Further Characteristics of an Entrepreneur

April 27th, 2012 by Sarah Green Leave a reply »

In the previous blogs, Dr Amanda Potter and Melissa Tyson from Zircon identified five characteristics that have been shown to be significantly higher in Entrepreneurs than Line Managers. In this blog we have provided a summary of all of the Entrepreneurial Traits covered by previous research, in particular, those defined by Bird, 1989; Caird, 1988; Tibbits, 1979 and Wu, 2009:

Innovativeness – the ability to produce solutions in new situations
Results Orientation – the ability to set performance objectives and measures
Initiative – the ability to be a self-starter and to meet the challenge of higher level objectives
Manage Risks – the ability to take risks and manage uncertainty
Knowledge – of the market and business opportunities
Business Acumen Problem Solving – the ability to analyse and overcome problems, recognising patterns or trends
Flexibility – the ability to effectively adapt to a variety of situations
Influence – the ability to influence thoughts and actions of others
Communication Skills – Strong written and verbal communication skills
Self-Confidence
Self-Control – the ability to manage one’s emotions under pressure
Relationship Building – the ability to build and maintain personal networks
Empathy – the ability to understand and respond to the concerns of others
Commitment to Learning.

In summary, therefore key things to look for in an entrepreneur include:

• Tolerance of risk and ambiguity
• Calm with chaos
• Flexible amidst changes
• Responsive to opportunities
• Awareness of patterns
• Strategy towards marketplace
• Builds / leverages social capital
• Seeks advice from experts
• Have expertise in business matters
• Innovate around obstacles

For further information about how we integrate psychology research into our talent assessment and talent management offering, please contact Dr Amanda Potter.

References:
• Leon Schjoedt. (2009). Entrepreneurial job characteristics.
• Hannu Littunen. (2000). Entrepreneurship and the characteristics of the entrepreneurial personality.
• Caliendo & Kritikos. (2007). Is entrepreneurial success predictable?
• Ciavarella et al. (2004). The big five and venture survival.
• Campbell & Burnett. (2008). A new perspective in entrepreneurial trait analysis.
• Carland, Hoy, Boulton & Carland. (1988). Differentiating Entrepreneurs from Small Business Owners.

Written by Melissa Tyson, Occupational Psychologist.

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