Entrepreneurial success [Elektronische Ressource] : the role of human capital and learning / Jens M. Unger

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• Publié par: justus-liebig-universitat_giessen
• Publié le: 01 janvier 2006
• Nombre de lectures: 19
• Langue: English
• Poids de l'ouvrage: 1 Mo

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Entrepreneurial Success:
The Role of Human Capital and Learning



Inaugural-Dissertation
zur
Erlangung des Doktorgrades
der Philosophie des Fachbereiches 06
der Justus-Liebig-Universität Gießen




Jens M. Unger
aus Bad Homburg





2006

























Dekan: Prof. Dr. Joachim C. Brunstein
1. Berichterstatter: Prof. Dr. Michael Frese
2. Berichterstatter: Prof. Dr. Joachim Stiensmeier-Pelster













To my Mother Anneliese


To my Brother Christian
Acknowledgements
First of all, I thank my doctor father Michael Frese for his creative energy and his on-
going inspiration throughout the duration of my dissertation.
Second, I thank Sabine Sonnentag for taking her time to discuss my research and for
providing the impetus for Study 2 of my dissertation.
Next, I want to thank all of my colleagues and former colleagues. My special thanks
go to Nina Keith for her valuable intellectual and practical support throughout the whole dis-
sertation. I am also especially grateful to Andreas Rauch and Mario Krist for many discus-
sions on the topic, to Stefanie Krauss for her support for Study 3 and to Holger Steinmetz for
his input for Study 1.
I am thankful to a great team of capable and ambitious students: Christine Hilling, Mi-
chael Gielnik, and Petra Zinsberger. I also want to thank our team of student assistants: Leon-
ore Schulze, Charlotte Knoll, and Prisca Alig. Thanks to Phillip Reichardt for helping me
format the text.
Most of all, I want to thank my family: My mother Anneliese, my father Hartmut, my
brother Christian, and my sister Stefanie Unger. Thanks Christian for letting me use your
computers. They are all yours again! My special thanks go to the Bosch-family, Roger, Lilli,
Karen, Kirsten, and David in LA. Thanks for always believing in me. A special note of thanks
goes to my 83-year old aunt for her support over many phone calls. Last but not least I thank
my friend Johannes Lütz for his emotional support throughout the entire time of my disserta-
tion.

"For it is like a man, going into another country, who called his own servants,
and entrusted his goods to them. To one he gave five talents, to another two, to
another one; to each according to his own ability. Then he went on his jour-
ney. Immediately he who received the five talents went and traded with them,
and made another five talents. In like manner he also who got the two gained
another two. But he who received the one went away and dug in the earth, and
hid his lord’s money. "Now after a long time the lord of those servants came,
and reconciled accounts with them. He who received the five talents came and
brought another five talents, saying, ‘Lord, you delivered to me five talents.
Behold, I have gained another five talents besides them.’ "His lord said to him,
‘Well done, good and faithful servant. You have been faithful over a few
things, I will set you over many things. Enter into the joy of your lord.’ "He
also who got the two talents came and said, ‘Lord, you delivered to me two
talents. Behold, I have gained another two talents besides them.’ "His lord
said to him, ‘Well done, good and faithful servant. You have been faithful over
a few things, I will set you over many things. Enter into the joy of your lord.’
"He also who had received the one talent came and said, ‘Lord, I knew you
that you are a hard man, reaping where you did not sow, and gathering where
you did not scatter. I was afraid, and went away and hid your talent in the
earth. Behold, you have what is yours.’ "But his lord answered him, ‘You
wicked and slothful servant. You knew that I reap where I didn’t sow, and
gather where I didn’t scatter. You ought therefore to have deposited my money
with the bankers, and at my coming I should have received back my own with
interest. Take away therefore the talent from him, and give it to him who has
the ten talents. For to everyone who has will be given, and he will have abun-
dance, but from him who has not, even that which he has will be taken away.
Throw out the unprofitable servant into the outer darkness, where there will be
weeping and gnashing of teeth.’"
Matt 25:14-30
Abstract
This dissertation reports three studies. Study 1 meta-analytically assesses magnitude,
moderators, and mediators of human capital success relationships in entrepreneurship. Study
2 shifts the focus to the acquisition and effects of current entrepreneurial knowledge. Study 3
examines the role of entrepreneurial knowledge in the context of owner self-efficacy believes.
The first study (Chapter 2) analyzed human capital from a learning perspective and
meta-analytically integrated results from two decades of human capital research in entrepre-
neurship. While most reviews conclude that human capital is related to success there have
been conflicting findings. Magnitude, best estimate of the relationship, and the processes from
human capital investments to success are unknown. Based on 67 studies (N = 21.597) we
found a significant but small relationship between human capital and success (r = .10). Mod-c
erator analysis yielded higher relationships for human capital related to entrepreneurial tasks
compared to human capital with low task relatedness, for human capital conceptualized as
knowledge/skills compared to human capital conceptualized as experience/schooling (human
capital proxies), for young compared to old businesses, in less developed countries compared
to developed countries, and for success measured as size compared to growth and profit. Hu-
man capital as knowledge/skills and human capital in young business yielded the highest av-
erage relationship with success (r = .17 and r = .19, respectively). We further compared the c c
validity of three approaches to entrepreneurial success: Schooling, cognitive ability, resource-
based view. Cognitive ability and variables attributable to the resource-based view produced
higher success relationships than schooling. Finally, we tested a mediational model of human
capital. Meta-analytic path analyses showed indirect effects from experience/schooling and
cognitive ability to knowledge/skills to success. Findings are relevant, lenders, policy makers,
educators, and the entrepreneurs themselves and may guide researchers in their variable selec-
tion and choice of measurements.
The second study (Chapter 3) examines antecedents and outcomes of deliberate prac-
tice activities in entrepreneurship. Deliberate practice consists of individualized self-regulated
and effortful activities aimed at improving one’s current performance level. Interview and
questionnaire data from 90 South African business owners showed a direct impact of deliber-
ate practice on entrepreneurial knowledge as well as an indirect effect on business growth via
entrepreneurial knowledge. Cognitive ability and education were identified as antecedents of

deliberate practice. The study emphasises the importance of continuous learning efforts in en-
trepreneurship.
The third study (Chapter 4) examines the role of entrepreneurial knowledge and per-
ceived self-efficacy for small business growth. Questionnaire and interview data from 280
Zimbabwean small businesses owners were analyzed. Structural equation models showed sig-
nificant effects of entrepreneurial knowledge on financial and employment growth. While
there was only a marginal effect of self-efficacy on financial and no effect of self-efficacy on
employment growth the data showed interaction effects of entrepreneurial knowledge and
self-efficacy for both growth indicators. The relationship of self-efficacy with financial and
employment growth was stronger for business owners with higher entrepreneurial knowledge.
Findings are interpreted as detrimental effects of overconfidence, the discrepancy between
what owners know and what they believe they are capable of. The study adds to the under-
standing of potentially negative effects of self-efficacy on performance.


Table of Contents

CHAPTER 1
Introduction 10
1.1 Human Capital and Success 11
1.2 Deliberate Practice 14
1.3 Knowledge and Self-Efficacy 15
References 18

CHAPTER 2
Human Capital and Entrepreneurial Success: A Meta-Analytical Review 20
2.1 The Concept of Human Capital 21
2.2 Human Capital and Success 23
2.3 Human Capital from a Learning Perspective 24
2.3.1 Knowledge versus Experience 25
2.3.2 Task-Relatedness of Human Capital 26
2.3.3 Context as a Moderator of the Human Capital - Success Relationship 27
2.3.4 Schooling, Cognitive Ability, Resource-Based View 29
2.3.5 Human Capital and Success: Measurement of Success 30
2.3.6 A Mediational Model of Human Capital 30
2.4 Method 32
2.4.1 Selection Criteria 32
2.4.2 Collection of Studies 33
2.4.3 Variable Coding 33
2.4.4 Analytical Approaches 34
2.5 Results 36
2.6