Are nonprofit entrepreneurs also Jacks-of-all-trades?

Insoo Cho and Peter Orazem

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: We investigate whether nonprofit and for-profit entrepreneurs share similar observable and unobservable skills. In JLE 23:649-680, 2005 ‘Jacks-of-all-Trades’ model of entrepreneurship, individuals with more diverse academic and occupational training are more likely to become entrepreneurs, while more narrowly trained individuals become employees. Data on college graduates from a single university show that observed diverse skills increase the probability that the graduate will open both for-profit and nonprofit venture. Positive correlation in the errors that jointly affect for-profit and nonprofit start-ups is consistent with the existence of an unobserved entrepreneurial skill, a key factor underlying Lazear’s theory.

Date: 2014-07-01
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Working Paper: Are Nonprofit Entrepreneurs Also "Jacks-Of-All-Trades"? (2013)
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