Does prior experience matter? A meta-analysis of the relationship between prior experience of entrepreneurs and firm performance

Drawing on human capital theory and the knowledge-based view, our meta-analysis integrates the results from 85 independent samples spanning 2009-2020 (572,888 total observations). Our findings provide empirical evidence for the small, but significant, correlation between entrepreneurs' prior experience and firm performance (r = 0.095). In addition, several moderators are identified: type of experience (that is, specific vs generic), entrepreneurs' characteristics (that is, education), type of business created (that is, self-employed vs small- and medium-sized enterprises), and the cultural context in which entrepreneurs are embedded (that is, level of uncertainty avoidance). Implications for research and practice are discussed and avenues for future studies about entrepreneurs' prior experience and their role in the entrepreneurship process are outlined.