of the article is to examine the complementarity between education and professional experience and the complementarity’s impact on the probability of entrepreneurial success. Research Design & Methods: To test the complementarity, we utilise a sample...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Cracow University of Economics
2020-06-01
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| Series: | Entrepreneurial Business and Economics Review |
| Subjects: | |
| Online Access: | https://eber.uek.krakow.pl/eber/article/view/730 |
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| Summary: | Objective: The objective of the article is to examine the complementarity between education and professional experience and the complementarity’s impact on the probability of entrepreneurial success.
Research Design & Methods: To test the complementarity, we utilise a sample of both successful entrepreneurs and salary workers with previous entrepreneurial experience and a logit model with a dependent variable indicating the respondent’s membership in one of these two groups. Secondly, we use net income as a proxy of entrepreneurial success and run ordered logit regressions on a sample of successful entrepreneurs.
Findings: Our study confirms the existence of complementarity between education and breadth of professional experience and its impact on the probability of an entrepreneur’s success.
Implications & Recommendations: Our findings are informative for those planning or pursuing an entrepreneurial career, but they are also relevant for entrepreneurship education and entrepreneurship research.
Contribution & Value Added: We add to the knowledge of entrepreneurial success factors and the relationships among them. We particularise Lazear’s theory of entrepreneurship by addressing the complementarity effect between education and professional experience.
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| ISSN: | 2353-8821 |