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

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  • Christian Linder
  • Christian Lechner
  • Frank Pelzel

Abstract

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.

Suggested Citation

  • Christian Linder & Christian Lechner & Frank Pelzel, 2020. "Many Roads Lead to Rome: How Human, Social, and Financial Capital Are Related to New Venture Survival," Entrepreneurship Theory and Practice, , vol. 44(5), pages 909-932, September.
    • Handle: RePEc:sae:entthe:v:44:y:2020:i:5:p:909-932
    DOI: 10.1177/1042258719867558
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