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09-028 performance persistence - Harvard …

performance persistence in Entrepreneurship Paul A. Gompers Anna Kovner Josh Lerner David S. Scharfstein Working Paper 09-028 . Copyright 2008 by Paul A. Gompers, Anna Kovner, Josh Lerner, and David S. Scharfstein Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. performance persistence in Entrepreneurship Paul Gompers, Anna Kovner, Josh Lerner, and David Scharfstein*. This Draft: July 2008. Abstract This paper presents evidence of performance persistence in entrepreneurship. We show that entrepreneurs with a track record of success are much more likely to succeed than first -time entrepreneurs and those who have previously failed.

1. Introduction In this paper, we address two basic questions: Is there performance persistence in entrepreneurship? And, if so, why? Our answer to the first …

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