Like Father, Like Son?
Entrepreneurial history repeats itself.
A recent study conducted by Ohio State University gives new
meaning to the notion that parents set strong examples for their
children. The survey, analyzed by economists Thomas A. Dunn and
Douglas Holtz-Eakin at Syracuse University, reveals that
parents' actions have a direct influence on their kids becoming
entrepreneurs.
According to the findings, sons were nearly three times as
likely to become self-employed if their fathers were self-employed;
32 percent of those with entrepreneurial fathers started a
business, compared with only 12 percent of sons without
self-employed fathers. Similarly, 24 percent of daughters with
entrepreneurial mothers also donned entrepreneurial hats, while
just 13 percent of daughters whose mothers weren't
self-employed did so.
Some might say it's simply a case of children following in
their parents' footsteps. However, the data found that among
sons with entrepreneurial fathers, only 10 percent entered into a
business in the same line of work--virtually identical to those
sons whose fathers weren't self-employed.
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Likewise, the study also suggests there's little truth to
the idea that children of entrepreneurs start more businesses
because they receive funding from their parents. What's more
likely the case is the attitudes entrepreneurial parents impart,
such as the value of being your own boss, or specific talents they
pass on, such as management or interpersonal skills, are what lead
their children into business. In other words, it's the
"human capital," says Dunn, not the financial capital,
that makes the difference.
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