Why are some entrepreneurs more innovative than others?

Abstract

Entrepreneurs differ in the degree and type of novelty that they introduce to the economy. This study provides theoretical insights and empirical evidence on the emergence of entrepreneurial innovativeness. The results suggest that entrepreneurial innovativeness depends both on individual factors and on the environment in which the individual acts. In particular, high educational attainment, unemployment, and a high degree of self-confidence are significantly associated with entrepreneurial innovativeness at the individual level. Furthermore, the distribution of innovative and imitative entrepreneurship varies across countries. Entrepreneurs in highly developed countries are significantly more likely to engage in innovative rather than purely imitative activities. The theoretical approach of this study combines a judgment and decision making framework with factors that contribute towards the individual perception of decision alternatives. Data used in the empirical analysis originate from the 2002–2004 adult population surveys of the Global Entrepreneurship Monitor, yielding a sample of 9,549 nascent entrepreneurs from 30 different countries.

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