AGSE 2009 THE CONTRIBUTION OF PORTFOLIO ENTREPRENEURS TO ECONOMIC DEVELOPMENT AND GROWTH: THE UGANDAN LABORATORY CASE Waswa Balunywa: Makerere University Business School, Kampala, Uganda Peter Rosa: University Of Edinburgh Business School, Edinburgh, United Kingdom ∼ Contact: Peter Rosa, University of Edinburgh Business School, William Robertson Building, 50 George Square, ., EH8 9JY Edinburgh, UK, (T) 0044 131 650 3798, Email:
[email protected] INTRODUCTION It is now twenty two years since MacMillan (1986) recommended that to understand entrepreneurship we should study serial entrepreneurs. Since then there have been many studies on habitual and portfolio entrepreneurs, covering a range of themes. Early studies concentrated on definitional issues, distinguishing serial entrepreneurs (those that start a series of businesses, but close each one before starting another) and portfolio entrepreneurs, (entrepreneurs who start more than one business but do not necessarily close those started previously, hence leading to the ownership of a portfolio of businesses)(Birley and Westhead, 1993). They also focused on whether there were detectable differences in the nature of businesses started by novice and habitual entrepreneurs, and whether the creation of a group of companies by an entrepreneur is an entrepreneurial process linked with growth. Their contribution to growth, it was argued, could only be fully appreciated by switching the unit of analysis from the firm to the entrepreneur (Rosa, 1998, Scott and Rosa, 1999). Since 2000 there have been three themes of research. First considerable attention has been paid by Westhead, Ucbasaran and Wright in a series of articles to what characterises habitual entrepreneurs, in particular whether their human capital (education, but crucially experience) is a critical factor in the success of habitual entrepreneurs (Ucbasaran et al.