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Entrepreneurial Personality Traits

  • How entrepreneurs become successful with their business ideas has been a topic of discussion within entrepreneurial research circles for many years. Business success has been related to psychological characteristics and many research findings have explained how people become entrepreneurs and furthermore, how they find success in regards to their business ventures. People always wanted to know what defines an entrepreneur and more importantly, what is needed to become a successful entrepreneur. Curious minds began to search for the recipe for success. Personality Traits have been researched for years, leading to the discovery of many diverse and distinct forms which are still recognized today. Researchers compared the Behavioral Approach or the analysis of demographical characteristics to success. This raises the question of what an entrepreneur needs to become successful which is made more difficult due to the fact that entrepreneurship and who an entrepreneur is can be difficult do define exactly. Entrepreneurs are diverse and distinct individuals that each possess their own characteristics, behavior and reasons for starting a business. Many people assume that it is just someone who starts their own business. While partially correct, this only scratches the surface of what it is to be an entrepreneur. This thesis answers the following three research questions: 1. Which personality traits were found in the almost sixty years of researching? 2. What triggers do entrepreneurs need for starting a new business? 3. Which factor makes the entrepreneur successful with their business idea? Also, reading the thesis, one may gain a better understanding of what entrepreneurship is, what defines an entrepreneur and what one needs to become a successful entrepreneur. In this thesis the reviewing literature method developed by Wolfswinkel et al. (2011) was used to identify suitable literature and references for the main chapters. For that the five stages of the grounded-theory method for reviewing the literature were used in an iterative fashion. In step one inclusion and exclusion criterias for literature were defined. Then literature was searched matching the criterias of step one. In step three the samples were refined. Then in step four the found literature was analyzed and coded before the results of this research was presented in the following text. Many entrepreneurial personality traits were discovered and confirmed during the studies conducted over the last sixty years, these include but are not limited to Need for Achievement, Locus of Control, or risk taking propensity. Motivation is clearly the main trigger to start your own business. During the studies reasons were discovered of how and why an entrepreneur may become successful outside of posessing the right combination of traits. For example: having human, financial and social capital, an entrepreneurial behavior and the right economic conditions to start a business that will survive for more than five years.

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Author:Manuela Keller
Referee:Harald F. O. von Korflesch, Sebastian Eberz
Advisor:Sebastian Eberz
Document Type:Bachelor Thesis
Date of completion:2016/02/21
Date of publication:2016/03/14
Publishing institution:Universität Koblenz, Universitätsbibliothek
Granting institution:Universität Koblenz, Fachbereich 4
Date of final exam:2016/03/01
Release Date:2016/03/14
Number of pages:iii, 75 Seiten
Institutes:Fachbereich 4 / Institut für Management
BKL-Classification:85 Betriebswirtschaft
Licence (German):License LogoEs gilt das deutsche Urheberrecht: § 53 UrhG