Question: 1. Experience and formal educations were often used as a proxy for (entrepreneurial) ability. Briefly discuss the advantages and disadvantages of using each of them.

1. Experience and formal educations were often used as a proxy for (entrepreneurial) ability. Briefly discuss the advantages and disadvantages of using each of them. How does your answer help explain why empirical studies of entrepreneurial choice often include both measures (such as year of schooling and years of work experience)

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