Table of Contents
The Entrepreneur(s) 2
Zhao et al. (2010): The Relationship of Personality to Entrepreneurial Intentions and Performance: A
Meta-Analytic Review 2
Hmieleski & Lerner (2016): The Dark Triad and Nascent Entrepreneurship: An Examination of
Unproductive versus Productive Entrepreneurial Motives 5
Katzenbach, J. R., & Smith, D. K. (1993): The Discipline of Teams 7
Ruzzier, Antoncic, Hisrich and Konecnik (2007): Human Capital and SME Internationalization: A Structural
Equation Modeling Study 8
The Million-Dollar Idea 10
Amabile: How to kill creativity 10
Chandra, Styles & Wilkinson; The Recognition of First Time International Entrepreneurial Opportunities
(2009) 12
Dyer, Gregersen & Christensen: The Innovator’s DNA 14
Are You Solving the Right Problem? 14
Why Constraints are Good for Innovation 14
The Master Plan 15
Brinckmann et al. (2010): Should Entrepreneurs Plan or Just Storm the Castle? 15
Why the Lean Start-Up Changes Everything? 17
Introduction to Business Model Canvas 17
Case Study: EcoWash: A Business Opportunity Worth Pursuing? 18
The Venturing Process I: Globalization and Challenges 19
Kerr (2016: Harnessing the Best of Globalization 19
D. Isenberg: The Global Entrepreneur and Key Challenges 20
The Venturing Process II: Acquiring Resources 22
Cooper et al (2019): Initial Human and Financial Capital as Predictors of New Venture Performance 22
Lindstrand and Hannell (2017) 24
Yukl. The Science of Influence 25
Lu et al (2019): Pitching Novel Ideas to the Boss: The Interactive Effects of Employees’ Idea Enactment and
Influence Tactics on Creativity Assessment and Implementation 27
The Other F Word: The Taboo of Failure 29
Artinger and Powell (2016): Entrepreneurial Failure: Statistical and Psychological Explanations 29
Yamakawa et al. (2015): Rising From the Ashes: Cognitive Determinants of Venture Growth After
Entrepreneurial Failure 30
1
,The Entrepreneur(s)
Zhao et al. (2010): The Relationship of Personality to Entrepreneurial Intentions and Performance: A
Meta-Analytic Review
This article contains a meta-analysis to examine the relationship of personality to outcomes associated with
two different stages of the entrepreneurial process (entrepreneurial intentions + entrepreneurial
performance). The Five Factor model of personality was applied. Personality plays a role in the emergence and
success of entrepreneurs. Authors argue that risk propensity is an important yet controversial construct for
entrepreneurial research. Risk propensity reflects a specific combination of scores on all five personality traits.
Some scholars see risk propensity as a sixth trait. Founding a new business requires the entrepreneur to fill in
the role of innovator, risk taker and bearer, executive manager, relationship builder, risk reducer and goal
achiever (Chen, Green and Crick, 1998). Business performance is measured through firm size, financial
indicators, productivity, firm survival and subjective ratings of overall performance, divided in the categories
profitability a nd operational effectiveness.
Methods:
● Use of electronic databases, using all studies that reported the relationships between psychological
traits and a) entrepreneurial intentions and b) entrepreneurial performance
● Meta-analysis
● Total of 15.423 individuals
● 60 studies were used, of which 18 non journal sources (books, conference presentations, reports)
● One of the FFM traits was linked to personality variables in the studies
Concepts:
● Entrepreneur: the founder, owner and manager of a small business
● Entrepreneurial intentions: the intention to find and manage one’s own business
● Entrepreneurial firm performance: the individual’s ability to continue as an entrepreneur (the firm’s
survival, growth and profitability)
● Five Factor Model (FFM): framework for personality research, looking at emotional stability,
extraversion, openness to experience, agreeableness and conscientiousness. It is not about specific
traits, but dimensions of personality. It conceptualized traits on a spectrum (low and high).
○ Openness to experience: overall appreciation for abstract ideas (curiosity, imaginativeness,
creativity, intellect, varied interest). Cues: variety of experiences, interest in artistic activities
○ Conscientiousness: self-discipline, work motivation and achievement motivation
(persistence, reliability, hard work, orderliness). Cues: orderliness, attention to details, less
time on social media, habits of planning
○ Extraversion: individuals draw their energy from and how they interact with others
(sociableness, assertiveness, outgoing nature, talkativeness, social confidence). Cues: high
involvement in social activities, firm hand shakes
○ Agreeableness reflects one’s attitude and behavior toward others and a general concern for
social harmony (kindness, helpfulness, friendliness, consideration). Cues: conflict avoiding,
friendly
○ Neuroticism (emotional stability) is the tendency to experience negative thoughts and
emotions (pessimism, fear, nervousness, self-criticism, insecurity), Cues: negative posts,
prone to anxiety, frequent mood swings
● Risks propensity: high extraversion, openness, emotional stability, low agreeableness and low
conscientiousness: willingness to take risks. High tolerance for uncertainty, seek sensation.
● Conscientiousness: individual’s level of achievement, work motivation, organization and planning,
self-control and acceptance of traditional norms, and virtue and responsibility towards others.
2
, Individuals who score high on need for achievement are attracted to work situations where they have
personal control over outcomes, risk of failure and direct and timely feedback.
○ H1a: Conscientiousness will be positively associated with entrepreneurial intentions
(supported)
○ H1b: Conscientiousness will be positively associated with entrepreneurial performance
(conditionally supported)
● Openness: openness to experience is a personality trait that describes someone who is intellectually
curious, imaginative and creative.
○ H2a: Openness to experience will be positively related to entrepreneurial intentions
(supported)
○ H2b: Openness to experience will be positively related to entrepreneurial performance
(conditionally supported)
● Emotional stability: people who are emotionally stable are described as calm, stable, even-tempered
and hardy. Optimistic and steady in the face of social pressure, stress and uncertainty.
○ H3a: Emotional stability will be positively related to entrepreneurial intentions (supported)
○ H3b: Emotional stability will be positively related to firm performance (supported)
● Extraversion: people high on extraversion are gregarious, outgoing, warm and friendly, energetic,
active, assertive and dominant in social situations.
○ H4a: Extraversion will be positively related to entrepreneurial intention (supported)
○ H4b: Extraversion will be positively related to firm performance (supported)
● Agreeableness: a dimension that assesses one’s attitude and behavior towards other people. People
who are high on agreeableness are trusting, altruistic, cooperative and modest, sympathetic and
concerning for conflict of others.
○ H5a: Agreeableness will be negatively related to entrepreneurial intentions (highly agreeable
people are unlikely to find the entrepreneurial role and negotiating an attractive role) (not
supported)
○ H5b: Agreeableness will be negatively related to firm performance (in capitalist society,
agreeableness might lead to easy exploitation by others) (not supported)
● Risk propensity: a personality trait involving the willingness to pursue decisions or courses of action
involving uncertainty regarding success or failure outcomes
○ H6a: Risk propensity will be positively related to entrepreneurial intention (supported)
○ H6b: Risk propensity will be negatively related to firm performance (might lead to ‘gambling’
with limited resources of small businesses) (not supported)
○ H7: Personality effects will be stronger against relative growth measures of firm performance
than against profitability and operational measures of firm performance (not supported)
Conclusions:
Four of the Big Five personality traits are related to both entrepreneurial intentions and performance.
Openness had the strongest relation. Agreeableness appeared unrelated to either outcome. Combining studies
of entrepreneurial status and entrepreneurial performance in one meta-analysis will lower the overall effect
size, possibly to the point where no significant effect can be detected. Individuals who score high on risk
propensity are more interested in becoming entrepreneurs, but after the launch this is neither an asset nor a
liability. Five constructs at least, the traits that lead one to be attracted to entrepreneurship are the
same traits that lead one to be a more successful entrepreneur.
Students and educators should highlight conscientiousness, emotional stability and openness to experience as
traits associated with successful entrepreneurship. Career counselors and educators might also put less
emphasis on certain traditional “entrepreneurial personality traits,” especially with regard to
extraversion and risk propensity. Despite popular beliefs, our results show no effect of risk propensity
3
, and only a very small effect of extraversion on entrepreneurial performance. T, u as a “risk taker” or
an “extrovert” may discourage some individuals from becoming entrepreneurs who would otherwise be
successful at this pursuit.
The ‘goodness’ of a trait depends on the context (environmental fit)
The paradox between interest and performance. It is important to look beyond interest and match personality
traits to the right job task!
4
The Entrepreneur(s) 2
Zhao et al. (2010): The Relationship of Personality to Entrepreneurial Intentions and Performance: A
Meta-Analytic Review 2
Hmieleski & Lerner (2016): The Dark Triad and Nascent Entrepreneurship: An Examination of
Unproductive versus Productive Entrepreneurial Motives 5
Katzenbach, J. R., & Smith, D. K. (1993): The Discipline of Teams 7
Ruzzier, Antoncic, Hisrich and Konecnik (2007): Human Capital and SME Internationalization: A Structural
Equation Modeling Study 8
The Million-Dollar Idea 10
Amabile: How to kill creativity 10
Chandra, Styles & Wilkinson; The Recognition of First Time International Entrepreneurial Opportunities
(2009) 12
Dyer, Gregersen & Christensen: The Innovator’s DNA 14
Are You Solving the Right Problem? 14
Why Constraints are Good for Innovation 14
The Master Plan 15
Brinckmann et al. (2010): Should Entrepreneurs Plan or Just Storm the Castle? 15
Why the Lean Start-Up Changes Everything? 17
Introduction to Business Model Canvas 17
Case Study: EcoWash: A Business Opportunity Worth Pursuing? 18
The Venturing Process I: Globalization and Challenges 19
Kerr (2016: Harnessing the Best of Globalization 19
D. Isenberg: The Global Entrepreneur and Key Challenges 20
The Venturing Process II: Acquiring Resources 22
Cooper et al (2019): Initial Human and Financial Capital as Predictors of New Venture Performance 22
Lindstrand and Hannell (2017) 24
Yukl. The Science of Influence 25
Lu et al (2019): Pitching Novel Ideas to the Boss: The Interactive Effects of Employees’ Idea Enactment and
Influence Tactics on Creativity Assessment and Implementation 27
The Other F Word: The Taboo of Failure 29
Artinger and Powell (2016): Entrepreneurial Failure: Statistical and Psychological Explanations 29
Yamakawa et al. (2015): Rising From the Ashes: Cognitive Determinants of Venture Growth After
Entrepreneurial Failure 30
1
,The Entrepreneur(s)
Zhao et al. (2010): The Relationship of Personality to Entrepreneurial Intentions and Performance: A
Meta-Analytic Review
This article contains a meta-analysis to examine the relationship of personality to outcomes associated with
two different stages of the entrepreneurial process (entrepreneurial intentions + entrepreneurial
performance). The Five Factor model of personality was applied. Personality plays a role in the emergence and
success of entrepreneurs. Authors argue that risk propensity is an important yet controversial construct for
entrepreneurial research. Risk propensity reflects a specific combination of scores on all five personality traits.
Some scholars see risk propensity as a sixth trait. Founding a new business requires the entrepreneur to fill in
the role of innovator, risk taker and bearer, executive manager, relationship builder, risk reducer and goal
achiever (Chen, Green and Crick, 1998). Business performance is measured through firm size, financial
indicators, productivity, firm survival and subjective ratings of overall performance, divided in the categories
profitability a nd operational effectiveness.
Methods:
● Use of electronic databases, using all studies that reported the relationships between psychological
traits and a) entrepreneurial intentions and b) entrepreneurial performance
● Meta-analysis
● Total of 15.423 individuals
● 60 studies were used, of which 18 non journal sources (books, conference presentations, reports)
● One of the FFM traits was linked to personality variables in the studies
Concepts:
● Entrepreneur: the founder, owner and manager of a small business
● Entrepreneurial intentions: the intention to find and manage one’s own business
● Entrepreneurial firm performance: the individual’s ability to continue as an entrepreneur (the firm’s
survival, growth and profitability)
● Five Factor Model (FFM): framework for personality research, looking at emotional stability,
extraversion, openness to experience, agreeableness and conscientiousness. It is not about specific
traits, but dimensions of personality. It conceptualized traits on a spectrum (low and high).
○ Openness to experience: overall appreciation for abstract ideas (curiosity, imaginativeness,
creativity, intellect, varied interest). Cues: variety of experiences, interest in artistic activities
○ Conscientiousness: self-discipline, work motivation and achievement motivation
(persistence, reliability, hard work, orderliness). Cues: orderliness, attention to details, less
time on social media, habits of planning
○ Extraversion: individuals draw their energy from and how they interact with others
(sociableness, assertiveness, outgoing nature, talkativeness, social confidence). Cues: high
involvement in social activities, firm hand shakes
○ Agreeableness reflects one’s attitude and behavior toward others and a general concern for
social harmony (kindness, helpfulness, friendliness, consideration). Cues: conflict avoiding,
friendly
○ Neuroticism (emotional stability) is the tendency to experience negative thoughts and
emotions (pessimism, fear, nervousness, self-criticism, insecurity), Cues: negative posts,
prone to anxiety, frequent mood swings
● Risks propensity: high extraversion, openness, emotional stability, low agreeableness and low
conscientiousness: willingness to take risks. High tolerance for uncertainty, seek sensation.
● Conscientiousness: individual’s level of achievement, work motivation, organization and planning,
self-control and acceptance of traditional norms, and virtue and responsibility towards others.
2
, Individuals who score high on need for achievement are attracted to work situations where they have
personal control over outcomes, risk of failure and direct and timely feedback.
○ H1a: Conscientiousness will be positively associated with entrepreneurial intentions
(supported)
○ H1b: Conscientiousness will be positively associated with entrepreneurial performance
(conditionally supported)
● Openness: openness to experience is a personality trait that describes someone who is intellectually
curious, imaginative and creative.
○ H2a: Openness to experience will be positively related to entrepreneurial intentions
(supported)
○ H2b: Openness to experience will be positively related to entrepreneurial performance
(conditionally supported)
● Emotional stability: people who are emotionally stable are described as calm, stable, even-tempered
and hardy. Optimistic and steady in the face of social pressure, stress and uncertainty.
○ H3a: Emotional stability will be positively related to entrepreneurial intentions (supported)
○ H3b: Emotional stability will be positively related to firm performance (supported)
● Extraversion: people high on extraversion are gregarious, outgoing, warm and friendly, energetic,
active, assertive and dominant in social situations.
○ H4a: Extraversion will be positively related to entrepreneurial intention (supported)
○ H4b: Extraversion will be positively related to firm performance (supported)
● Agreeableness: a dimension that assesses one’s attitude and behavior towards other people. People
who are high on agreeableness are trusting, altruistic, cooperative and modest, sympathetic and
concerning for conflict of others.
○ H5a: Agreeableness will be negatively related to entrepreneurial intentions (highly agreeable
people are unlikely to find the entrepreneurial role and negotiating an attractive role) (not
supported)
○ H5b: Agreeableness will be negatively related to firm performance (in capitalist society,
agreeableness might lead to easy exploitation by others) (not supported)
● Risk propensity: a personality trait involving the willingness to pursue decisions or courses of action
involving uncertainty regarding success or failure outcomes
○ H6a: Risk propensity will be positively related to entrepreneurial intention (supported)
○ H6b: Risk propensity will be negatively related to firm performance (might lead to ‘gambling’
with limited resources of small businesses) (not supported)
○ H7: Personality effects will be stronger against relative growth measures of firm performance
than against profitability and operational measures of firm performance (not supported)
Conclusions:
Four of the Big Five personality traits are related to both entrepreneurial intentions and performance.
Openness had the strongest relation. Agreeableness appeared unrelated to either outcome. Combining studies
of entrepreneurial status and entrepreneurial performance in one meta-analysis will lower the overall effect
size, possibly to the point where no significant effect can be detected. Individuals who score high on risk
propensity are more interested in becoming entrepreneurs, but after the launch this is neither an asset nor a
liability. Five constructs at least, the traits that lead one to be attracted to entrepreneurship are the
same traits that lead one to be a more successful entrepreneur.
Students and educators should highlight conscientiousness, emotional stability and openness to experience as
traits associated with successful entrepreneurship. Career counselors and educators might also put less
emphasis on certain traditional “entrepreneurial personality traits,” especially with regard to
extraversion and risk propensity. Despite popular beliefs, our results show no effect of risk propensity
3
, and only a very small effect of extraversion on entrepreneurial performance. T, u as a “risk taker” or
an “extrovert” may discourage some individuals from becoming entrepreneurs who would otherwise be
successful at this pursuit.
The ‘goodness’ of a trait depends on the context (environmental fit)
The paradox between interest and performance. It is important to look beyond interest and match personality
traits to the right job task!
4
