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