Experience and cognition - Do novice, serial and portfolio entrepreneurs differ?

Some policy makers and practitioners are considering whether resources could be more effectively utilized if they were targeted towards experienced entrepreneurs (i.e. individuals with prior private business ownership experience), rather than the provision of additional initiatives to increase the pool of inexperienced novice entrepreneurs. To inform this policy debate, similarities and differences between novice, serial and portfolio entrepreneurs are highlighted with regard to their experience and cognition. A stratified random sample of independent firms located throughout Scotland was identified. In total, 200 firms (56.5%) involved novice entrepreneurs. A further 66 firms involved serial entrepreneurs (18.6%). The remaining 88 firms involved portfolio entrepreneurs (24.9%). Portfolio entrepreneurs are associated with experience and cognitive mindsets that provide greater understanding surrounding why and how they own several businesses at the same time. A case for targeted support tailored to the aspirations and needs of novice, serial and portfolio entrepreneurs is presented.