Abstract
A core question in the analysis of entrepreneurship is which determinants induce people to become entrepreneurs and which determinants predict entrepreneurial success. We use a unique data set on Harvard Business School graduates from 1997 to 2004, who participated in a business plan contest, to analyze this question. We find that family status, risk aversion, and academic achievement are orthogonal to the decision to become entrepreneur but have strong predictive power for entrepreneurial success. Moreover, while the business school environment and, in particular, business school peers appear to induce more entrepreneurship, they are also associated with entrepreneurial failure. Our findings suggest that business school graduates may not sufficiently adjust to the importance of individual predictors of entrepreneurial success.
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