Investigates the probability of new firm success or failure based on factors that can be observed at the time of initial startup. Four categories of human and financial capital were considered: (1) general human capital--which may reflect the extent to which the entrepreneur has had the...

Considers the entrepreneurial process as experimentation and learning dominated by random events. The experimentation that occurs with venturing can be characterized as a learning process, which allows entrepreneurs to derive higher output from factor inputs as the entrepreneur develops over...