The paper studies the factors which shape entrepreneurship among
young adults. It finds, using data on a British birth cohort, that the
probability of self-employment depends sensitively upon whether
the individual ever received a gift or inheritance. Those who were
given or inherited £5,000, for example, were approximately twice as
likely, ceteris paribus, to set up in business. This is consistent with,
and a new test of, recent results from the US stressing the
importance of capital and liquidity constraints. The paper also
evaluates a number of hypotheses suggested in the literature on
small businesses.
*Published:
Blanchflower, David G. and Andrew J. Oswald. "What Makes An Entrepreneur?," Journal of Labor Economics, 1998, v16(1,Jan), 26-60.
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