Recent entrepreneurship research discusses numerous potential obstacles on the path towards business formation. The acquisition of resources, especially external finance, constitutesaformidablechallengefoundershavetomeet.Substantialrejectionratesof potential investors create external selection pressures on new ventures in that they contributetofailuresorinfluencethegrowthofsurvivingyoungcompanies.However, the founders themselves take an active role in the search for financial resources by addressing various potential financiers and taking decisions on the direction and continuation of their...