Much like the popular myth that a bumblebee’s flight is aerodynamically impossible, experts often suggest that innovative entrepreneurship is economically impossible. Entrepreneurs must be irrationally optimistic because there are few economic returns to innovative entry. Entrepreneurs cannot innovate effectively because incumbent firms have better complementary assets. Entrepreneurs cannot pos...

We study how the trade-off between being an entrepreneur and investing in the financial markets is affected by cognitive ability and social skills. We test these hypotheses using a unique dataset that has available information on individual characteristics and choices for a representative sample of the Swedish population over 1966-2006. We show that social skills – i.e., willingness to assume r...

This article reports on the development of a concept of personal initiative (PI). Personal initiative is a work behavior defined as self-starting and proactive that overcomes barriers to achieve a goal. It is argued that future workplaces will require people to show more PI than before, and that current concepts of performance and organizational behavior are more reactive than desirable. The fa...

This paper conducts a theoretical and quantitative analysis of how entrepreneurs choose firm size, capital structure, default, and owner consumption to manage firm risk, including how these choices change with risk aversion. We decompose an entrepreneur’s default decision into three elements: the fraction of firm debt; the potential reduction in personal consumption from losing the firm; and th...

Entrepreneurship is one aspect that can encourage economic growth in a country through the creation of goods and services, it improve welfare society. However, survival micro small enterprises (MSEs) still lower. Even though number MSEs Indonesia has increased, failure elevates. Variables increase success include values characteristics entrepreneur. This paper explores entrepreneurial Chinese, ...