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Entrepreneurs are surprisingly unlikely to have partners. In spite of the obvious advantages to forming partnerships, only a small minority of entrepreneurs (less than 10%, excluding family businesses) have partners. A number of possible explanations exist for this puzzling phenomenon, including an inability to locate suitable partners, fear of moral hazard, and a preference for not working in groups. Utilizing a diverse subject population with a high proportion of active entrepreneurs, the authors use a team production experiment to study whether entrepreneurs prefer to work alone or in a team. The data indicate that entrepreneurs, while no less likely to be good teammates, are substantially less interested in joining teams.
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