The document discusses serial entrepreneurs, who start multiple companies, compared to novice entrepreneurs who only start one company. It finds that serial entrepreneurs have a greater economic impact, accounting for over 70% of firms, revenues, and employment despite being only around 30% of entrepreneurs. The goal is to understand what factors influence an entrepreneur's likelihood of starting a second firm after their first. It considers characteristics of the entrepreneur and first firm experience like success, funding, and team size that may impact this decision. The study uses Cox hazard regressions on a dataset of MIT alumni entrepreneurs to analyze these determinants.

1. The Second Time Around?: Serial Entrepreneurs from MIT Charles E. Eesley, MIT Sloan School of Management [email_address] Edward B. Roberts, MIT Sloan School of Management [email_address]

3. * + + ++ ++ ** ** Table 1 Estimated Economic Impact of Novice and Repeat Entrepreneurs 48.7 51.3 Percentage of Total Employment 88.2 11.6 Percentage of Total Revenues 77.3 22.7 Percentage of Firms 27.9 72.1 Percentage of Entrepreneurs 878 954 Total Founders in the Sample 3254 954 Total # of Firms Founded 1,285,886 1,353,420 Total Employment $157,029,700 $20,736,000 Total Revenues (in '000 $2001) Repeat Entrepreneurs Novice entrepreneurs (all ages) Category of Entrepreneur

7. Reinvestment of capital Successful/skilled entrepreneurs may skip levels or remain at lower levels

12. Categories of Entrepreneurs 878 Multiple startup firms Repeat 848 (over age 59) Has started only 1 firm. Single-firm Number of Observations Definition Category of Entrepreneur