The entrepreneur’s experiential diversity and entrepreneurial performance

Abstract

This study examines the relationship between the entrepreneur's experiential diversity and entrepreneurial performance. First, we argue that entrepreneurial and industry experiences are positively associated with performance. Second, by combining Lazear's jacks-ofall-trades theory with the cognition and learning literatures, an inverted U-shaped experience diversityperformance relationship is predicted. The hypotheses are tested using data from the US National Labor Survey Youth 1979 and O*NET. We find that industry experience is positively associated with performance, but entrepreneurial experience is negatively related. Moreover, experience diversity measured in terms of skills is found to be positively associated with performance up to a certain threshold. After this threshold, an increase in an entrepreneur's experiential diversity lowers performance. Entrepreneurs with 23 different skills have the highest performance. Furthermore, when depreciating for experience, experience diversity measured in terms of both skills and knowledge is found to be positively related to performance.

Peculiarity of Hybrid Entrepreneurs – Revisiting Lazear’s Theory of Entrepreneurship

“…Although Stanford MBA Alumni may not be representative sample for all other individuals all over the world (Wagner, 2003), Lazear's theory was confirmed in many further studies, for example: Åstebro and Thompson 2011 2013, Wagner (2003Wagner ( , 2006. To some extent it was confirmed by Lechmann and Schnabel (2014), who agreed with Lazear's view on a multi-skilled entrepreneur but did not agree with Lazear's view on different human capital investment patterns of entrepreneurs and salary employees, or by Spanjer and Witteloostuijn (2017) who find that entrepreneurial performance depends on industry experience but not necessarily on entrepreneurial experience. However, there are also opposing voices raised.…”

Sustainable Value Co-Creation in the Virtual Community: How Diversified Co-Creation Experience Affects Co-Creation Intention

“…Entrepreneurship studies that embrace the “jack-of-all-trades’’ view [ 89 ] have indicated that experiential diversity increases the possibilities of becoming an entrepreneur [ 90 , 91 , 92 ]. Entrepreneurial abilities, skill and knowledge are developed through learning by doing [ 93 ]. According to one study, the existence of and exposure to external knowledge increase self-confidence, and varied knowledge can enhance self-efficacy [ 94 ].…”

Kiből lehet sikeres vállalkozó? Vállalkozói vezetői kompetenciák vegyes módszertanú vizsgálata

“…Egy U-alakú görbével írható le a vállalkozók jövedelme és készségeik sokrétűsége közötti kapcsolat. A kutatók azt mutatták be, hogy egy pontig növekedett az ismeretek sokrétűségével a vállalkozók jövedelme, az inflexiós ponton túl már kontraproduktívvá vált, ha vállalkozók többrétű képességekkel rendelkeztek (Spanjer & van Witteloostuijn, 2017).…”

“…Az egyes stílusokban eltérő mértékben, de részt vesz a döntéshozásban és a problémák közvetlen megoldásában. A sokrétű vezetői eszköztár szükségszerű meglétét a korábban már bemutatott szakirodalom is jellemezte (Krieger, Block, & Stuetzer, 2018;Lukovszki, 2011;Spanjer & van Witteloostuijn, 2017).…”