Decisions, Actions, and Performance: Do Novice, Serial, and Portfolio Entrepreneurs Differ?*

A conceptual framework is extended to take into account differences between inexperienced novice entrepreneurs (that is, individuals with no prior private business ownership experience) and experienced serial and portfolio entrepreneurs. Some policymakers and practitioners are considering whether resources could be more effectively utilized if they were targeted toward serial and portfolio entrepreneurs, rather than in the form of additional initiatives to increase the pool of “pure” nascent entrepreneurs and novice entrepreneurs. To inform this policy debate, similarities and differences between novice, serial, and portfolio entrepreneurs are highlighted with regard to their decisions, actions, performance, and aspirations. We detected that portfolio entrepreneurs were more likely to express dimensions of entrepreneurial behavior. A case for targeted support tailored to the aspirations and needs of novice, serial, and portfolio entrepreneurs is presented.