Does Expertise Matter in an Ever-Changing and Uncertain Environment? a Study of the Entrepreneurial Process of Serial and Novice Entrepreneurs

Abstract

This study contributes to the literature on serial and novice entrepreneurs by focusing on the process of entrepreneurship and the role of different knowledge structures in this process.We use theories from cognitive psychology that relate to experts and novices, and their use of prior knowledge in the creation of knowledge structures.Using a sample of121 novice and serial entrepreneurs, we find that knowledge structures, as a fenction of prior experience in running a business venture, do not play a role in differentiating these entrepreneurs regarding the process of entrepreneurship.The implications and limitations of the study are discussed.