Abstract
Despite much interest in the characteristics of entrepreneurs and their impact on venture performance or survival of start-ups, the relationship between such entrepreneur characteristics and successful venture exit has largely been unexplored. This paper explores the impact of the entrepreneur’s pre-entry industry experience, general education, and post-entry labor on entrepreneurial exit. We distinguish closing down of a venture from the termination of business because of a merger or acquisition (M&A). Examining the tracking data of the exiting U.S. start-ups launched in 2004, this study found that it was not the human capital but the labor of the entrepreneur that helped realize a successful entrepreneurial exit. The result suggests that although the entrepreneur’s human capital is known to affect his/her decision on exit strategies, the actual successful exit of a start-up is primarily due to hard-working characteristics of the entrepreneur.