Antecedent factors are features of the entrepreneur's personal life and cover aspects such as personality (i.e. personality 'traits' highlighted by psychological theories of entrepreneurship), home context and general background. Parental experience refers to the entrepreneur's experience derived from the 'host' organisation(s) where they were employed prior to setting up on their own, specifically the nature of the host organization and the level of institutional support that it provides. Environmental factors refer to the commercial and technological environment in which the new venture is located, especially the degree of novelty associated with market and the technology.