On the Role of Entrepreneurial Experience for Start-up Financing: An Empirical Investigation for Germany


Metzger, Georg


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URL: http://ub-madoc.bib.uni-mannheim.de/1582
URN: urn:nbn:de:bsz:180-madoc-15826
Document Type: Working paper
Year of publication: 2007
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: M13 L26 G32 ,
Subject headings (SWD): Unternehmensgründung , Finanzierung , Unternehmer , Berufserfahrung , Konkurs , Risikokapital , Schätzung , Deutschland
Keywords (English): Entrepreneurial experience , restart , start-up financing
Abstract: Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However, experience of business failure might result in additional effects. This analysis therefore investigates the effects of experience on several aspects of start-up financing. It is based on data from the KfW Start-up Monitor, a representative annual survey of the German population. The results show that experience affects several financing issues. Yet the impacts depend on the kind of experience. With regard to previously failed entrepreneurs, who are of particular interest, the findings indicate that they cut back their financing demand and are more likely faced with problems satisfying this demand. However, previously failed entrepreneurs do not significantly differ in the sources they use to finance their businesses.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Metzger, Georg (2007) On the Role of Entrepreneurial Experience for Start-up Financing: An Empirical Investigation for Germany. Open Access [Working paper]
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