The Psychology of the Entrepreneur
8 important questions on The Psychology of the Entrepreneur
Figure of pshycological perspective on entrepreneur
- Who is entrepreneur? (personality)
- What is an entrepreneur (defining the concept)
- How is entrepreneur performing?
- Why become entrepreneur?(motivation)
There are 5 individual characteristics that are related to entrepreneur
- risk taking prospensity: not per se more, this depends on tolerance for ambiguity, low = stress, high = challenging
- need for achievement: entr. = high
- locus of control: internal: goal achievement depends on own behaviour; external: result of luck/external factors
- over optimism: positive about chances of succes
- desire for autonomy: high need
Two kinds of motivated behaviour
- Intrinsic motivated behaviour: no apparent award except for the activity itself
- Extrinsic motivaded behaviour: behaviours where an external controlling variable can be identified by the persons acting
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Dark side of entrepreneurship
- negative characteristics of entrepreneurs
- entrepreneurial behaviour is result of negative characteristics and drives
- resulting financial benefits don't always lead to satisfaction / happiness
What is an entrepreneur
Entrepreneurs are not a homogeneous group, individu start org. for different reasons. There are two different kinds of entrepreneurs:
- Craftman entrepreneur: lower education, preferred manual work and wanted stable income
- Opportunistic entrepreneur: higher education, wants to be a leader and expand the business
Who is an entrepreneur
Supposed to be a set of characteristics that are stable across situations and time (which lead to succes and which to failure). Problems are
- Inconsistent. No consesus on relevance of individual characteristics, their importance and how they vary in situations
- External validity of trait approach can be questioned
- theory & methods are obsolete (verouderd)
- research mainly based on US
How is entrepreneur performing?
When modelling behavioural and performance, two factors
- distal factors: explain general behavior, little on individual act
- proximal factors: define situation and which task characteristics individu must have
Why become an entrepreneur
Cognitive theories try to explain behaviour by perceiving and interpreting info around individuals. Individu will only activate entrepreneurial potential if
- have certain specific ability
- there are environmental possibilities
- have social support
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