Psychosocial aspects of entrepreneurial potential

Santos, Susana C.; Caetano, António; Curral, Luís

doi:10.1080/08276331.2014.892313

“…Work and entrepreneurial experiences, perseverance and expected time lag to first revenue It is known that complication arises from the entrepreneurial process perceived as both increasing risks and unexpected challenges (Santos, Caetano & Curral, 2013;Huang & Knight, 2015). Therefore entrepreneurial experience and self-efficacy becomes critical for an entrepreneur to improve both risk appetite and skills to implement his/her entrepreneurship plan (Hallak, Lindsay & Brown, 2011).…”

Section: A Brief Literature Reviewmentioning

confidence: 99%

“…While passion plays a limited role in shaping investor decision-making (Chen et al, 2009) perseverance of entrepreneurs has become a determining factor, and it is not easy to maintain perseverance due to rising pressure of work-life experiences and lack of coping strategies (Jennings & McDougald, 2007;Santos, Caetano & Curral, 2013). Unfortunately, perseverance and self-efficacy are not costless (Markman, Baron & Balkin, 2005).…”

Section: A Brief Literature Reviewmentioning

confidence: 99%

Resources, Experience and Perseverance in Entrepreneurs' Perceived Likelihood of Success in an Emerging Economy

Vuong

¹

,

Do²,

Vuong

³

2016

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This paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey. From established relationships, such factors as preparedness, financial resources and participation in social networks are confirmed to have significant effects on entrepreneurial decisions. Entrepreneurs, both financially constrained and unconstrained, who have a business plan tend to start their entrepreneurial ventures earlier. Also, financial constraints have a profound impact on the entrepreneurial decisions. When perceiving the likelihood of success to be high, an entrepreneur shows the tendency for prompt action on business ideas. But when seeing the risk of prolonging the waiting time to first revenue, a prospective entrepreneur would be more likely to wait for more favorable conditions despite the vagueness of "favorable". Additionally, empirical computations indicate that there is a 41.3% probability that an extant entrepreneur who is generating revenue sees high chance of success. Past work and entrepreneurial experiences also have positive impacts on both the entrepreneurial decisions and perceived chance of success. Abstract:This paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey. From established relationships, such factors as preparedness, financial resources and participation in social networks are confirmed to have significant effects on entrepreneurial decisions. Entrepreneurs, both financially constrained and unconstrained, who have a business plan tend to start their entrepreneurial ventures earlier. Also, financial constraints have a profound impact on the entrepreneurial decisions. When perceiving the likelihood of success to be high, an entrepreneur shows the tendency for prompt action on business ideas. But when seeing the risk of prolonging the waiting time to first revenue, a prospective entrepreneur would be more likely to wait for more favorable conditions despite the vagueness of "favorable". Additionally, empirical computations indicate that there is a 41.3% probability that an extant entrepreneur who is generating revenue sees high chance of success. Past work and entrepreneurial experiences also have positive impacts on both the entrepreneurial decisions and perceived chance of success.

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“…Both theoretical and empirical studies have shown that these values are hard to establish without work experiences and coping strategies (Jennings and McDougald, 2007;Santos et al 2013). Moreover, since they are not without cost (Markman et al 2005), entrepreneurs' decisiveness will also be neither inexpensive nor time-costless (Westhead et al 2009;Sullivan-Taylor and Branicki 2011;Schindehutte et al 2006).…”

Section: Transforming Sociocultural Values and Decisivenessmentioning

confidence: 99%

“…The learning process involves the understanding of complication arising from the entrepreneurial process, in the forms of increasing risks and unexpected challenges (Santos et al 2013;Huang and Knight 2015).…”

Section: Chance Of Success and Lessons From Others' Failuresmentioning

confidence: 99%

Impacts of Geographical Locations and Sociocultural Traits on the Vietnamese Entrepreneurship

Vuong

¹

2016

View full text Add to dashboard Cite

“…Work and entrepreneurial experiences, perseverance, and expected time lag to first revenue It is known that complication arises from the entrepreneurial process perceived as both increasing risks and unexpected challenges (Santos et al 2013;Huang and Knight 2015). Therefore, entrepreneurial experience and self-efficacy becomes critical for an entrepreneur to improve both risk appetite and skills to implement his/her entrepreneurship plan (Hallak et al 2011;Fayolle and Gailly 2015).…”

Section: Entrepreneurial Attitudes and Environmental Factors That Affmentioning

confidence: 99%

Resources, experience, and perseverance in entrepreneurs’ perceived likelihood of success in an emerging economy

Vuong

¹

,

Hang

²

,

Vuong

³

2016

View full text Add to dashboard Cite

This paper introduces new results obtained from a statistical investigation into a 3071-observation data set collected from a Vietnamese nationwide entrepreneurship survey. From established relationships, such factors as preparedness, financial resources, and participation in social networks are confirmed to have significant effects on entrepreneurial decisions. Entrepreneurs, both financially constrained and unconstrained, who have a business plan tend to start their entrepreneurial ventures earlier. Also, financial constraints have a profound impact on the entrepreneurial decisions. When perceiving the likelihood of success to be high, an entrepreneur shows the tendency for prompt action on business ideas. But when seeing the risk of prolonging the waiting time to first revenue, a prospective entrepreneur would be more likely to wait for more favorable conditions despite the vagueness of "favorable." Additionally, empirical computations indicate that there is a 41.3 % probability that an extant entrepreneur who is generating revenue sees high chance of success. Past work and entrepreneurial experiences also have positive impacts on both the entrepreneurial decisions and perceived chance of success.

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Psychosocial aspects of entrepreneurial potential

Cited by 62 publications

References 67 publications

Resources, Experience and Perseverance in Entrepreneurs' Perceived Likelihood of Success in an Emerging Economy

Resources, Experience and Perseverance in Entrepreneurs' Perceived Likelihood of Success in an Emerging Economy

Impacts of Geographical Locations and Sociocultural Traits on the Vietnamese Entrepreneurship

Resources, experience, and perseverance in entrepreneurs’ perceived likelihood of success in an emerging economy

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