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Gap 3: Sample characteristics Various sample biases exist in the reviewed body of research: large company bias; overrepresentation of manufacturing industries; exclusion of financial service industries; choice-based bias; US bias.
Hypothesis two which explored positive relationship between innovativeness and entrepreneurs' industry choice was not supported (β = −2.075; p < 0.05).
Hypothesis three which explored positive relationship between proactiveness and entrepreneurs' industry choice was not supported (β = −0.029; p > 0.05).
In hypothesis one the anticipated positive relationship between risk-taking and entrepreneurs' industry choice was supported (β = +2.508; p < 0.001).
16 We should note that specifying specific industry fixed effects is likely a misspecification due to the endogeneity of the industry choice.
The study seeks to understand the industry choice of an entrepreneur by adopting the entrepreneurial orientation concept as its theoretical base.
Thus, thecontribution of this current paper is an extension to existing literature by providing an understanding regarding the predictors that influence industry choice of entrepreneurs.
The point is that it was a national choice, not just a firm or industry choice, that we went for decentralized benefits, with the attendant consequences that pose such difficulties for the automakers.
They find that Indian entrepreneurs in the US have above-average business incomes; around 50% of the difference is explained by education, and around 10% by differences in industry choice.
This provides a strong support to the assertion that, an entrepreneur's choice of operating a particular business is dependent on industry type.However, there has been little emphasis on how an individual's entrepreneurial orientation plays a vital role in the industry choice.
From the findings of the study, it can be mentioned that Evans and Jovanovic's (1989) model strongly confirms the proposed contributions of this study,as this research extends the literature to provide insightful information and understanding regarding industry choice of entrepreneurs.
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