Abstract
Abstract
We investigate whether nonprofit and for-profit entrepreneurs share similar observable and unobservable skills. In JLE 23:649-680, 2005 ‘Jacks-of-all-Trades’ model of entrepreneurship, individuals with more diverse academic and occupational training are more likely to become entrepreneurs, while more narrowly trained individuals become employees. Data on college graduates from a single university show that observed diverse skills increase the probability that the graduate will open both for-profit and nonprofit venture. Positive correlation in the errors that jointly affect for-profit and nonprofit start-ups is consistent with the existence of an unobserved entrepreneurial skill, a key factor underlying Lazear’s theory.
JEL codes
J24; L3
Subject
Organizational Behavior and Human Resource Management,Economics and Econometrics,Industrial relations
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