|**Table 1: Impact on Firm Profits and Sales in**|**Pooled Samp**<br>Real La|**le**<br>st Month Pro|fits (USD)|Real L|ast Month Sa|les (USD)|Main Business|Real|
|---|---|---|---|---|---|---|---|---|
||||All|||Main|Sales &|Total|
||Main<br>Businesses|All<br>Businesses|Conditional<br>on Survival|Main<br>Businesses|All<br> Businesses|Conditional<br>on Survival|Profits<br>Index|Labor<br>Income|
||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|
|Assigned to Personal Initiative*First 2 Years|58.5***|63.9***|66.8***|232.2*||251.8**|0.13***|67.3***|
||(14.9)|(17.2)|(18.0)|(122.7)||(128.1)|(0.037)|(18.7)|
|Assigned to Traditional*First 2 Years|22.9|24.8|29.0*|74.7||97.4|0.036|29.4|
||(14.3)|(16.6)|(17.1)|(121.2)||(125.5)|(0.036)|(18.2)|
|Assigned to Personal Initiative*Year 7|71.8***|90.6***|93.6***|351.5*|423.4*|387.0*|0.19***|89.1***|
||(21.4)|(27.5)|(30.6)|(199.0)|(247.2)|(221.9)|(0.065)|(34.0)|
|Assigned to Traditional*Year 7|20.7|27.6|21.7|80.2|70.2|53.3|0.049|14.3|
||(20.8)|(26.0)|(30.5)|(189.1)|(230.4)|(222.5)|(0.063)|(30.9)|
|Sample Size|6979|6980|6594|6979|1337|6593|6979|6786|
|Control Mean Short-run|195|218|227|1381||1441|0|250|
|Control SD Short-run|341|399|405|3386||3445|1|432|
|Control Mean Long-run|128|173|196|1048|1241|1187|0|237|
|Control SD Long-run|275|370|388|3086|3211|3260|1|444|
|p-value: PI SR=LR|0.552|0.336|0.386|0.522||0.519|0.292|0.509|
|p-value: Trad SR=LR|0.919|0.917|0.811|0.977||0.843|0.832|0.616|
|p-value: PI SR = Trad SR|0.020|0.032|0.052|0.179||0.213|0.016|0.054|
|p-value: PI LR = Trad LR<br>Notes:|0.018|0.022|0.020|0.161|0.143|0.122|0.028|0.022|

Regressions include randomization strata and baseline value of the outcome interacted with short-run and long-run dummies, as well as survey wave fixed effects. Robust standard errors in parentheses, clustered at the firm level. *, **, and *** denote significance at the 10, 5, and 1 percent levels respectively. P-values test that the 2-year short-run (SR) and 7-year long-run (LR) effects are equal for personal initiative training (PI) and traditional training (Trad), and for equality of the two types of training withing time period. Profits, Sales, and Labor Income converted into real 2021 USD. **Real Profit in Main Business** is monthly profit in the main business winsorized at the 1st and 99th percentiles, coded as 0 for those without businesses; **Real Profit in All Businesses** is monthly profit across all businesses operated by the entrepreneur, winsorized at the 1st and 99th percentiles, and coded as 0 for those without businesses; **All Profits conditonal on survival** is real profit in all businesses conditional on the firm operating; **Real sales in main business** and **Real sales in all businesses** are both last month's sales, winsorized at the 99th percentile, and coded as 0 for those without businesses. Sales in other firms not collected in earlier rounds. **Sales in main business conditional on survival** is real sales in the main business conditional on the firm operating; **Main business profit and sales index** is the average of standardized z-scores of the main profits and main sales variables; **Total labor income** is winsorized real monthly profit in all businesses added to real income from wages and other work in the last month, also winsorized at the 99th percentile.

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