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This paper focuses on the phase before a firm is founded. Based upon cross-sectional data from the German section of the Global Entrepreneurship Monitor, the specific aims of the paper are to shed some light on the selection that takes place during the entrepreneurial process and to explain empirically the demographic and cognitive characteristics of (potential) entrepreneurs. The results reveal significant differences between common determinants of the different phases of the entrepreneurial process.
Brixy et al. (Wed,) studied this question.