Determinants of the growth aspiration of Colombian entrepreneurs: the Role of Some Generations, Baby Boomers, Generation X and Millennials
DOI:
https://doi.org/10.46661/revmetodoscuanteconempresa.6893Keywords:
entrepreneurial activity, entrepreneurship, growth aspirations, generations, ColombiaAbstract
This paper aims to estimate the probability of growth aspirations of Colombian entrepreneurs according to the generation in which they were born. There is a large literature on the determinants of the growth aspiration, but there is not much empirical evidence on the possible effects of belonging to a specific generation. We used data from the Global Entrepreneurship Monitor for the period between 2006 and 2017. Specifically, the data were taken from the Adult Population Survey, which measures certain relevant characteristics of entrepreneurs around the world. Based on a sample of 6,670 individuals, three ordinal logistic regression models were estimated, one for each generation: Baby Boomers, Generation X and Generation Y-Millennials. The results show that the youngest entrepreneurs, the Millennials, have a very different conception of life than their predecessors in relation to their view of entrepreneurship as a life choice. In fact, structural factors such as gender, education and motive for entrepreneurship are significant for all generations. However, context-related factors such as their skills, fear of failure, recognition, and their view of entrepreneurship as a desirable career have different effects on each generation. These results are relevant for the development of public policies and business strategies associated with entrepreneurship in developing regions.
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