The Role of Entrepreneurial Experience in the Activities and Internationalization of Ventures

Abstract

The following study investigates how entrepreneurial experience shapes ventures' activities and internationalization processes, with a distinction made between novice and serial entrepreneurs. Utilizing the Resource-Based View and learning by doing theory among others, the study aims to uncover how experience functions as an essential intangible resource. Through qualitative interviews with thirteen European entrepreneurs, six novice and seven serial, the research points to differences in how each group approaches venture development, opportunity recognition, and international expansion. Serial entrepreneurs often leverage their accumulated knowledge, broader networks, and learning to navigate challenges more effectively and strategically allocate resources than novice entrepreneurs. However, entrepreneurial experience entails risks like overconfidence and reliance on previously employed strategies and processes. Ultimately, this study contributes to academia by revealing that whilst a core list of activities amongst both entrepreneur groups is similar, their execution and timing are significantly altered by the degree of entrepreneurial experience. These insights may affect entrepreneurial education, surrounding policy, and future interest in entrepreneurial venture growth and global expansion.