Chapter 1 Entrepreneurial Traits
Conceptual Approaches to Understanding
Entrepreneurs
• ‘Great Person’ approach• Motivations• Socio-cultural-demographic profiles• Entrepreneurial ‘types’• The ‘trait’ approach• Cognitive or learning
Five Factors of Personality
• Neuroticism or emotional stability• Extraversion• Conscientiousness• Openness to experience• Agreeableness
Critiquing Entrepreneurial Personality Traits
• Understand personality holistically
• Socio-demographic variables cannot be isolated from personality characteristics
• Methodologies used to identify traits
• Conflicting results in terms of the relative importance of specific traits.
• Assumption that entrepreneurial behaviour is a function of personality
• Ascribing personality characteristics:
classical entrepreneurs vs. those with entrepreneurial characteristics or ‘lifestyle entrepreneurs’
The Big Five Personality Domains - Extraversion
• Confidence• Dynamism• Optimism• Sense of power• Aggressiveness• Capacity for enjoyment
The Big Five Personality – Open to Experience
• Resourcefulness• Versatility• Creativity• Intelligence• Independence• Imagination• Perceptiveness
The Big Five Personality Domains– Neuroticism
• Rebelliousness• Courage
The Big Five Personality Domains – Agreeableness
• Honesty• Integrity• Sensitivity to others• Trusting of colleagues• Co-operativeness
The Big Five Personality Domains – Conscientiousness
• Perseverance• Determination• Need to achieve• Efficiency• Commitment• Thoroughness• Accuracy• Responsibility
Key themes in entrepreneurial traits
• Need for achievement
• Need for autonomy
• Self-belief
• Risk-taking
• Locus of control
Gender – Male- and Entrepreneurial Traits
• Opinionated and persuasive• Goal-oriented• Innovative and idealistic• High level of self-confidence• Enthusiastic and energetic• Must be own boss
Gender – Female- and Entrepreneurial Traits
• Flexible and tolerant
• Goal-oriented
• Creative and idealistic
• Medium level of self-confidence
• Enthusiastic and energetic
• Ability to deal with the social and economic environment