An Investigation of Personality Correlates of Small Business Success

Kimberly S. Owens

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Entrepreneurship Studies and Influences Personality Traits and Psychology Migration, Ethnicity, and Economy

Abstract

The purpose of the cunent study is to empirical l y examine the relationship between personal i ty characteristics and small business success. A c luster of 1 4 personality variables were examined using a work-based measure of personal ity, the Personal Style Inventory (PSI), adapted for smal l business owners. Small business success was operationall y defined in terms of financial and personal dimensions of success. The two criterion variables assessed were business performance and work satisfaction. It was hypothesized that personality is related to both dimensions of success. It was also hypothesized that business performance and work satisfaction are positively related. One hundred forty-seven small business owners completed the web survey . Conelational analyses revealed personal ity characteri stics were si gnificantly related to business performance and work sati sfaction. Goal-setting orientation, emotional res i l ience, abi l i ty to sel l self, social networking, and work-related locus of control were positi vely related to both business performance and work satisfaction. Additionally, autonomy, adaptabi l i ty, competitiveness, optimism, ri sk tolerance, work drive, and tolerance for financial security were positively conelated with work satisfaction measures. Results also indicated that business performance and work satisfaction are moderately conelated. The hypotheses were further tested using step-wise regression procedures. Organizational variables (company age, size, and industry type) were control led in the regression analyses. The first regression analysi s i dentified one personality variable, goal -setting, as a signi ficant predictor and the model accounted for 8% of the variance in business performance. In examining work sati sfaction, regressi on

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References

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