Resource title

On the Role of Entrepreneurial Experience for Start-up Financing: An Empirical Investigation for Germany

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Resource description

Entrepreneurs are often faced with problems regarding start-up financing. But compared to novice entrepreneurs, experienced entrepreneurs should have both more knowledge and better contacts, which should potentially reduce the occurrence of problems and affect finance composition. However, experience of business failure might result in additional effects. This analysis therefore investigates the effects of experience on several aspects of start-up financing. It is based on data from the KfW Start-up Monitor, a representative annual survey of the German population. The results show that experience affects several financing issues. Yet the impacts depend on the kind of experience. With regard to previously failed entrepreneurs, who are of particular interest, the findings indicate that they cut back their financing demand and are more likely faced with problems satisfying this demand. However, previously failed entrepreneurs do not significantly differ in the sources they use to finance their businesses.

Resource author

Georg Metzger

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Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/24627

Resource license

Adapt according to the presented license agreement and reference the original author.