Venture Creation Speed and Subsequent Growth: Evidence from South America
基于647名南美创业者的访谈数据，研究发现创业者利用人力和社交资本影响创业速度，而感知到不利环境会拖慢进程；花更多时间建立稳固资源基础的创业者，后续增长更好。
Though time is an important dimension of the venture creation process, our understanding of why some entrepreneurs are able to act more quickly than others is limited. Equally, not much is known about the relationship between venture creation speed and the subsequent venture growth. In this paper, we use a resource-based perspective to provide insights into the factors that quicken or retard venture creation and to explore how speed impacts on subsequent growth. This is important because the topic remains generally underresearched and because even less is understood about venture creation speed in the context of South American economies. Data were collected from face-to-face interviews with 647 entrepreneurs in Argentina, Brazil, Chile, and Peru. Using a multivariate regression framework, we find that entrepreneurs make use of their human and social capital resources to shape the speed by which their venture is created. Moreover, their perceptions of unfavorable environmental conditions seem to retard venture creation. Findings also suggest that entrepreneurs who take more time to create a more solid resource base tend to receive better growth outcomes. Implications from the findings are discussed.