Linking the cultural capital of the entrepreneur and early performance of new ventures : a cross-country comparison

We explore the impact of an entrepreneur’s cultural capital on the performance of new ventures in both mature and transition economies. Results show that individualistic values of the founder influence early performance of new ventures, irrespective of the country context; and that in less advanced transition economies, the entrepreneur’s cultural-background profile has a stronger influence on new venture performance than education or industry experience. Our findings support the assumption that entrepreneurial performance in new ventures is culture-driven, and suggest that economic analyses of entrepreneurial actions should encompass cultural values as well.