Appendix
The Career Phases and Transitions of the Informal Investors’ Entrepreneurial Career
Incubation Corporate Career Phase
Transition Entrepreneurial Career Phase
 
Text units
Respondents
  
Text units
Respondents
Basic security
21
4
 Management-for-hire
39
4
Responsibility for the 
family
14
4
 Strategic competence
13
4
Financial security
 7
2
 Varying projects
 8
3
Work experience
43
4
 Experience
18
4
Managerial post
17
4
 Recommendations by 
word of mouth
37
4
Wide-ranging knowledge
 8
4
 Reputation
26
4
In-house training
18
4
 Creating contacts
11
4
Network
36
4
 Financial platform
21
4
Social network
24
4
 Consultancy 
remuneration
 5
3
Network organizations
12
2
 Incremental saving
10
3
      Limited initial capital
 6
2
Integrated Investment Career Phase
Entrepreneurial Window
 
Text units
Respondents
  
Text units
Respondents
Entrepreneurial 
participation
20
4
 Lack of new challenges
23
4
Play a vital role
12
4
 Reconsidering the 
career situation
14
4
Entrepreneurial team spirit
 8
4
 Routine work situation
 9
2
Influence
21
4
 Triggering event
34
4
Course direction
 7
3
 Conflict
 9
2
Business responsibility
10
4
 Dissatisfaction
25
4
Power
 4
2
      
Profitability +
intrinsic rewards
42
4
      
Financial gains
10
3
      
Self-confidence
 5
2
      
Creativity
 7
3
      
Meaningfulness
 4
2
      
Fun and satisfaction
16
4
      
Investment Transition
Phasing-Out
 
Text units
Respondents
  
Text units
Respondents
Overlapping
13
3
 Saturation
10
3
Investment opportunity
 9
2
 Less ambitious
 7
2
Dual role
 4
2
 Age and health
 3
2
Emotional commitment
22
4
 Enjoyment
13
3
Excessive involvement
 6
2
 Reduced sense of duty
 3
2
Helping hand
 6
2
 Do something else
 5
2
Business concept
10
4
 Family affairs
 5
2