Abstract
We divide the 941 new Japanese entrepreneurs into 'novice founders' and 're-starters' in business, and compare the effects of their comparative advantages on economic performance. When observing the actual sales and the liquidity constraints at start-up, re-starters do not always suffer a disadvantage in Japanese business society. Good performance depends on the start-up industry. In this point, re-starters have entirely advantage over novice founders. For the managerial ability to recruit talented employees, successful re-starters and novice founders recruit the employees from 'previous coworkers' and from 'applicants to the want ads', respectively. As for the managerial ability to raise the morale of employee, successful re-starters introduce the 'merit-based pay system', and novice founders encourage the 'acquisition of any qualifications'. Public support agencies do not exert a positive effect on both entrepreneurs' sales. Further research is needed to examine what types of support programme make new entrepreneurs successful.
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