Policy toward novice, serial, and portfolio entrepreneurs

Support is being provided to increase the pool of novice entrepreneurs who have no prior business ownership experience. Policymakers and practitioners are, however, considering whether to allocate resources towards portfolio and serial entrepreneurs who have prior business ownership experience. To inform this policy debate, similarities and differences between novice, serial, and portfolio entrepreneurs in Scotland and their 354 surveyed firms are highlighted. Evidence suggests that portfolio entrepreneurs have more diverse resources than either serial or novice entrepreneurs. On average, portfolio entrepreneurs appear to offer more attractive growth prospects than other entrepreneurs. A case for support tailored to the aspirations and needs of novice, serial, and portfolio entrepreneurs is presented.