Many Roads Lead to Rome: How Human, Social, and Financial Capital Are Related to New Venture Survival

Christian Linder, Christian Lechner and Frank Pelzel

Entrepreneurship Theory and Practice, 2020, vol. 44, issue 5, 909-932

Abstract: Given variance in entrepreneurs’ capital endowments, the question of sufficient (or insufficient) starting conditions enabling a pathway to survival is critical in entrepreneurship. Drawing on the subjectivist theory of entrepreneurship (STE), we adopt a configurational approach. Our results show how combinations of human and social capital are related to survival while overreliance on financial capital is not. From a subjectivist perspective, we reveal a potential gap between identifying and exploiting an opportunity. The findings provide some novel insights that help reframe conflicting results as to whether capital endowments are substitutes or complements.

Keywords: subjectivist theory of entrepreneurship; subjectivism; survival; configurational analysis; human capital; social capital; financial capital (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:44:y:2020:i:5:p:909-932

DOI: 10.1177/1042258719867558

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