A end, Richa d; Unal, Ali; Bilodeau, Richa d
A icle
Does en ep eneu ial educa ion ma e o he
pe o mance o medium-sized en u e en ep eneu s?
Adminis a i e Sciences
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Sugges ed Ci a ion: A end, Richa d; Unal, Ali; Bilodeau, Richa d (2025) : Does en ep eneu ial
educa ion ma e o he pe o mance o medium-sized en u e en ep eneu s?, Adminis a i e
Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 3, pp. 1-24,
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Ci a ion: A end, R., Unal, A.,
& Bilodeau, R. (2025). Does
En ep eneu ial Educa ion Ma e o
he Pe o mance o Medium-Sized
Ven u e En ep eneu s? Adminis a i e
Sciences,15(3), 75. h ps://doi.o g/
10.3390/admsci15030075
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A icle
Does En ep eneu ial Educa ion Ma e o he Pe o mance o
Medium-Sized Ven u e En ep eneu s?
Richa d A end * , Ali Unal and Richa d Bilodeau
Depa men o Business Adminis a ion, School o Business, College o Managemen and Human Se ice,
Uni e si y o Sou he n Maine, Po land, ME 04103, USA; [email p o ec ed] (A.U.);
[email p o ec ed] (R.B.)
*Co espondence: icha d.a [email p o ec ed]
Abs ac : We explo e he ques ion o whe he en ep eneu ial educa ion ma e s o
medium-sized en u e pe o mance. We do so o be e unde s and he con lic ing e i-
dence indica ing ha , while such educa ion appea s o ha e signi ican posi i e mic o-le el
e ec s, i has no signi ican mac o-le el e ec s. The g owing in es men in en ep eneu ial
educa ion has inc eased in en ions and s a -up a es in ea men e ec s s udies bu has
ye o make an impac on na ional s a -up o su i al a es. To add ess he con adic ion,
we apply a di e en empi ical app oach—one based on he capabili ies iew—whe e we
su ey en u e en ep eneu s abou hei i m’s pe o mance and hei educa ion in o de
o de e mine whe he hei skills-enhancing en ep eneu ial aining is o is no a key d i e
o success. We ind ha while ha aining signi ican ly inc eases hei con idence, when
aken as a whole—as a mul idimensional measu e— ha en ep eneu ial educa ion does
no signi ican ly in luence en u e pe o mance. We discuss he implica ions o esea ch,
policy, and educa ion.
Keywo ds: en ep eneu ial educa ion; eal op ions alue; medium-sized en e p ises;
capabili ies iew; su ey
1. In oduc ion
I is di icul o o e s a e he impo ance o en ep eneu ial ac i i y in mode n
economies, le alone in he US (Reynolds e al.,2004), whe e o e 650,000 new en u es
s a up each yea (Kau man Founda ion—h ps://indica o s.kau man.o g/ [accessed
on 1 June 2024]). The as majo i y o s a -ups a e small- and medium-sized en e p ises
(SMEs)—globally, hese a e he en u es ha powe he engines o employmen , p oduc
and p ocess inno a ion, po e y alle ia ion, ma ke c ea ion, and economic de elopmen
(e.g., A dullahi & Ademi,2020;Malesios e al.,2018;Minai e al.,2018). Gi en ha a ‘lack
o educa ion’ is one o he h ee majo ba ie s o such ac i i y (Rideou & G ay,2013),
en ep eneu ship educa ion and aining (hence o h deno ed as EE) has become a majo
ocus o uni e si ies, go e nmen al depa men s, and esea che s (e.g., A end e al.,2025;
Ku a ko,2005;Rauch & Hulsink,2015;Suguna e al.,2024).
Fo he pu pose o his s udy, EE in ol es o mal cou ses and aining wi h con en
speci ic o en ep eneu ship, deli e ed h ough a ecognized school, college, o online
p og am. I can in ol e ‘know wha ’ (e.g., gene al knowledge) and ‘know how’ (e.g., skills).
S uden s o EE acc ue se e al bene i s— hey ha e g ea e in ensions o s a businesses,
ac ually s a mo e businesses, and also g ow hem mo e (e.g., Dickson e al.,2008;Hen y
e al.,2005;Ma in e al.,2013;Sa anski,2004). As a esul , he US (and many o he
coun ies) ha e in es ed hea ily in EE o decades, and a se e al le els o schooling, in
Adm. Sci. 2025,15, 75 h ps://doi.o g/10.3390/admsci15030075
Adm. Sci. 2025,15, 75 2 o 24
o de o inc ease he posi i e e ec s o SME s a -ups (e.g., B ush e al.,2003;G eene e al.,
2004;Hube e al.,2014;Ka z,2003;Pe e man & Kennedy,2003;Sánchez,2013;Wal e &
Block,2016). In he US, EE has exploded om 16 p og ams in 1970 o 5000 cou ses augh
by 9000 acul y in 2008, and e en wi h some colleges equi ing all s uden s o ake a leas
one EE cou se in 2013 (e.g., Finkle e al.,2006;Ka z,2003;Ku a ko,2005;Lyons & Zhang,
2018;Sa anski,2004;Solomon,2007). Fu he , he numbe o s a -ups unded by EE has
inc eased by wen y- old in en yea s (AngelLis ,2015;C unchBase,2013), wi h abou
one- hi d o business incuba o s housed a uni e si ies.
Na u ally, wi h he g ow h, size and economic impo ance o hose in es men s in
EE ha e come calls o mo e igo ous esea ch in o i s e ec s (e.g., Da idsson e al.,2001;
Haase & Lau enschlage ,2011;Rideou & G ay,2013) in o de o assuage doub s o e i s
e icacy (e.g., A onsson,2004;Ma in e al.,2013;Rae & Ca swell,2000;Wea e e al.,2006).
Essen ially, he calls o mo e esea ch seek o answe he ques ion o whe he EE ma e s.
To ha s eam o inqui y, we con ibu e wi h he analysis o he mo e ocused ques ion o
whe he EE ma e s o ME pe o mance—a ques ion ha has no been answe ed1.
A p ima y logic unde lying he in es men in EE is ha such aining imp o es he
skills o en ep eneu s- o-be, whe e hey, in u n, p oduce mo e and be e SME ac i -
i y o imp o e he economy (e.g., Bha ia & Le ina,2020;Fayolle & Gailly,2008;Minai
e al.,2018). Ou analysis ocuses on wha appea s o be an empi ical law in ha logic—
a law ha appea s when one compa es he small and big pic u es o EE impac o e
he las ew decades in he US. A he small scale, conside able e idence exis s ha EE
aining a he indi idual le el is signi ican ly posi i ely co ela ed wi h se e al mea-
su es o hei en ep eneu ial ac i i y (e.g., Ma in e al.,2013). Howe e , e en hough
since 2018, he numbe o people ained in en ep eneu ship has doubled he numbe
o MEs s a ed up each yea , a he la ge and longe scale, nei he he s a -up a e o
MEs no hei su i al a e appea s o ha e imp o ed. In ac , he US Bu eau o Labo
S a is ics da a indica es ha ME s a -up a es ha e allen signi ican ly in he las wo
decades (and mo e so o he la ges i m sizes—i.e., o 50–499 employees) (e.g., Fai -
lie,2022). Su i al a es based on Canadian da a imply no signi ican changes in he
pas decades o mos MEs (i.e., hose wi h 5–99 employees) ei he , ho e ing a ound a
10-yea a e o 55 pe cen (h ps://ised-isde.canada.ca/si e/sme- esea ch-s a is ics/en/
key-small-business-s a is ics/key-small-business-s a is ics-2023#s1.2—Key Small Business
S a is ics, 2023, om Inno a ion, Science and Economic De elopmen Canada [accessed on
1 June 2024]). This is no a empo a y end; i co e s a signi ican ime lag be ween aking
EE and s a ing a business. While he in e es in en ep eneu ial ca ee s has d ama ically
inc eased o e he ecen decades, suppo ed and s oked by explosi e EE in es men
(Rideou & G ay,2013), SMEs ha e consis en ly con inued o su e high ailu e a es due
o weak pe o mance (Machi o i & Fa oki,2013;Minai e al.,2018). In o he wo ds, e en
hough he le els o EE in es men and aining ha e inc eased by magni udes o e he
pas ou decades, he quan i y and quali y le els o MEs ha e no ac ually inc eased a
all. Ou ocus is on in es iga ing he la e ou come—on iden i ying whe he and how EE,
con olling o ac o s a he ounde and i m le els, a ec s ME pe o mance along se e al
dimensions. The esul s o ou in es iga ion help explain his inconsis ency be ween he
small and big pic u es.
Ou s udy is di e en om mos i no all, p e ious esea ch on he e ec s o EE. We
con ibu e o he en ep eneu ship li e a u e in h ee majo bu ela ed ways, he i s and
mos impo an being he applica ion o a capabili ies-based pe spec i e o EE. Gi en ou
dependen a iable is ME pe o mance, we apply he s anda d app oach in he capabili ies
iew o ying o iden i y which i m ac o s con ibu e o hei success on he ma gin
(e.g., Ba ney,1991;Collis,1994). This e ospec i e app oach di e s om he as majo i y
Adm. Sci. 2025,15, 75 3 o 24
o EE esea ch ha akes a p ospec i e, ea men -e ec s app oach, whe e he ocus is on
whe he an EE expe ience ( e sus none) di e s in i s e ec s on subsequen en ep eneu ial
beha io s like s a -up ac i i y. Such a di e ence in pe spec i e implies ha he app op ia e
sample o ou s udy is exis ing MEs ( a he han being a se o indi iduals, some o whom
had EE aining and some o whom did no )
2
. Ou second majo con ibu ion, based on he
i ue o ou pe spec i e, is how we cap u e EE—we do so as a mul idimensional in luence
a he han as a one-sho ea men . Because s a ing an ME en ails buy-in a a non- i ial
scale ha equi es en ep eneu s o p o e a wide ange o skills (Lazea ,2004,2005) and
because mos en ep eneu s wai a signi ican ime o s a a en u e a e ecei ing aining
(e.g., Lange e al.,2014) and mos en ep eneu s who ecei e EE aining ake mo e han
one cou se (Nabi e al.,2017) and hose cou ses can di e g ea ly by quali y and me hod
(Rideou & G ay,2013) and some o he ou comes o EE aining lie beyond he skills
augh (e.g., such as p o ided by ne wo king—Eesley & Lee,2021), ou assessmen o EE
spans se e al measu es. The hi d con ibu ion, ela ing o he i s , in ol es he numbe o
con ols we ha e in ou analysis o iden i y he ma ginal e ec s o he EE ac o s. While
p e ious s udies may ha e con olled o a hand ul o ac o s, mos ly a he indi idual le el
(e.g., gende and age), we con ol o o e en ele an ac o s a bo h he indi idual and
he i m le els (e.g., ME age, size, and i s indus y’s u bulence). We belie e his is a mo e
easonable and objec i e way o e i y he addi ional alue o EE i sel on ME pe o mance.
Ou empi ical esul s indica e ha he o e all EE—as a mul idimensional collec ion
o measu es—has no signi ican posi i e e ec on a a ie y o ME pe o mance ou comes
when indi idual and i m-le el ac o s a e con olled o . Tha being no ed, we did ind a
signi ican posi i e e ec on con idence- ela ed measu es, such as on he en ep eneu ’s
sel -con idence and on he expec a ion o he ME’s u u e business success. Ou main esul
is consis en wi h he big pic u e issue o EE impac (e.g., a lack o ecognizable change
o ailu e a es a he na ional le el), while ou analysis p o ides a s o y ha is consis en
wi h he small pic u e e idence—a s o y abou EE p o iding i s s uden s wi h an op ion
alue ha is o en enough exe cised o show signi icance in pas ea men -based s udies on
en ep eneu ial ac i i ies. In he emainde o he pape , we e iew he ele an li e a u e,
a gue ou hypo heses, explain ou empi ical me hods and sample, desc ibe ou esul s, and
hen discuss hei implica ions o EE and i s s akeholde s.
2. Li e a u e Re iew
I is no su p ise ha he ques ion o EE’s e ec i eness has been an ac i e subjec o
esea ch— he e we e 79 ele an s udies published p io o 2013 alone. Howe e , such
esea ch has i sel been ques ioned. Many s udies ha e been shown o be lawed due
o biases in hei ea men e ec s analyses (e.g., all bu six o 79 s udies ailed o use
andomized assignmen o hei ea men and con ol g oups—Ma in e al.,2013) and
due o o he me hodological issues (Rideou & G ay,2013;Rauch & Hulsink,2015;Sa anski,
2004;Shadish e al.,2001). Those laws ha e caused some esea che s o conclude ha he e
is li le e idence o EE’s e ec i eness (Fie ,2000;Rideou & G ay,2013;Wea e e al.,2006).
Such conce ns a e based no only on me hodological issues bu also due o he ocus o
mos s udies on sho - e m, subjec i e impac measu es such as in en ions and s a -up
ac i i ies a he han on long- e m measu es such as i m pe o mance. F om e iews o
he li e a u e, a call has a isen o u u e esea ch o add ess ha gap in ocus (e.g., Ga a an
& O’Cinneide,1994;Hen y e al.,2005;Nabi e al.,2017;Pi away & Cope,2007). He e, we
a emp o answe ha call wi h a ocus on he pe o mance o MEs—MEs being he i ms
o mos in e es o policymake s because hey s a o wi h a posi i e employmen impac
and because hey g ow mo e han SEs.
Adm. Sci. 2025,15, 75 4 o 24
His o ically, he wo undamen al ques ions linked o EE a e Can i be augh ? and Is
i necessa y? (Kozlinska,2011). To he i s ques ion, while disag eemen con inues, he
majo i y o s udies a i m ha en ep eneu ship skills can be augh (e.g., Mayhew e al.,
2012). EE gene a es en ep eneu ial compe encies (Minai e al.,2018)— he kind ha is
supposed o imp o e i m pe o mance. Fu he , we expec ha he s uden s gaining hose
skills will likely become en ep eneu s gi en ha Ca ee Theo y explains ha indi iduals
will en e speci ic p o essions when hey ha e he ela ed educa ion (e.g., Rideou & G ay,
2013). Agency Theo y also suppo s EE in i s abili y o cul i a e agen ic capabili ies in i s
s uden s, who hen a e mo e likely o pu sue a wide a ay o oppo uni ies and become
mo e success ul in ealizing desi ed u u es (e.g., Bandu a,2006;Schunk & Zimme man,
1998). Recen EE wo k e eals he ole o educa ion in building en ep eneu ial skills and
e icacy (Cha e ji e al.,2019;Elle e al.,2021;Gal ão e al.,2020;Ko ha e al.,2019;Lyons
& Zhang,2018;Sa as a hy,2001). Because such skills ha e been ega ded as a key ac o
o success in business and inno a ion, EE p og ams and incuba o s ha e exploded in
p e alence o e he pas decades (Lyons & Zhang,2018;Rigby & Ramlogan,2016).
The ques ion o eaching en ep eneu ship may no simply s op a whe he speci ic
skills can be lea ned; EE is also o en expec ed o p o ide he con idence, goal-se ing,
mo i a ion, and sel -e icacy ha help ensu e ha hose skills a e ac ually applied (e.g.,
McClelland,1961;Rideou & G ay,2013). The Theo y o Planned Beha io (e.g., Ajzen,
1991;K uege & Ca s ud,1993) hypo hesizes ha in en ions p ecede beha io s, whe e he
o me ha e been p o en o be heigh ened by EE (Rideou & G ay,2013). In ac , mos
models o EE’s impac s include a pa h o ou comes being pa ed by imp o ed skills and
con idence (e.g., E ikson,2003;Rae & Ca swell,2000).
To he second ques ion o EE’s necessi y o en ep eneu ial success, exis ing e idence
poin s o possible su iciency as he bes case. The e iew o 159 published a icles om
2004 o 2016 indica ed ha EE has a leas a sho - e m posi i e impac on selec success
measu es (al hough mos o hose a icles in ol e g ea ly unde -desc ibed EE pedagogies
and se e ely limi ed con ols o selec ion e ec s—by Nabi e al.,2017). An ea lie me a-
analysis, based on 42 independen samples (N> 16,000), ound ha EE was signi ican ly
and posi i ely ela ed o en ep eneu ship ou comes, wi h a co ela ion abo e 0.15 (Ma in
e al.,2013). S a -up, su i al, and pe o mance o en u es a e all d i en by he skills
o en ep eneu s—skills ha can come om EE exposu e (Minai e al.,2018;Tehseen &
Ramayah,2015). While such e idence suppo s he a gumen ha EE can be su icien
o posi i e en u e ou comes, he e is no suppo o i s necessi y. Tha is because o
he exis ence o subs i u es like eal expe ience ac ing as iable means o gain skills and
con idence (e.g., as a p o égé o a men o en ep eneu , om wo king a a s a up alongside
an indus y-sa y eam, o om ha ing o s a -up one’s own business due o economic
necessi y). Expe ience-as-an-EE-subs i u e o ms he basis o he Theil Schola ship and o
many p ess- iendly s o ies o ech-billionai e college d opou s.
3. Hypo heses
We now conside a gumen s abou whe he EE should ma e o ME pe o mance.
Ou main hypo hesis conce ns he expec ed impac o he ME CEO’s EE expe ience on
hei en u e’s pe o mance. We conside he a gumen s bo h o and agains a posi i e
impac because he e a e wo schools on he subjec —one ha a i ms ha EE can e ec i ely
de elop ele an , applicable skills and one ha denies i (e.g., Mayhew e al.,2016).
3.1. The A i ma i e School
G ounded in a capabili ies-based app oach, he answe is ha EE does ma e , yes, be-
cause be e ac o s a e supposed o lead o be e o ganiza ional pe o mance (e.g., Ba ney,
Adm. Sci. 2025,15, 75 5 o 24
1991). Gi en he e ha a se o hose ac o s—manage ial skills—a e made be e h ough
EE, hen EE should lead o be e o ganiza ional pe o mance, e en when con olling o
he di e ences in o he ele an ac o s a he indi idual manage and o ganiza ional le els.
And, ha should be e en easie o de e mine when a ulle assessmen o he EE exposu e
(e.g., measu ing bo h i s quan i y [in he numbe o cou ses aken] and quali y [such as
di ec en ep eneu ial expe ience]) is accoun ed o h ough a mul i-dimensional measu e.
P e ious esea ch (e.g., Elle e al.,2021;Gal ão e al.,2020;Ma in e al.,2013;Mayhew
e al.,2012) and ex ensi e e iews o he li e a u e (e.g., Go man e al.,1997;Ku a ko,2005;
Pi away & Cope,2007;Wea e e al.,2006) suppo his a i ma i e school (Mayhew
e al.,2016). The logic unde lying hose indings is oo ed in he aining li e a u e (Bell &
Kozlowski,2008) and g ounded in human capi al heo y (Becke ,1964;Mince ,1958)—a
heo y d awn upon in he en ep eneu ship li e a u e o explain aspec s o en ep eneu ial
success (e.g., Ma in e al.,2013;P e e ,1994). As a p ocess in ol ing a se o ela ed
skills (e.g., in oppo uni y ecogni ion and esou ce acquisi ion and use—Shane,2003),
en ep eneu ship heo e ically can be cul i a ed h ough EE expe iences (e.g., Go man
e al.,1997;Ka z,2003;Pi away & Cope,2007;Ma in e al.,2013;Mayhew e al.,2016).
The a i ma i e school is also suppo ed by ansla ing he pas e idence o EE’s posi i e
signi ican e ec s on in en ions, skills imp o emen s, and sel -e icacy— h ough he Theo y
o Planned Beha io , Agency Theo y and Ca ee Theo y—in o he expec a ion ha hose
ac o s will ansla e in o posi i e, sus ained and success ul en ep eneu ial ac i i y by
s uden s. Fu he , i is e en expec ed ha such aining has a easonable shel -li e so ha
i a would-be en ep eneu we e o wai yea s o s ike a he igh oppo uni y, hen EE
would s ill ha e a posi i e impac (Kol e eid & Moen,1997).
3.2. The Dissen ing School
The dissen ing school a gues ha EE does no ma e o ME pe o mance. Schola s in
his school cas doub on he pas e idence o he posi i e linkage be ween EE and en u e
success. They also aise di icul ques ions abou he limi s o EE. These schola s belie e
ha he a ailable esea ch in o he impac o EE is o insu icien quan i y, quali y, and
consis ency o p o e i s e ec i eness in c ea ing mo e and be e en ep eneu s (e.g., Cox
e al.,2002;Da idsson,2015;Ma in e al.,2013). Fu he , heal hy skep icism exis s o e
whe he one can lea n en ep eneu ship in a class oom se ing (e.g., Bha ia & Le ina,2020;
Ku a ko,2004). I is di icul o imagine how one can each e ec i e ways o add ess speci ic
in e nal poli ics, build us among a speci ic se o s akeholde s, inc ease ale ness, build a
jack-o -all- ades expe ise, make decisions unde ambigui y, be lean ye no unsa e, ake i
un il you make i (wi hou being dishones ), o beg, bo ow, and s eal needed esou ces
(legally). The eali y ha many o hese key lessons o en ep eneu ial success can only
be augh ou o he class oom has been exposed in s o ies o billionai es—in he In e ne
boom and beyond—who had li le, i any, o mal EE aining (Mayhew e al.,2016).
3.3. Finding a Syn hesis o he Opposing Schools in Real Op ions Thinking
A syn hesis o hese opposing schools is o e ed o econcile hei opposing logic,
a gumen s, and e idence. I is a logic ha , on he one hand, ecognizes he unde lying
po en ial alue o EE aining while, on he o he hand, also ecognizes he cons ain s
and condi ionals o ealizing ha alue in any speci ic applica ion o an ME. We ind ha
syn hesis in a eal op ions-based pe spec i e (which is a new a gumen o he li e a u e on
EE e ec i eness).
Ou heo e ical con ibu ion lies in ex ending he capabili ies pe spec i e— he ap-
p oach ha d i es ou empi ical in es iga ion—by conside ing he unde lying eal op ion
alue o EE-based capabili ies, speci ically in how ha alue is o is no ealized when
Adm. Sci. 2025,15, 75 6 o 24
he op ion is exe cised in a gi en con ex . The in es men in EE gene a es a aluable eal
op ion (e.g., McG a h,1999) o he en ep eneu who hen ‘owns’ he capabili y bu does
no ha e he obliga ion o s a up and manage a new en u e (such as an ME). Howe e ,
like mos eal op ions, he exe cised alue is o en much lowe han he holding alue.
No only a e he exe cise cos s usually highe - han-expec ed (e.g., in e ms o s a -up and
o egone oppo uni y cos s), bu he ime- o-exe cise and he uppe bound o he ma ke
a e o en lowe han expec ed due o eac ions by imi a o s and de ending incumben s
(e.g., Copeland & Tu ano,2004;Van Pu en & MacMillan,2004).
Taking on his eal op ions pe spec i e shi s he ques ion deba ed by he wo schools—
abou whe he EE has alue connec ed o ME pe o mance— o he ques ion o whe he
ha alue is o en enough ealized in i s applica ion. Because o he capabili ies-based logic
and he associa ed e idence om ea men -based e ec s esea ch, we mus ag ee wi h
he a i ma i e school ha EE could ha e a posi i e signi ican e ec on ME pe o mance.
Simply pu , EE does p o ide he ele an skills and sel -e icacy o i s s uden s ha a e ap-
plicable. Howe e , we mus also ecognize he conce ns o he dissen ing school ega ding
he ealiza ion o ha e ec . Fi s , we mus ecognize ha he e a e cons ain s on he skills
and lessons ha EE can p o ide—cons ain s ha a ec he po en ial posi i e impac o
EE. Second, we mus ecognize ha he e a e con ex ual condi ions ha may signi ican ly
limi he posi i e impac s o hose skills in speci ic applica ions (i.e., o a single i m, wi h
a single idea, a a single ime and place). We now conside hose ca ea s ha limi EE’s
exe cised op ion alue.
EE is cons ained by many ac o s. Conside he ollowing issues in ol ed in eaching
en ep eneu ship in an ins i u ional se ing: Con en mus be augh widely e sus na owly,
gi en he a ie y o s uden s’ in e es s and he le el o gene ali y o mos ele an heo ies
and amewo ks. The in ensi y and complexi y o he pe sonal s akes in ol ed, o he
p essu es applied, o he poli ics o legal o inancial conce ns mus all be amped down
o s uden sa e y in any educa ional expe ience. The p esc ip ion o ‘ma ginal’ business
beha io s (e.g., he ake i ‘ il you make i a i ude, a ious co ne -cu ing ac ics, and c ea i e
accoun ing) ha i als and o he s a e likely o use is disallowed in acc edi ed ins i u ions.
And, no EE p og am alone p o ides he aining in he unde lying en u e idea’s skill
(e.g., in coding, enginee ing, science, design, and c a ing o gene a e ha ‘ en- housand-
hou s-le el’ expe ise ha is o en equi ed o gene a e a no el and comme cializable
idea—Gladwell,2008).
These cons ain s imply ha he alue o EE as a eal op ion is likely o be low when
exe cised in any speci ic ME. This is because hose EE capabili ies— augh as gene al,
unp essu ed, ideal, loosely linked skills—a e likely o lose much o hei impac when
applied o a speci ic idea, in a speci ic indus y, in a speci ic ma ke segmen a a speci ic
ime, unde speci ic s a -up esou ce cons ain s, unde eal p essu es, in a igh ly-linked
s uc u e a a speci ic ME. When he applica ion con ex di e s om he lea ned con ex
he e mus be a loss o a skill’s alue, a a minimum, un il adjus men s can be made
(e.g., McKeachie,1987). When ha applica ion con ex no only di e s in speci ici y and
p essu e bu in ol es g ea e unce ain y and dynamics as well, ha deg ada ion will be
signi ican (e.g., Com o & Wukich,2013;Moynihan,2008). Added o hese conce ns is he
likelihood ha he EE aining was incomple e—in ha c i ical gaps, o en conce ning aci
skills (e.g., in leade ship, sales, hi ing, nego ia ion, pi o ing, eading i al mo es), would
ha e gone un illed, ende ing any o he lea ned skills much less impac ul (e.g., Jackson,
2012;Jackson & Chapman,2012).
In sum, he e idence and logic on EE can be suppo ed by a eal op ions-based
capabili ies s o y ha can p edic bo h an a i ma i e and a dissen ing ou come. On he one
hand, he capabili ies-based logic and he his o ical e idence o ea men -based esea ch
Adm. Sci. 2025,15, 75 7 o 24
p edic s ha EE will inc ease gene al skills ela ed o he en ep eneu ial p ocess— ha
EE has a high po en ial op ion alue o s uden s—and so could posi i ely a ec ME
pe o mance. On he o he hand, he e is insu icien e idence ha , once ha op ion alue
is exe cised in a speci ic applica ion, EE mus esul in be e pe o mance (e.g., due o
misma ches in capabili ies and oppo uni ies—Williamson,1999). The eal op ions logic
s ongly sugges s ha he alue o gene al skills will be se e ely deg aded due o a my iad
o ac o s, including possible gaps in necessa y skills (e.g., conce ning he unde lying
echnology o he en u e and he abili y o apply gene al lessons o he speci ics o a new
and unce ain oppo uni y); he compe i i e eac ions o o he s wi h simila , be e , o
mo e specialized skills; a eal-li e lack o in o ma ion o he idealized decision-making
p ocesses augh ; a lack o esou ces and ime; and he cos ly in e nal and ma ke ic ions
ha commonly exis wi h new endea o s. Thus, ou i s (compe ing) hypo heses a e
as ollow:
H1a. EE will ha e a signi ican posi i e impac on ME pe o mance.
H1b. EE will no ha e a signi ican impac on ME pe o mance.
EE no only builds skills bu also builds con idence. The aining in a skill includes
becoming mo e amilia wi h i s his o y, alue, and gene al use. Such aining o en
includes he applica ion o ha skill bu almos always in an a i icial se ing (e.g., whe e
any possible ailu e is limi ed, whe e in o ma ion and eedback a e imely, cons uc i e,
and mos ly cos less, and whe e a posi i e ou come is gene ally expec ed). EE builds he
con idence needed o s a -ups o occu , o as McMullen and Shephe d (2006, p. 141) no e,
“[
. . .
] h ough lea ning e o s and/o he encou agemen o o he s, one may be able o o e come
doub and ac [on a gi en oppo uni y]”. Resea ch shows ha EE inc eases posi i e pe cep ions
(e.g., o easibili y and desi abili y) o en ep eneu ial ac i i ies (A hayde,2009;Soui a is
e al.,2007) and ha such inc eased easibili y is only possible wi h inc eased con idence in
pe sonal skills.
An undispu ed goal o educa ion, le alone EE, is o inc ease a s uden ’s sel -e icacy
(e.g., Shinna e al.,2014;Wilson e al.,2007). Tha g ow h in con idence esul s om he
posi i e expe ience ha he s uden should expe ience in using new skills wi h inc easing
success in pseudo-di ec , indi ec , and social con ex s. In EE, he pseudo-di ec applica ions
a e h ough simula ed o cons uc ed, low- isk, o en-isola ed eal-wo ld ac i i ies; he
indi ec applica ions a e h ough cases, men o ships, gues lec u es, limi ed consul ing,
and possibly some alua ion and low- isk in es men exe cises, and he social in e ac ions
occu h ough discussions wi h o he s uden s and by pa aking in business plan com-
pe i ions. All a e expe ienced in con olled en i onmen s supplemen ed by cons uc i e,
imely eedback.
We expec ha he posi i e impac o EE on s uden con idence o no only apply
o he en ep eneu ’s skills and sel -image—o he pas and p esen image—bu also o
p ojec on o he cu en en u e as well (e.g., Cassa ,2010;Von Be gen & B essle ,2011).
Ob iously, i she we e no con iden in he skills ela ing o he cu en en u e, o wo se, i
she we e no con iden in he u u e o ha en u e, she would no a ionally be wo king
on i in he p esen . Ou second hypo hesis ollows:
H2. EE will ha e a posi i e and signi ican impac on he en ep eneu ’s con idence in he sel and
he en u e’s u u e.
Adm. Sci. 2025,15, 75 8 o 24
4. Empi ical Me hods
4.1. Sample and P ocedu es
In he adi ion o he capabili y iew’s empi ical es ing app oach (Ba ney & Mackey,
2005), we sample om a popula ion o i ms o in e es , eco ding om each i m se e al
measu es o speci ic ac o s and ele an pe o mance ou comes o analysis. The ocal ac-
o s a e eg essed, wi h con ols, on pe o mance in o de o de e mine whe he signi ican
co ela ion is p esen and in he expec ed di ec ion. He e, he sample o i ms a e MEs, he
ocal ac o s in ol e he mul iple dimensions o EE, he con ols a e a he indi idual and
en u e le els, he pe o mance ou comes span se e al pe cep ions o ela i e success, and
he eg essions a e hie a chical in na u e.
Ou sample da a come om an online su ey o compensa ed pa icipan s using
Amazon MTu k’s ma ke place. Fil e s we e used o access he a ge ed popula ion o
en u es (i.e., sized be ween 5 and 500 ull- ime equi alen employees [FTEs] and loca ed
in he US) and esponden s (i.e., he en ep eneu managing he ME). The su ey was
conduc ed online h ough Qual ics in mid-2021. Tha app oach esul ed in 213 esponses
om a c oss-sec ion o indus ies and demog aphics, wi h only a hand ul o missing o
inconsis en da a, which p o ided 197 comple e eco ds. This app oach is consis en wi h
he majo i y o ela ed s udies ha use c oss-sec ional da a (e.g., in he capabili ies iew
esea ch and in he en ep eneu ial ac i i y esea ch, including ha in ol ing EE), and
especially when su eys a e employed (e.g., Nabi e al.,2017;Padilla-Angulo e al.,2021).
Among he 213 en ep eneu s in ou sample, 60.1% we e male, he a e age age was
39.5, a e age wo k and en ep eneu ship expe ience was 15 yea s and 9 yea s, espec i ely,
mos wi h a business educa ion deg ee. On a e age, pa icipan s had wo p io s a -up
expe iences, had aken o e 5 en ep eneu ship-speci ic cou ses, and we e in ol ed in a
i m wi h an a e age o o e 130 FTEs and an a e age age o o e 14 yea s.
We used he ex apola ion echnique (A ms ong & O e on,1977) o es o non-
esponse bias, which is commonly adop ed in he li e a u e (e.g., Engelen e al.,2015;
Simsek e al.,2007). Based on he assump ion ha la e esponden s could be simila o
non- esponden s, we spli he da a in o wo g oups and used - es s o compa e he mean
alues o main cons uc s be ween ea ly and la e esponden s. We ound no signi ican
di e ences be ween he mean alues, indica ing ha non- esponse bias was no a h ea o
ou s udy.
To add ess he p oblems ela ed o common me hod bias, we ook se e al ecom-
mended p ecau iona y measu es. To mi iga e he biasing e ec s, we ensu ed anonymi y
o he pa icipan s and in o med hem ha hei answe s would be s ic ly con iden ial
and ha he da a would only be published in agg ega e o m in an academic jou nal;
we encou aged objec i i y by indica ing ha he e a e no igh o w ong answe s o he
ques ions; we sepa a ed he ques ions cap u ing independen and dependen a iables o
educe pe cep ion o any linkages be ween he cons uc s; and we ca e ully wo ded su ey
i ems and, whene e a ailable, used es ablished alida ed measu es (Johnson e al.,2011;
Podsako e al.,2012).
We also used he co ela ional ma ke - a iable echnique (based on a a iable heo e i-
cally un ela ed o o he subs an i e a iables) o de ec common me hod bias (Lindell &
Whi ney,2001;Richa dson e al.,2009). The e we e no signi ican co ela ions be ween he
ma ke a iable (i.e., a a iable measu ing whe he seeking ou in o ma ion was he p ima y
way he en u e deals wi h unce ain y—a a iable ha was no di ec ly ela ed o he esea ch
ques ions a hand) and he o he subs an i e a iables in he s udy ha we e subjec o
common me hod bias. Mo eo e , he e we e no signi ican changes in he pa ial co ela ion
coe icien s and signi icance le els be ween he independen and dependen a iables when
Adm. Sci. 2025,15, 75 15 o 24
5. Resul s
Tables 3and 4depic he main esul s om ou hie a chical OLS analyses eg essing
EE on ME pe o mance and en ep eneu ial con idence. The e is o e all suppo o H1b
o e H1a, bu he e a e indi idual elemen s o EE ha p o ide spo y suppo o H1a.
The ma ginal impac o EE—as a se o measu es collec i ely cap u ing i s mul iple dimensions
o in luence—is no s a is ically signi ican (p< 0.5) on any o ou ou ME pe o mance
ou comes. I is a non-signi ican bu posi i e (i.e., in e ms o he sign o he sum o
he componen s anda dized coe icien s) in luence on cu en ly pe cei ed ME business
success [BIZSUCC], wi h one componen (EE_in ensi y) being indi idually highly posi i ely
signi ican (ß= 0.28, p< 0.01). I is a non-signi ican bu posi i e in luence on pe cei ed
ME business g ow h le el [LoG HiG ], wi h h ee componen s (Di ec _Exp,Ne w kg, and
Ha ms) being indi idually signi ican in he expec ed di ec ions (ß= 0.16, p< 0.05; ß= 0.13,
p< 0.1; ß=
−
0.13, p< 0.1). I is a non-signi ican and nega i e in luence on COVID-e a
sales e enue change [Co idPe ], wi h wo componen s (Di ec _Exp and EE_Wid h) being
indi idually signi ican in he di e en di ec ions (ß= 0.16, p< 0.05; ß=
−
0.21, p< 0.05).
As such, we su mise, consis en wi h ou eal-op ions pe spec i e on EE, ha when he
applica ion con ex is much mo e speci ic o unusual han wha was augh , he alue o
such expe ise can deg ade o he poin o ge ing in he way o wha should be pe o med
(as in some ‘ ailu e o d op he ools’ in an eme gency—Weick,1996). And inally, EE is a
non-signi ican bu posi i e in luence on in ellec ual p ope y gene a ion [IP5YR], wi h no
signi ican componen s.
Table 3. Inc emen al Imp o emen in R2o EE a iables a.
Dependen Va iable
BIZSUCC LoG HiG Co idPe IP5YR b
Con ol
a iables R2∆R2∆F/d R2∆R2∆F/d R2∆R2∆F/d R2∆R2∆F/d
En ep eneu
cha ac e is ics
0.25 ***
4.12 (15, 181)
0.27 ***
4.45 (15, 181)
0.23 ***
3.57 (15, 181)
0.33 ***
5.92 (15, 181)
Ven u e
cha ac e is ics 0.34 0.09 †
1.58 (14, 167)
0.50 0.23 ***
5.45 (14, 167)
0.33 0.10 *
1.81 (14, 167)
0.63
0.30 ***
5.20 (14, 167)
Independen
Va iables
En ep eneu ship
educa ion and
aining
0.41 0.07 †
1.68 (11, 156)
0.54 0.04
1.38 (11, 156)
0.39 0.06
1.39 (11, 156)
0.68 0.05
0.65 (11, 156)
ENTSUCC SELFCONF FUTBSUCC
Con ol
a iables R2∆R2∆F/d R2∆R2∆F/d R2∆R2∆F/d
En ep eneu
cha ac e is ics
0.26 ***
4.29 (15, 181)
0.21 ***
3.19 (15, 181)
0.33 ***
6.02 (15, 181)
Ven u e
cha ac e is ics 0.35 0.09 †
1.67 (14, 167)
0.32 0.11 *
1.89 (14, 167)
0.41 0.08 †
1.61 (14, 167)
Independen Va iables
En ep eneu ship
educa ion and
aining
0.45 0.10 **
2.54 (11, 156)
0.45 0.13 ***
3.49 (11, 156)
0.53
0.12 ***
3.49 (11, 156)
a
n= 197. BIZSUCC = deg ee o which business has been success ul; LoG HiG = en u e’s g ow h; Co id-
Pe = amoun ha mon hly e enue has been a ec ed by he COVID-19 pandemic; IP5YR = any pa en s o
aluable in ellec ual p ope y p oduced in he las 5 yea s; SELFCONF = sel -con idence in you en ep eneu ial
capabili ies. ENTSUCC = pe cep ion o en ep eneu ial success; FUTBSUCC = expec a ion o u u e success.
bP obi analysis epo ing McFadden pseudo-R2.†p< 0.10; * p< 0.05; ** p< 0.01; *** p< 0.01.
These esul s a e consis en wi h ou op ions-based na a i e. The comp ehensi e EE
impac is non-signi ican on ME pe o mance, bu he mos applica ion- ela ed ac o s— he
ones conside ing he dep h and pe sonal in ol emen (EE_in ensi y and Di ec _Exp) o
he aining—a e signi ican . So, while gene al skills p o ide high op ion alue, only he
hands-on, imme si e compe encies ansla e in o added pe o mance. We also no e ha
EE’s in luence on ME pe o mance is signi ican when eg essing on he measu es wi hou
he indi idual and i m-le el con ols, which may help explain some esul s o hose pas
s udies ha ha e in ol ed ewe con ols and ewe dimensions o he EE cons uc .
Adm. Sci. 2025,15, 75 16 o 24
Table 4. S anda dized eg ession coe icien s es ima ing en u e and en ep eneu success a.
Dependen Va iable
BIZSUCC LoG HiG Co idPe IP5YR bENTSUCC SELFCONF FUTBSUCC
EE a iables
EE_cou ses 0.05 0.08 −0.08 0.02 0.02 −0.11 −0.08
EE_le els 0.02 0.02 −0.05 −0.04 0.02 0.03 −0.01
ENT_spec −0.06 0.04 0.01 0.33 −0.02 0.05 0.04
SI_college 0.03 0.04 −0.11 −0.06 −0.07 −0.04 0.04
Di ec _Exp −0.01 0.16 * 0.16*0.52 0.05 −0.09 0.02
Indi _Exp −0.01 −0.04 0.01 −0.22 0.05 0.08 −0.03
Ne w kg 0.03 0.13 †0.12 0.65 −0.06 0.13 0.05
Res_Needd 0.09 0.02 0.04 0.34 0.08 −0.02 0.08
EE_wid h 0.03 −0.05 −0.21 * −0.04 −0.07 0.22 * 0.02
Ha ms −0.07 −0.12 †−0.02 0.05 −0.11 −0.28 ** −0.19 **
EE_in ensi y 0.28 ** −0.04 −0.12 0.37 0.35 *** 0.03 0.35 ***
R20.41 0.54 0.39 0.68 0.45 0.45 0.53
F(40, 156) 2.73 *** 4.64 *** 2.49 *** 3.21 *** 3.22 *** 4.36 ***
Chi2[40] 184.98 ***
a
n= 197. S anda dized eg ession coe icien s a e shown. En ep eneu - and en u e-le el con ols a e included
in he models. BIZSUCC = deg ee o which business has been success ul; LoG HiG = en u e’s g ow h;
Co idPe = amoun ha mon hly e enue has been a ec ed by he COVID-19 pandemic; IP5YR = any pa en s o
aluable in ellec ual p ope y p oduced in he las 5 yea s; SELFCONF = sel -con idence in you en ep eneu ial
capabili ies; ENTSUCC = pe cep ion o en ep eneu ial success; FUTBSUCC = expec a ion o u u e success.
bP obi analysis epo ing McFadden pseudo-R2.†p< 0.10, * p< 0.05, ** p< 0.01, *** p< 0.001.
Tables 3and 4also e eal consis en suppo o H2. The ma ginal impac o EE is
(s a is ically) signi ican on all ( h ee) en ep eneu ial con idence measu es. I is a signi ican
(p< 0.01) and posi i e in luence on sel -pe cei ed en ep eneu ial success [ENTSUCC],
wi h one componen (EE_in ensi y) being indi idually highly posi i ely signi ican (ß= 0.35,
p< 0.001). I is a signi ican (p< 0.001) and posi i e in luence on pe cei ed sel -con idence
in one’s own en ep eneu ial abili ies [SELF-CONF], wi h wo componen s (EE_wid h and
Ha ms) being indi idually signi ican in he expec ed di ec ions (ß= 0.22, p< 0.05; ß=
−
0.28,
p< 0.01). And i is a signi ican (p< 0.001) and posi i e in luence on pe cei ed con idence
in he ME’s u u e success [FUTBSUCC], wi h wo componen s (EE_in ensi y and Ha ms)
being indi idually signi ican in he expec ed di ec ions (ß= 0.35, p< 0.001; ß=
−
0.19,
p< 0.01). We in e p e hese esul s, especially on SELF-CONF, as con i ming ha EE has a
s ong and con inued impac on sel -e icacy (consis en wi h many pas s udies)3.
6. Discussion
To answe he esea ch ques ion o whe he EE ma e s o ME pe o mance, ou
analysis p o ides esul s consis en wi h ou expec a ions ha , al hough EE inc eases
con idence, he skills augh end no o lead o signi ican ly inc eased en u e success. Tha
said, in almos all o he analyses, he collec i e impac o EE was posi i e. These esul s
suppo ou na a i e ha EE c ea es a high op ion alue embodied in he en ep eneu ’s
gene al skills and sel -e icacy, ha such op ions a e o en exe cised in he o m o new
en u e c ea ion, bu ha exe cising such an op ion by c ea ing a new en u e en ails a
ealized alue ha is o en signi ican ly educed by he speci ici ies and ic ions ound in
any pa icula s a -up a emp by he en ep eneu ocused on a gi en co e idea, esou ce
se , and ma ke con ex . Ou na a i e con ains an explana ion o ha educ ion in
exe cised op ion alue—one ha is based on he limi a ions o EE i sel as being cons ained
in he speci ici y and dep h o he skills ha can be augh and on he eali y ha EE
subs i u es eadily exis (e.g., in i s -hand expe iences) ha a e o en mo e speci ic and
ha many i al manage s may ha e ob ained.
One impo an eason o in es iga ing his esea ch ques ion was o be e unde s and
he gla ing con as be ween he inpu and he ou pu o he ‘EE- ela ed indus ial complex’
Adm. Sci. 2025,15, 75 17 o 24
(i.e., he massi e in es men in p og ams, acul y, cen e s, chai s, and incuba o s) in he
US and in simila economies (e.g., Canada). While he inpu side has enjoyed explosi e
in es men and g ow h in he pas ew decades, he ou pu side—a he mac o-le el (e.g., in
s a -up and su i al a es)—has been oo s able (and, o e some measu es, has wo sened).
Tha con as is all he mo e us a ing because we know ha en ep eneu ial ac i i y
ma e s o economies, o poli icians and policy-make s, o places o highe lea ning, and o
he exis ence o billion-dolla ins i u es like he Kau man Founda ion, which all desi e o
see he inno a ion and job-c ea ion EE p omises. Wha is con using is ha his EE indus ial
complex has mos ly a oided con on ing i s mac o-le el ine ec i eness. Ins ead, mos o i s
s udies a e ea men -based and ca y a posi i e and mic o-le el bias owa ds EE’s impac s
on he sho - e m and on pe haps mo e i ial ou comes, such as he inc eased in en ions o
s uden s o engage in en ep eneu ship. Cynically, one could see why ha has occu ed—i
is mo e di icul o assess mac o-le el impac s (especially when gene a ed om audi ed
numbe s om se e al go e nmen agencies ha each pa ially cap u e en ep eneu ial
ac i i y) han mic o-le el impac s based on numbe s om sel -in e es ed, p op ie a y,
p og am-speci ic, p ima y da a sou ces. Rega dless, he lack o e idence ha EE makes
a signi ican ly posi i e mac o-le el impac —which should mos logically esul om he
accumula ion o he well-documen ed mic o-le el impac s—is disappoin ing. I is all he
mo e so o wo easons: he money and expe ise o s udy ha pa adox eadily exis , and
he ac ha EE is a such a scale now ha e e y ME en ep eneu ial eam could be indi idually
ained each yea , which, gi en he e idence ha such aining should ha e a sho - e m
posi i e impac , logically would p o ide he desi ed mac o-le el change.
We ind cold com o ha ou main esul is consis en wi h he disappoin ing lack o
impac o EE, and speci ically whe e we would like o see i mos (i.e., on he pe o mance
o he en u es ha a e mos impo an o he economy—MEs). Rega dless, ou s udy’s
indings also e lec he ou comes o se e al ela ed empi ical in es iga ions: EE does no
disp opo iona ely c ea e e y success ul i ms (Fai lie e al.,2015), EE does no ha e a
signi ican s a is ical impac on he sales g ow h o SMEs (A dullahi & Ademi,2020), EE
has no las ing e ec on en u e pe o mance (Fai lie e al.,2015), and EE has li le o no
impac on subsequen ope a ing pe o mance o new en u es (Lange e al.,2014). Bu ,
while ou esea ch p oduced simila esul s, i b ough added insigh : Ou s is he i s s udy
o conside he eal op ion alue o EE, speci ically in how ha is ansla ed in o sho -
and longe - e m ou comes. In he sho un, EE’s p o ision o gene al skills is likely o
inc ease s a -up in en ions and e en a es, especially when ueled by inc eased con idence.
In he long un, while he in luence o EE on con idence may linge , he exe cise alue
o he skills-based eal op ion in s a ing up and managing an ME is likely o dec ease
o se e al easons, including he deg ada ion du ing he delay, he missed upda es; he
speci ici y equi ed o success ul applica ion; he unce ain ies in ol ed in exploi ing
a new oppo uni y ( ha , by de ini ion, canno be p e- augh ); and he impac o i als
who can imi a e obse ed skills o access subs i u es o EE aining (e.g., om men o s,
in es o s, ela i es, business pa ne s, and expe ienced o he s).
While ou eal op ions-based na a i e i s he pas e idence, a his poin , i is wo h-
while o conside some al e na i e explana ions. Fi s , he mac o-le el issues may be
being d i en by o ces ou side o he in luence o EE: The e may be s uc u al and cul u al
o ces a play a he mac o-le el (in he US). I may be ha he capaci y o he economy o
abso b and sus ain new o e ings om new en u es (especially hose esul ing om EE
expe ience) is limi ed (e.g., gi en he ime i akes o legi imize a new ma ke —Ald ich &
Fiol,1994). I may be ha mo e and mo e R&D aces a e being won by deepe -pocke ed
incumben s (Sch o h & Szalay,2010), making capi aliza ion a he han educa ion he mo e
impo an ac o o success. O i may be ha he adap abili y and eac i i y o incumben s
Adm. Sci. 2025,15, 75 18 o 24
ha e imp o ed so much as o o se he ac ions o en ep eneu ial s a ups (e.g., he e may
be Red Queen e ec s in ol ed—see Ba ne & Hansen,1996). Second, i may be ha he
eal op ion alue o EE in ol es weaknesses ha a e mo e likely b ough ou a a mac o
a he han a a mic o-scale. This may be based on EE being incomple e—in ha i eaches
many skills bu no all, and so i is nei he necessa y no su icien o success (Edelman
e al.,2008;Lange e al.,2014). This is because he e a e speci ic gaps in mos p og ams:
in eaching social and emo ional in elligence (Mu ay e al.,2018), in eaching echnical
skills (Czuch y e al.,2004), in eaching hi ing and selling skills (Gend on,2004), and so
on. Fu he , EE is cons ained by i s ins i u ional con ex s—places whe e i is simply no
possible o each s uden s how o ac in chaos and ambigui y (A onsson,2004;Gend on,
2004), e en hough ha may be wha is equi ed in o de o succeed. A ela ed al e na i e
explana ion is ha EE has quali y p oblems—such ha eachable con en is simply no
being abso bed by s uden s due o issues ega ding ins uc o s, deli e y modes, and so
on. Thi d, i migh be ha we a e using he w ong mac o-le el measu es he e o assess
success. Pe haps he ocus should be on whe he he s uden b ings en ep eneu ial insigh
o any i m she wo ks a , ega dless o whe he i is a SE, ME, incumben , go e nmen al
ins i u ion, NGO, o o he . While we a e no ad oca ing mo ing he goal-pos s, i may be
p uden , gi en bo h he la ge in es men s ha ha e been made in EE and he inconsis ency
be ween mic o- and mac o-le el impac s, o iden i y in e media e goals and measu es in
o de o be e explain he alue gene a ed by EE and whe e o ind i . Linking EE o he
w ong measu es may wo k o dec ease i s e ec i eness and de ac om i s socie al bene i s
(Zawadzki,2019)4.
6.1. Implica ions
Ou analysis implies a eal op ions s o y o EE, while ou discussion implies im-
po an issues ha help explain EE’s sho - un, mic o-le el posi i e impac s in he ace
o disappoin ing, non-signi ican long- un, mac o-le el ones. In u n, ha implies ha
de e mining he p ope goals, measu es, and associa ed pedagogies would help add ess
hose issues. Taking u he ac ions on hose implica ions a his poin , howe e , is con-
ounding, a leas o hose pa ies cu en ly bene i ing om he EE indus ial complex.
The e seems o be li le incen i e o ock a boa when i has been building ou so well o
decades and wi h ew leaks. The e is a clea mo i a ion o keep publishing sho - e m,
posi i e-impac ea men s udies, o keep eeding he media and alumni success s o ies,
and o keep g owing he p og ams as long as in e es emains.
To he en ep eneu ship s uden s, he implica ion om ou analysis is o use EE as an
op ion, one ha needs o be supplemen ed wi h bo h mo e speci ic (e.g., in echnological
expe ise and in skills applica ion expe ience) and mo e gene al (e.g., in a jack-o -all- ades
span) aining o be mos impac ul. S uden s need o be pa ien , bo h in ob aining ha ex a
aining and in iden i ying he igh oppo uni y whe e hey can use hei mo e-gene alized
skills o add he mos alue.
To policy-make s, wo big ques ions emain, howe e —abou whe he EE has been
wo h such a massi e in es men and wha can be used o jus i y con inuing i a p esen
o highe le els (Wal e & Block,2016). Some schola s sugges ha EE may no be he mos
cos -e ec i e me hod o add essing inno a ion and job c ea ion, le alone o add essing
deepe issues o e human capi al, disc imina ion, o inequi y (Fai lie e al.,2015). We ha e
aised he o me poin di ec ly, gi en he scale o EE oday—whe e, hypo he ically, e e y
US ME s a -up eam could be pe sonally ained h ough he cou ses o e ed each yea bu
is no . So, we would u ge policy-make s o econside how hose esou ces should be bes
deployed (a e iden i ying wha goals a e bes and p ope o EE o pu sue).
Adm. Sci. 2025,15, 75 19 o 24
To educa o s, he implica ions o ou analyses suppo a e-examina ion and aming
o bes pedagogical app oaches. Pe haps wo king wi h ecen g adua es who ha e gone
on he ind ma ke success could yield inno a i e hinking ha helps shi he ocus in he
ways we each o mo e p ac ically ele an me hods and opics. And, pe haps i is ime o
p ac ice mo e o wha we p each, mo ing ou o he adi ional lec u e/ heo y-o ien ed
class oom and in o one whe e s uden s a e placed in isky, unce ain si ua ions ha equi e
agile hinking. This may be a class oom whe e s uden s ge com o able wi h ailu e, lea n
om i , and assess he ailu es o o he s o lea n mo e. This may in ol e mo e skills in
being lean, in lea ning om as and cheap expe imen a ion (e.g., based on minimum iable
p oduc s—see S e enson e al.,2024). This is likely o be mo e o a place whe e expe ience
and p ac ice a e p io i ized and one whe e empa hy and need ecogni ion d i e c ea i e
and design hinking (e.g., Bende -Salaza ,2023) as a p ocess ha p oduces g ea e alue
h ough be e es ing and ma ke o e ings. As such, we encou age educa o s o con inue
o eimagine and expe imen wi h wha EE can be (e.g., in e ms o cu icula ha help
s uden s ansla e he gene al o he speci ic, ha ailo some lessons o di e en en u e
ypes, and ha wo k on building pe sonal esilience and adap abili y, including eaching
s uden s how o analyze and build on ele an eedback and a ailable da a).
6.2. Limi a ions and A eas o Fu u e Wo k
As wi h e e y su ey-based, es ic ed sample-sized, c oss-sec ional, na ional em-
pi ical s udy, ou esea ch p oduc in ol es se e al limi a ions. Ou su ey in ol ed
ecollec ion, which aises alid conce ns abou his o ical accu acy. Ou sample was e-
s ic ed in size while applying many con ols, aising some conce ns o e s a is ical powe
(al hough signi ican esul s and easonable R
2
s we e ob ained). Ou sample was collec ed
in he second yea o he pandemic and es ic ed o US-based MEs. The usual wa nings
abou o e -gene alizing beyond such a con ex may apply (especially geog aphically), and
so we call o u he such s udies o be done in o he coun ies. Using MTu k—which
is an accep ed sou ce—also ca ies possible conce ns abou he kind o esponden who
applies o his mode o su ey call (and ha in ol es a nominal mone a y paymen ha
o he su eys o en do no ). Sampling ac oss indus ies, while p o iding a ulle pic u e
o he impac o EE ac oss he economy, may hide some possible indus y-speci ic e ec s.
And, elying on he esponden s o in o ma ion abou bo h he ocal ac o s and he ocal
ou comes, a he han applying some iangula ion, again while s anda d, aises possible
esponse- ela ed biases. Fu he , we acknowledge ha EE (wi h i s a ious impac s) ep-
esen s a complex phenomenon (gi en i s many dimensions o quali y, deli e y, iming,
p ac icali y, and in ensi y) ha is di icul o explo e in any one s udy.
Acknowledging all o hese limi a ions, we emain con iden in ou main esul s—gi en
ha bias- ela ed es ing (e.g., o e non- esponse and single esponse) did no e eal issues
and ha (many) mo e han he usual con ols and ou come a ian s we e used in he analysis.
Fu u e wo k could be aluable in se e al a eas. Fi s , ollow-on esea ch would be
use ul o add ess he empi ical limi a ions desc ibed abo e (e.g., using iangula ed and lon-
gi udinal da a o inc ease alidi y and be e explo e causa ion and possible co-e olu ion).
Second, i would be use ul o ha e u u e s udies eplica e and ex end ou indings (e.g., o
new coun ies, o speci ic indus y sec o s, o speci ic en u e ypes, o new measu es o
EE, o di e en measu es o success, wi h mo e con ols). Thi d, u he insigh s may be
gleaned wi h da a analysis in ol ing speci ic subs i u es o EE, and di e en o ms o EE
ha could be p o ided in sepa a e educa ional se ings (a di e en cos s and h ough
di e en deli e y modes).
Adm. Sci. 2025,15, 75 20 o 24
6.3. Conclusions
E en i he p omise and he eali y o EE di e , i emains a well-in en ioned ac i i y
ha doub lessly builds signi ican eal op ion alue o i s s uden s. We explo ed an
impo an esea ch ques ion abou he impac o EE o help explain he con lic ing e idence
o i s posi i e e ec s in he sho - un a he mic o-le el e sus i s non-e ec s in he long- un
a he mac o-le el; we did so by su eying US-based en ep eneu s abou hei ME i m’s
pe o mance and hei own educa ional expe iences. We ound ha while EE posi i ely
impac ed hei con idence, i was non-signi ican in imp o ing en u e pe o mance when
conside ed as a mul i-dimensional d i e . We a gue ha EE may be cons ained in o e ing
su icien ly speci ic and comp ehensi e applica ion- a ge ed skills, and so, as an op ion,
loses alue when exe cised, especially in con ex s whe e subs i u es and unce ain ies exis .
We expec ha u he in es iga ion in o he impac and limi s o EE—as a decades-long
in es men ha has eached a scale whe e i should ha e a mac o-le el in luence—will
e eal mo e answe s ha can p o ide new di ec ions and objec i es o help imp o e he
ou comes we desi e in u u e en ep eneu ial ac i i y.
Au ho Con ibu ions: Concep ualiza ion, R.A., A.U., R.B.; me hodology, R.A., A.U.; alida ion,
R.A., A.U.; o mal analysis, R.A., A.U.; in es iga ion, R.A., A.U.; esou ces, R.A.; da a cu a ion, R.A.;
w i ing—o iginal d a p epa a ion, R.A., A.U.; w i ing— e iew and edi ing, R.A., A.U.; p ojec
adminis a ion, R.A. All au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : The s udy was conduc ed in acco dance wi h he Decla a ion
o Helsinki, and app o ed by he Ins i u ional Re iew Boa d o Uni e si y o Sou he n Maine
(#21-06-1699—29 July 2021).
In o med Consen S a emen : In o med consen was ob ained om all subjec s in ol ed in he s udy.
Da a A ailabili y S a emen : Da ase a ailable on eques om he au ho s.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
No es
1An ME being a medium-sized [5–499 employee] en e p ise (e.g., Ha ney & Alkhala ,2021).
2
Ou esea ch ques ion canno be answe ed simply by conside ing he expe ience o pa icipan s in EE; ins ead, i is necessa y o
explo e how en ep eneu s managing MEs (a di e ing le els o pe o mance) lea ned he skills o do so (Rae & Ca swell,2000).
Tha equi es conduc ing esea ch using p ac icing en ep eneu s as he uni o analysis in o de o de e mine, om ecall, how
hei EE expe iences in o med success, including a hei cu en en u es (Mayhew e al.,2016). Ou e ospec i e app oach
complemen s he s anda d p ospec i e app oach in he li e a u e o p o ide a iche conside a ion o he big esea ch ques ion
conce ning whe he EE ma e s.
3Main esul s we e obus o sub-samples (e.g., by gende , expe ience, mino i y s a us and so on).
4
Fo example, we need o ealize ha a signi ican le el o en u e ailu e is ine i able, gi en inno a ion and new en u e c ea ion
a e unce ain by de ini ion. We can ain s uden s o make sma be s, based on sophis ica ed alua ions, bu ha is no gua an ee
o success, especially when o he s ge simila aining and a e simila ly mo i a ed. Iden i ying p ope EE measu es ha a e ai
ye ha d- o-exploi (e.g., o no hide ‘bad’ eaching) is a challenge. Tha hen leads o di icul epis emological ques ions abou
wha cons i u es use ul knowledge is in en ep eneu ship and how bes o p esen i (Bha ia & Le ina,2020;Williams Middle on
& Donnellon,2014).
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