It is recognised that small- and medium-sized enterprises (SMEs) have relatively low levels of management and employee training. In part, this reflects training being a risky investment, with opportunity costs. This article utilises prospect and regulatory focus theory to provide greater insight into which business owners/managers are more likely to make investments in managerial human capital. The study utilises the Longitudinal Small Business Survey (LSBS) and explores how regulatory focus affects training choices and whether experiencing a gain or loss plays a role. We find that those with a promotion focus and experiencing a gain are more likely to invest in managerial training. There is some evidence of prevention-focused business owners/managers being more likely to invest when a loss has been suffered. The results are of interest to policymakers seeking to increase investment in training and for those providing such initiatives in that developing a promotion focus should encourage greater engagement.
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