To encourage economic development policy makers and practitioners need to understand the backgrounds and objectives of entrepreneurs who own businesses in rural as well as urban areas. In this study rural firms owned by novice, portfolio, and serial founders were compared. In addition, urban firms owned by novice, portfolio, and serial founders were compared. At the founder level of analysis, similarities as well as differences in the personal background, work experiences, reasons leading to the start-up of businesses, and personal attitudes to entrepreneurship of these three types of founders were explored. At the organizational level of analysis, finance, employment and performance differences between the businesses owned by the three types of founders were analyzed. Implications for policy makers and researchers studying entrepreneurial careers and independent businesses over time are discussed.
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