Dr. Espinoza-Benavides, Jorge

Despite the extensive literature on the relationship between entrepreneurship and institutions, there is limited knowledge of the relationship between institutions and engagement after failure. This study compares the entrepreneurial engagement of entrepreneurs who have recently experienced failure and individuals without entrepreneurial experience, emphasizing the interaction of government policies and programmes (formal institutions) and individualistic/collectivist cultures (informal institutions) with business failure and its impact on entrepreneurial engagement. We test our hypotheses using multilevel analysis on a large cross-sectional sample that combines individual level data from the Global Entrepreneurship Monitor (GEM) database with country level data from 49 economies. We provide evidence of selection bias for the entrepreneurial engagement of entrepreneurs after failures and of the role of culture as a significant aspect of re-entry into entrepreneurship. Therefore, our evidence helps reinforce the view that postfailure entrepreneurs are a special group of entrepreneurs and validates the contribution of institutional economic theory in explaining this phenomenon, especially the key role of informal institutions.

Este trabajo de investigación busca caracterizar las variables que llevan al emprendedor que fracasa a volver a empezar otro negocio y determinar las variables que conforman el perfil re-emprendedor chileno con base en la información obtenida del GEM 2012 (Global Entrepreneurship Monitor).El proceso de revisión de la literatura permite identificar que el re-emprendimiento se ve influenciado por diez variables, las que fueron definidas para su medición con base en la Encuesta a la Población Adulta (Adult Population Survey, APS) del Global Entrepreneurship Monitor (GEM). Seguidamente, se ejecutó el análisis de los datos apli-cando un modelo de regresión logística entre tres grupos en estudio: emprendedores nacientes que no han descontinuado en los últimos 12 meses; emprendedores que descontinuaron y luego vuelven a emprender en los últimos 12 meses, y emprendedores que descontinuaron y no vuelven a emprender en los últimos 12 meses. Los principales resultados que se obtuvieron, mediante el análisis de regresión logística binaria, corresponden a la caracterización del perfil re-emprendedor chileno, dando a conocer que la re-entrada es alta para hombres, para individuos que poseen experiencia como inversor informal, para personas que al re-entrar son dueñas de todo el negocio, para personas con un nivel educacional bajo-medio, para personas que conocen a un emprendedor (cuentan con una red de contactos), para individuos que poseen experiencia empresarial, para personas que viven en zonas urbanas y para personas con mayor miedo al fracaso.

Previous studies have found a close relationship between exit/failure decisions and entrepreneurial/organisational characteristics. In the same line, entrepreneurship literature has recognised that the context matters in any entrepreneurial process, including “exit,” “failure” or “re-entry.” This manuscript proposes a conceptual framework to identify the elements of the entrepreneurial ecosystem that foster or impede the re-entry into entrepreneurship after a business failure. By reviewing the accumulation of knowledge, we identified the individual, the organisational, and the contextual conditions that influence the trajectory of an individual who decides to re-enter after a business failure. This manuscript provides a better understanding of the critical role of agents involved in the entrepreneurial ecosystem. A provocative discussion and implications emerge for this study in order to reduce individual barriers and unfavourable social norms towards business failure.

This study analyses the influence of environmental and individual conditions on the quality and the speed of entrepreneurial re-entries in emerging economies after a business failure. We propose a conceptual framework supported by the institutional economic theory to study the influence of environmental conditions; and human and social capital to study the influence of individuals’ skills, experiences, and relationships. A retrospective multiple case study analysis was designed to test our conceptual model by capturing longitudinal information on occurred events, trajectory, and determinants of twenty re-entrepreneurs. Our results show that the entrepreneurial experience and type of venture influence the accelerating effect of re-entrepreneurship, as well as how environmental conditions moderate the quality and speed of entrepreneurial re-entries. We provoke a discussion and implications for multiple actors involved in the re-entry of entrepreneurs after a business failure.