Personality correlates of self-employed small business owners' success

Abstract

of Control, and Work Drive -and three self-reported indices of business success -revenue growth, profit growth, and income growth -as well as multiple facets of individual satisfaction. Criterion variables included composite business success and overall satisfaction. RESULTS: Ten traits correlated with business success. The top four personality predictors of success -Goal-Setting, Social Networking, Emotional Resilience, and Work Drive -together accounted for 16% of the variance. Similarly, 12 of 14 personality traits were positively related to overall satisfaction. The top three personality predictors of satisfaction -Optimism, Work-based Locus of Control, and Work Drive -accounted for 29% of the variability in satisfaction. An expectancy analysis revealed that the percent of participants who reported at least a 20% increase in sales and profits the preceding year was 26% versus 54% for individual scoring in the lower and upper third of a personality composite measure. CONCLUSIONS: Results carry implications for future research, and have direct, practical applications for prospective and current entrepreneurs and self-employed owners of small businesses.

Small business strategic management practices and performance: A configurational approach

“…Quinn's remarks are consistent with studies showing that goal setting improves strategy implementation, increases decision-making speed, and enhances efficiency (Brinkmann et al, 2010;Chesney & Locke, 1991;Kownatzki, Walter, Floyd, & Lechner, 2013). Finally, small business research indicates a connection between owner-managers having a goal-setting orientation as a personality trait and firm performance (Owens et al, 2013).…”

“…In this context, it is important to expand knowledge of which SMPs positively affect small firm performance. Multiple studies have explored the impact of various SMPs on small business performance, including strategic planning (Damke, Gimenez, & Damke, 2018;Kraus, Harms, & Schwarz, 2006;Sandada, Pooe, & Dhurup, 2014), goal setting (Aurelia, Cardonib, Baldoc, & Lombardid, 2018;Owens, Kirwan, Lounsbury, Levy, & Gibson, 2013), financial ratio analysis (Ashhari & Faizal, 2018;Thomas & Evanson, 1987), total quality management (TQM) (Chiarini, 2019;O'Neill, Sohal, & Teng, 2016), social capital (Hernandez-Carrion, Camarero-Izquierdo, & Gutierrez-Cillan, 2017;Stam, Arzlanian, & Elfring, 2014), and entrepreneurial orientation (EO) (Liguori, Bendickson, & McDowell, 2018;Wiklund & Shepherd, 2005). However, small business leaders often simultaneously apply multiple SMPs to enhance their firms' performance.…”

Types of Technological Entrepreneurs: a Study in a Large Emerging Economy

“…For instance, Quatraro and Vivarelli (2015) lists several factors related to the success of businesses, but none related to the motivations of the entrepreneurs. Owens et al (2013) find that personality traits relate to small business success, but no motivation is studied. Adequate identification of different groups of entrepreneurs allows to study how each group interacts with institutions and responds to incentives.…”

“…This knowledge can also support the development of enhanced business environments for nascent business, increasing the likelihood of survival, and amplifying the economic benefits of entrepreneurship (Vivarelli 2013;Parker, 2005). Owens et al (2013) report that personality traits correlates with business success, while Quatraro and Vivarelli (2015) list several factors that relate to business survival, but none related to the motivations of the entrepreneur. Identifying the profiles of these entrepreneurs is the first step to understand how these groups interact with institutions, respond to incentives, and ultimately, how they succeed.…”

Psychological readiness for management and self-control of behavior as components of the potential competitiveness of senior pupils

“…Особую роль в становлении конкурентоспособной личности играет школьный этап обучения -именно в процессе учебной деятельности, выступающей условием развития личностных качеств и способностей учащегося (Shadrikov, 2010), закладывается фундамент будущей профессиональной карьеры. Исследование конкурентоспособности привлекает многих отечественных и зарубежных исследователей в области психологии, экономики, педагогики и других дисциплин Evplova, 2016;Houston, Lesmana, & Suryani, 2012;Owens et al, 2013;Posokhova, 2018).…”