environment that impede able entrepreneurs with good ideas from starting a new venture and creating jobs. This would include … incentives that favor entrepreneurs with good ideas, instruments that enable entrepreneurs to access capital for startups, and …

entrepreneurs, who start a business after receiving windfall wealth. We compare the performance of these ventures to that of a … caused by market failure. We find that constrained entrepreneurs' ventures have significantly lower survival rates and are … less profitable than are those of unconstrained entrepreneurs. In addition, we show that windfalls have no long-term effect …