Table 1
Definitions and Coding for Variables in the Analysis: Survey of Entrepreneurial Dynamics, 1999

 Variable

Definition and Coding

Dependent Variable

Entrepreneurship

1= respondents in the process of starting their own business; otherwise 0.

Financial Assets

Household income

Amount of total household income including work, government benefits, pensions, and all other sources. Range of 0 to 1,800,000 rescaled into units of 10,000 and logged.

New worth

A measure of total assets minus debts for each household. Range of 0–3,379,999 rescaled into units of 10,000 and logged.

Home ownership

1=homeowner; otherwise 0.

Human Capital

Education

Level of education attained.
1= a high school degree or less, 1= some college, 1= a technical degree, 1= college
grad, 1= grad work.

Age

Age of Respondent
Continuous variable with range of 18 to 93 years.

Parent employment

1= if respondent’s parents were ever self-employed; otherwise 0

Employment Status

Currently self-employed=1, otherwise 0.

Control Variables

Race

White=1; Black=1; Hispanic=1; Others=1; otherwise 0.

Gender

Female=1; male=0.

Marital Status

1=married; otherwise 0.