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Personal characteristics of entrepreneurs
Personal characteristics of entrepreneurs
Personal characteristics of entrepreneurs
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PERSONALITY TRAITS OF ENTREPRENEURS AND ASPIRING ENTREPRENEURS
Shikhar Agarwal | Shubham Verma | Shivangi Mehra | Rohit Atri
Abstract -
India is being considered as the Land of rising Entrepreneurs and with this trend of people wishing to have their startups, we often think of the personality traits a person hold to become an entrepreneur, how successful can one be, startup means failing more times than you can think of. In this paper we are comparing personalities of individuals falling under different categories. We will compare personality of people falling in the following four categories: a.) wants to do job, b.) aspiring entrepreneurs, c.) owner of successful startups and d.) people who had failed startups. The personality traits
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“Entrepreneurship is the pursuit of opportunity beyond resources controlled”- Professor Howard Steven, Harvard Business School(4)
Entrepreneurship is the process of starting a business, a startup company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure.Entrepreneurship , to us is coming up with an idea of your own or inspired by some other ideas or problems and turning it into a profitable business. Its the development of a business right from the ground .And , though its definition seems simple, its execution is much more difficult .-Chad Brooks, BusinessNewsDaily
Most believe that entrepreneurship is all about coming up with a great idea, but that’s just one part.Having a good team, a certain set of skills and qualities, how well you are executing your idea, is what marks you as an entrepreneur.
Over the past few decades there have been tremendous efforts on detecting important factors on the success of an entrepreneur .
What is personality
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"The Big Five Personality Dimensions and Entrepreneurial Status" found that entrepreneurs have different personality traits than corporate managers, scoring far higher on traits such as openness to experience (curiosity, innovation) and conscientiousness (self-discipline, motivation) and considerably lower on neuroticism, which allows them to better tolerate stress.
Each personality dimension describes a broad domain of psychological functioning that is composed from a set of more specific and narrow traits
Neuroticism : It represents individual differences in emotional stability and how to adjust in your environment .
High Neuroticism : Experiences number of negative emotions including hostility, depression, self-consciousness, impulsiveness and vulnerability.
Low on Neuroticism : Self confident , calm , even tempered and relaxed
An entrepreneur is an individual that organizes and operates a business or businesses, taking a greater financial risk to do so. They bring innovative products or services to the marketing world. They start a business on their own agenda and usually spend plenty of money supporting their company. Many entrepreneurs have characteristics of being confident, drive, and responsible.
Personality is the individual differences in characteristic patterns of thinking, feeling, and behaving. To me, personality means uniqueness. It is what sets us all apart from one another. Personality psychologist has coined five different traits into the Big Five. It consists of extraversion, agreeableness, conscientiousness, neuroticism, and openness to experience. Extraverts are people who are relatively sociable and outgoing while on the opposite end individuals who are introverts are people who would much rather enjoy the company of close friends and family. People who are high in agreeableness are more likely to be trustworthy. Those who are high in conscientiousness are goal-oriented. Individuals high in neuroticism
Personality is defined as a person's differences to another in regards to their patterns of behavior, thinking, and emotional responses (American Psychological Association). The Big Five Personality Traits are Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism, or OCEAN for short. Openness is essentially correlated to exploring new things. The people that have high levels of this trait are generally more apt to do things like try different types of food, be more creative, and have the ability to tackle challenging problems. People who are low on this trait generally have a dislike for change, tend to not enjoy trying new things, and are generally more traditional in a sense..
In this paper the different dimensions of personality will be studied to see if they directly correlate with a leader 's decision-making skills, company’s overall strategies and the success of companies. Specifically, the personalities of two CEO 's of big corporations will be reviewed to demonstrate whether this is true or not.
When analyzing the personality, cognitive, social, and behavioral features which differentiate successful entrepreneur and unsuccessful entrepreneur, one would have to look at the Bandura’s social cognitive theory in association with the triadic reciprocal determinism as a measure of determining behavioral, personal, and environmental factors which increases experiences which leads to critical thinking and observing every situation or challenges as a opportunity. I believe this theory is greatly associated with personality, cognitive, social, and behavioral aspects of an entrepreneur characteristic are linked to the bidirectional of influences bases on their behavior, environment, a different situational creations which increase learning and developing analyzing in a particular way. According to Gaimon and Bailey explains how one may adopt a dynamic learning perspective of entrepreneurship through gained knowledge’s and activities through life cycles and experiences. (p. 1429).
In 1992, two psychologists by the name of Costa and McCrae made a brilliant discovery of various dimensions of personality traits and put them in five separate personality traits. The five dimensions are usually described in the subsequent order of decreasing vigor based on previous personality scales: neuroticism, extraversion, openness to experience, agreeableness and conscientiousness. “Costa and McCrae’s discovery has also influenced other ways of measuring personality including the NEO Personality Inventory (NEO PI-R), which is based on the five-factor model of personality” (Hart, Stasson, Mahoney, Story, 2007).
Neuroticism boldly contrasts with the other personality traits in the Five Factor Model for personality (Openness, Agreeableness, Extraversion, Contentiousness, and Neuroticism). An individual being high in any of the other four traits could hardly be considered pathological. For example, high levels of agreeableness, within reason, would probably be considered to be a positive and healthy characteristic. However, the discussion regarding neuroticism certainly takes a darker turn. Gunthert, Cohen, and Armeli (1999) in their study, operationally define neuroticism as a predisposition to experience negative affect (negative emotional systems). Lahey (2009) defines it slightly differently, as the tendency to “respond with negative emotions to threat, frustration, or loss.” More generally, the personality trait is characterized by anxiety, angry hostility, depression, self-consciousness, impulsiveness, and vulnerability (Cervone & Pervin, 2010). Neuroticism has critical implications outside of personality psychology. Some researchers suggest that neuroticism is significantly correlated with both physical and mental health issues more so than any other personality trait variable. This increased risk is not just for a particular group of pathologies; neuroticism has been linked to Axis I and II disorders in the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV) across the board (Lahey, 2009). In some occupational performance studies, negative affect was negatively related to job performance (Kaplan, Bradley, Luchman, & Haynes, 2009). This may be extrapolated to individuals high in neuroticism, as it the trait is the predisposition for the experience of negative affect. Research on daily stress and coping showed th...
Neuroticism can be describing as a person who has the tendency to experience a negative emotion, fear, sadness, anxiety, guilt and shame. People experience this type of emotion sometimes but others can be more prone to it. This trait has been said to be more of an alarm system because people experience the negative as a sign that something may have went wrong. Someone that scores low is more likely to brush the misfortune off and move on. The score indicates that I can experience a negative emotion and that I would feel any type of sadness, worry, anger and guilt as an average person. I am not reactive or resistance to any stress of
Personality is a set of individual differences that are affected by the development of an individual: values, attitudes, personal memories, social relationships, habits, and skills. Different personality theorists present their own definitions of the word based on their theoretical positions. The term "personality trait" refers to enduring personal characteristics that are revealed in a particular pattern of behaviour in a variety of situations. Personality can be determined through a variety of tests. However, dimensions of personality and scales of personality tests vary and often are poorly defined.
Magnavita, J. J. (2002). Theories of personality: Contemporary approaches to the science of personality. New York: Wiley.
when it comes to success in business as man basically is mind. In the next section of this paper internal personality factors such as traits, emotions and feelings will be researched and their effects on success in business will be analyzed and described.
Neuroticism is a trait characterized by sadness, moodiness, and emotional instability. Individuals high in this trait tend to experience mood swings, anxiety, irritability and sadness. Those low in this trait tend to be more stable and emotionally resilient. Individuals high in neuroticism, experience a lot of stress, worry about many different things, get upset easily, experience dramatic shifts in mood, feel anxious. Research suggests that both biological and environmental influences play a role in shaping our personalities.
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
Although it is possible to adopt a fairly atheoritical, empirical approach to assessing personality, even psychologists make assumptions or have some preconceptions with regard to the expected outcome and nature of their research. Unfortunately, theories are often based on a minimum of actual observations of the objects of their efforts. At the very least, it should be recognised that some frame of reference, some conceptual guidelines can be helpful in assessing and explaining personality. It is obviously very important to have some explanation as to why people do the things they do and expectations of what they may do under certain circumstances. This becomes imperative when managing a business.
Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. They use their mistakes as something to learn from rather than a failure. No matter the outcome, they believe in themselves and have an extreme confidence not only in themselves, but also in what they do.