Journal
JOURNAL OF BUSINESS VENTURING
Volume 29, Issue 1, Pages 137-151Publisher
ELSEVIER
DOI: 10.1016/j.jbusvent.2012.10.002
Keywords
Entrepreneur; Expectations; Experience; Forecasts; Technology
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I theoretically develop and empirically investigate the role of industry and startup experience on the forecast performance of 2304 entrepreneurs who have started new businesses. Using the Kauffman Firm Survey I show that industry experience is associated with more accurate and less biased entrepreneur expectations. Further, the benefit of industry experience on entrepreneurial forecast performance is greater in high-technology industries. These findings are consistent with knowledge of the setting informing entrepreneurial decision making, especially in highly uncertain environments. However, in contrast to the prevailing view in the literature, I find no significant evidence that startup experience improves entrepreneurial forecast performance. (C) 2012 Elsevier Inc. All rights reserved.
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