Publication

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

subjectivist theory of entrepreneurship
subjectivism
survival
configurational analysis
human capital
social capital
financial capital
2019
Christian Lechner ,
Frank Pelzel

2019, Entrepreneurship Theory and Practice, 44(5), pp.909-932

Resumo

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.