Venture-Specific Knowledge and the Micro Advantages of Repeatedly Successful Entrepreneurs

This research examines whether the application of venture-specific knowledge is related to performance and the creation of micro competitive advantages across three types of entrepreneurs. It finds that repeatedly successful entrepreneurs rely on specific knowledge more than discontinued entrepreneurs, which one would infer from informational economics. It also identifies particular ways that repeatedly successful entrepreneurs use venture-specific knowledge to gain micro competitive advantages, which is in contrast to the typical macro level, market oriented use examined by informational economists. Finally, it discusses what these findings mean for aspiring entrepreneurs.