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Ever since Schumpeter identified the “animal spirits” of entrepreneurs as the driving force of markets, researchers have been trying to determine who is an entrepreneur and what factors breed entrepreneurial success. Using data from the National Longitudinal Surveys of Youth, we first determine who pursues self‐employment in their youth, and then who succeeds. There is a surprisingly high incidence of self‐employment, but very low success rates. Significant correlates of both entry into self‐employment and eventual success differ markedly by gender. (JEL 523)
Schiller et al. (Tue,) studied this question.