Sticking It Out

Abstract

There is evidence that individual attributes play an important role in self-employment entrance decisions. Drawing on the personality, psychological well-being, and goal attainment literature, the authors ask, What individual attributes are associated with persistence in self-employment? First, they theoretically develop the concept of self-employment persistence and then empirically assess the effects of individual attributes on self-employment persistence, while including the baseline effects of these individual attributes on self-employment entrance. They use a semiparametric, reduced-form, multiple-state transition model and control for demographic and social determinants. Using employment history data of a cohort of 2,839 individuals from 1957 to 2004, the authors find that openness to experience, autonomy, and tenacious goal pursuit increase persistence in self-employment, whereas neuroticism reduces persistence in self-employment. They discuss the theoretical and practical implications of the findings.

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