Keywords: new venture performance, early performance, cultural capital, individualistic values, transition economies, Slovenia, Austria, entrepreneurship, new ventures, cultural values, entrepreneurial skills, industry experience, education
The impact of entrepreneurs' cultural capital on early performance of new ventures: a comparison between Austria and Slovenia
In the paper, we explore the impact of entrepreneurs' cultural capital on early performance of new ventures. Specifically, we investigate the direct and indirect effects of cultural values, entrepreneurial skills, industry experience, and education on entrepreneurial outcomes. We examine whether the same factors affect new venture performance in mature and transition economies in the same way. The structural model was tested in Austria (n = 170) and in Slovenia (n = 352) using variance based method. We found, for example, that entrepreneurial skills are strongly predicted by the individualistic values of the founder irrespective of the country context. Significant country differences are particularly related with the relationship between an enterprise's performance and the founder's satisfaction of being self-employed.