Summary: a previously successful entrepreneur is two-thirds more likely to succeed in his next venture than a first-time entrepreneur. Part of this difference i

Summary: a previously successful entrepreneur is two-thirds more likely to succeed in his next venture than a first-time entrepreneur. Part of this difference is (obviously) attributable to skill, but the paper makes and supports the claim that part of it is due to the fact that past success improves perception, making it easier get funded and to hire smart people. The key statement (slightly edited) is: "Successful entrepreneurs are somewhat better than unsuccessful ones; the differential is amplified by their ability to attract more and better resources." They define success as going public, but claim that "the findings are similar" if success is defined to include acquisitions and mergers.