This paper examines the association between entrepreneurial success and firm and owner characteristics, in the context of the small retail sector in Western Kenya. Earlier work finds very high rates of return to inventories. Inventories are positively associated with math skills. Since inventories and profits are positively correlated, math skills predict profits as well. Math skills are also robustly correlated with profits conditional on inventories.
Kremer, M.; Robinson, J.; Rostaphshova, O. Success in Entrepreneurship: Doing the Math. (2013) 35 pp.