Determinants of the growth aspiration: a quantitative study of Venezuelan entrepreneurs

The article examines the determinants of the growth aspiration of Venezuelan entrepreneurs. We use the GEM database and build an econometric model based on a set of exogenous variables grouped into three large categories: contextual or environmental factors, individual factors and business variables. Given the Venezuelan specific characteristics, we place a particular focus on understanding the differences between entrepreneurs belonging or not to the BoP. The primary findings of this work are the identification of the variables that explain growth aspiration, namely, belonging to the BoP, gender, education, motivation and years of study and some additional variables where individual factors interact with the contextual factor BoP. The second finding is that there are significant differences for the entrepreneurs belonging and not belonging to the BoP, with a threshold where the entrepreneurs of the BoP become averse to continuing to aspire to growth. Practical and policy implications are elaborated with the results.