From skilled engineer to a thriving entrepreneur. On the determinants of successful entrepreneurship in technical sectors

Abstract

Technical entrepreneurship is one of the key sources of economic growth. Attempts are regularly made to establish manufacturing and construction companies, but only a small number end up as successful, sustainable businesses. In this paper, we elaborate on the factors that distinguish successful technical entrepreneurs from their less prosperous competitors. Taking Edward Lazear’s theory as a point of departure, we found that it is the breadth of education, not the maximum level attained, that fosters entrepreneurial success. The same pertains to the breadth of professional experience and certain aspects of self-efficacy, such as technical and marketing skills, as well as determination to become an entrepreneur. Interestingly, we found that neither managerial self-efficacy nor experience as a manager contribute to success in running a technical-oriented business.

Keywords:

• Entrepreneurship
• business survival
• successful entrepreneurship
• Lazear’s theory of entrepreneurship
• Jack-of-all-trades

Acknowledgments

The article came into being within project no. UMO-2016/23/B/HS4/01759 entitled ‘New approach to Lazear’s entrepreneurship theory in context of entrepreneurial success and failure’ financed by the National Science Centre in Poland.

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Funding

This work was supported by narodowe centrum nauki [grant number OPUS, DEC-2016/23/B/HS4/01759].

Notes on contributors

Michał Mackiewicz

Michał Mackiewicz - associate professor at the University of Lodz.

Wiktor Błoch

Wiktor Błoch - assistant at the University of Lodz.