Extant research suggests that entrepreneurs who have been involved in starting up a new venture also seem to be more successful and effective in starting up and managing their second and third organization (see e.g. Lamont 1972; Vesper 1980; Ronstadt 1988; Starr and Bygrave 1992; Wright et al. 1998). If this is true, what expertise and special knowledge do these entrepreneurs gain from doing their first start-up, and how do entrepreneurs develop their personal experiences into such expertise and special knowledge? Considering that entrepreneurship is a field of research that has not been particularly well studied in relation to the process of learning (Agnedal 1999; Rae and Carswell 2001; Ravasi et al. 2004), it is not surprising that these and similar questions have remained largely unanswered within this field.