Paper: Entrepreneurship and the Jack-of-all-Trades

Click to access Lazear_entrepreneurship.pdf


The theory below is that entrepreneurs must be jacks-of-all-trades
who need not excel in any one skill but are competent in many. A
model of the choice to become an entrepreneur is presented. The
primary implication is that individuals with balanced skills are more
likely than others to become entrepreneurs. Using data on Stanford
alumni, the predictions are tested and found to hold. Those who have
varied work and educational backgrounds are much more likely to
start their own businesses than those who have focused on one role
at work or concentrated in one subject at school.
I rarely post business materials (most aren’t exactly Drucker) but this pertains to the psychology which should be nourished to provide a firm intellectual basis for a startup. Could be of use.

One response to “Paper: Entrepreneurship and the Jack-of-all-Trades

  1. Renaissance man may be a better description of many successful entrepreneurs. Most very successful businessmen that hire me to design facilities know a trade, but don’t wallow in it. To a man, they all advise fledgling businessmen to hire help for even complex professional tasks.

    Drucker’s the best, BTW. Everything else pales.

1. Be civil. 2. Be logical or fair. 3. Do not bore me.

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