We investigate the manifold posed question: "To what extent does investment in human and social capital, besides the effect of 'talent', enhance entrepreneurial perfor- mance?" We distinguish between three different performance measures: survival, profits, and generated employment. On the basis of the empirical analysis of a rich Dutch longitudinal data set of firm founders, we conclude that specific invest- ments indeed affect the three performance measures substan- tially and significantly. Specific attention is paid to the unobserved talent bias. Moreover, the effect of the emergence of so called "knowledge industries" is explored.
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