5 factors to Map Key Personality Variables to Entrepreneurship Performance

The Five-Factor model sets the framework for mapping key personality variables to entrepreneurship performance.

1. Openness to experience

This is a kind of personality trait and of course a parameter to measure the various dimensions of a particular individual. Basically, Entrepreneurs are highly risk takers and are not bothered about the distractions and obstructions that come in their way. Whether it may be natural obstacles or uncertain obstacles they already have a backup plan ready to execute. Therefore, we can expect that such individuals are creative, persistent, and initiative so they would be centred around future outcomes and would have a solid feeling of things to come; they would not see the risk of disappointment as negatively as others. And thus, digital entrepreneurs are more open to any experiences than traditional entrepreneurs. Because traditional entrepreneurs mainly depend on their risk tolerance types and their prior impact matters.

By the way, the high speed and advancements of innovations, particularly arising advanced and web-based innovation, may require a higher aptitude for change and accepting new encounters that would legitimize an expectation for more elevated levels of transparency or openness in digital versus conventional startup founders.

2. Conscientiousness  

This is the second type of personality trait which is called Conscientiousness. The entrepreneurs who possess this trait can be seen as a highly analytical person who sets norms and procedures by planning certain strategies before taking a knowledgeable business decision. They act on the basis of logic and analytics rather than in an emotional or in intuitive way. Such entrepreneurs are goal-oriented, so they don’t make decisions in an impulsive manner. They focus on causal inference rather than fast decisions in every situation. While the principles have been positively connected with entrepreneurial’s pioneering aim and innovative execution in prior investigations, so no one sensibly anticipated differences in the degree of good faith among digital and traditional business visionaries. 

3. Extraversion

This is the third type of personality phenomenon, which defines the individual as having a high-energy approach. An Entrepreneur’s energetic approach is manifested through his/her sociability, positive outlook, and ability to influence others without any hesitation. Extraverted people look to be associated, flourish in high-energy conditions, and intend to take influential positions. Leadership roles are mainly suited for such individuals. They personally have high levels of self-efficacy that they tend to act very confidently and thus achieve their targets. 

4. Agreeableness

This is the fourth category of an individual’s personality trait. It is generally perceived as negatively associated with pioneering conduct as it requires a less aggressive position, a more significant level of social and public direction, and a spotlight on others rather than on self. Such individuals are too agreeable to anything that they may not know when and how they will be exploited by their competitors. Competitors may take advantage of such personalities in the business market. Though agreeable can win the trust of consumers and the partners sometimes it’s a negatively affected trait regarding performance levels. In an advanced Digital marketing era, arriving at an agreement might be quicker, yet it may not really build out the trust which is generally connected with close and personal relations.

5. Neuroticism

Neuroticism defines those individuals who are generally of a negative attitude in every situation. Their decision-making power is low and can be influenced by mere changes happening around them. Neuroticism is generally associated with negative emotions such as anxiety, nervousness, sadness, and not an affiliation kind of attitude in everything. Entrepreneurs having this trait are more likely to find alternate solutions, and may not handle the criticism from others well. Such individuals lack emotional stability. Researchers have identified a positive link between emotional stability and both entrepreneurial intention and performance. Emotional stability is considered the opposite of neuroticism. 

5 factors to Map Key Personality Variables to Entrepreneurship Performance

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