What Really Matters for Entrepreneurial Survival? Rethinking Capital from a Subjectivist Lens

Not all startups begin with the same resources—but which starting conditions truly make the difference between survival and failure?

Our research tackles this critical question by adopting a subjectivist theory of entrepreneurship (STE) and a configurational approach to explore how combinations of capital—human, social, and financial—shape the early trajectory of new ventures. Drawing on empirical evidence, we show that it’s not the amount of capital that matters most—but the right mix.

In particular, we find that survival is more strongly linked to human and social capital configurations, while overreliance on financial capital can be a liability. These insights challenge common assumptions and help reconcile conflicting views on whether capital types act as substitutes or complements.

More than just a resource checklist, our study uncovers a crucial gap between identifying and exploiting opportunities—showing that capital alone doesn't create success, but how it's used, and by whom, truly does.

For entrepreneurs, educators, and policymakers alike, these findings offer a powerful new lens for understanding—and enabling—venture survival.