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.
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