The short- and long-term influences of personal values in predicting new venture creation

Research on personal values (PVs) has revealed links to entrepreneurial intentions (EI) and to the profiles of existing entrepreneurs. This study advances knowledge by exploring how PVs influence the transition from EI to entrepreneurial action, based on Schwartz’s theory of basic human values. Through a 9-year longitudinal study (2010–2019) on a sample of Spanish university alumni (n = 1,693), we assessed PVs and EI in 2010 and tracked their influence on venture creation up to 2019, using linear and logistic regression analyses. The results show that PVs indirectly influence start-up behaviors in the short term; whereas, the impact is direct in the long term. Specifically, openness-to-change values foster venture creation; whereas, conservation values hinder such creation. Personal values are thus relevant long-term drivers of entrepreneurship and can help clarify the transition from intention to action in entrepreneurship. The results also reveal major implications for research and practice.