Entrepreneur Qualities: Passion, Discipline, and Confidence

Introduction and Background

While every successful entrepreneur is unique, they tend to share some common qualities that set them apart from others (Taghizadeh and Khadijeh, 2016). For instance, Adams (2018) reports that successful entrepreneurs tend to be highly disciplined self-starters who possess a strong sense of self-efficacy that translates into a high level of confidence. In addition, successful entrepreneurs tend to be highly competitive, creative, and committed, with an innate passion for what they are doing (Adams, 2018). Other authorities likewise cite these qualities and include others such as curiosity and openness to new experiences, but also emphasize that a growing body of scholarship concerning entrepreneurship indicates that some of these qualities can either be taught or otherwise acquired by aspiring business practitioners (Bement and Dutta, 2014).

The objectives of this study were to confirm or refute a series of guiding hypotheses concerning the various qualities of entrepreneurs and their relationship, if any, to academic level, age, and gender.

Successful entrepreneurs have an enormous effect on economic development. The small- to medium-sized enterprises created by entrepreneurs account for the majority of new jobs available in a given region, and these contributions tend to become even greater when the multiplier effect is taken into account (Thurik, 2013). According to Henderson (2009), "Entrepreneurs create economic growth in their communities by forming new firms. In the 1990s, during the longest economic expansion in the United States economy, the majority of new jobs were created by small and medium-sized entrepreneurs operating high-growth businesses."

Although the economic impact of entrepreneurs is most readily visible at the local level, the cumulative economic effect of small business start-ups is truly staggering. Henderson (2009, p. 46) adds that, "The value of entrepreneurs is evident at both the national and local levels. At the national level, nations with more entrepreneurial activity have stronger GDP growth. Entrepreneurship accounts for one-third of the difference in the economic growth rates between countries." In sum, to the extent that entrepreneurs are successful will likely be the extent to which the communities in which they compete benefit from these businesses.

Theoretical Background and Hypotheses Development

The research to date confirms that entrepreneurs come in all sizes, shapes, ages, and genders, but most successful entrepreneurs in the past have tended to be younger males (Taghizadeh and Khadijeh, 2016). Things are changing today, however, and growing numbers of females and older business practitioners are launching their own businesses and taking the same types of risks that have traditionally been the exclusive domain of younger males (Singh, 2009). The common qualities described above that are typically shared by successful entrepreneurs can be regarded as the result of their individual personalities. In this regard, Taghizadeh and Khadijeh (2016, p. 192) report that, "From the theoretical perspective, the innovativeness of entrepreneurs can be related to the individual's personality." The research concerning successful entrepreneurs indicates that their personalities represent accurate indicators of the long-term success of their business enterprises (Taghizadeh and Khadijeh, 2016).

Certainly, the casualty rate for new start-ups is high, and far more small businesses fail during the first few years than succeed as long-term profitable enterprises (Henderson, 2009). The new businesses that take hold and manage to overcome the significant challenges arrayed against any new enterprise are clearly the exception rather than the rule. Gaining a better understanding of what qualities are most responsible for helping aspiring entrepreneurs succeed therefore represents a timely and valuable endeavor.

Based on the foregoing findings concerning the common qualities shared by successful entrepreneurs, the following hypotheses and corresponding null hypothesis were used to guide this study. Successful entrepreneurs possess:

H1: Passion and an inclination towards entrepreneurship.
H2: Self-discipline and confidence, and an inclination towards entrepreneurship.
H3: A strong backbone and an inclination towards entrepreneurship.
N1: There are no differences between the averages of the sample answers depending on academic level, age, and gender.
H4.1: Age, gender, academic level, self-discipline, and confidence.
H4.2: Age, gender, academic level, and passion.
H4.3: Age, gender, academic level, and strong backbone.

The variables in the research model were operationalized in the survey instrument by grouping questions into these domains. Passion, for example, was evaluated using Likert-scaled questions ranging from "totally agree" to "totally disagree," such as "I have an enthusiastic drive to succeed and passion for the tasks required" and "I can succeed in an environment with many questions and few answers." Likewise, the self-discipline and confidence domains were evaluated using Likert-scaled questions such as "I can do the tasks necessary to succeed, whether agreeable or disagreeable" and "I value the management and control systems necessary to run a business."

Data Collection and Methodology

The data collection for this study proceeded in a step-wise fashion, beginning with a review of the relevant scholarly and peer-reviewed literature, which was used to develop the content for the survey of business practitioners. The survey instrument was administered in both online and hard-copy formats depending on the preferences of the respondents.

A total of 600 respondents who lived in Middle Eastern countries were surveyed. The sample was recruited using email invitations and telephone requests. The ages of the respondents ranged from 18 years to 31 years and older, with equal numbers of respondents from the 18–22 and 23–30 age groups but just 6.7% from the 31-and-older cohort. Two-thirds of the respondents reported having worked for themselves in the past.

The qualitative data collected from the secondary literature was synthesized using the reciprocal translation approach developed by Noblit and Hare (1988). The quantitative data collected for the study were analyzed using several different methods, including Cronbach's alpha and after-factor analysis to test for the reliability of the variables (Rutihinda, 2008). In addition, a series of descriptive statistics were used to present the results of the quantitative data analysis in percentile groupings, with results presented in both tabular and graphic formats. Finally, a one-way ANOVA and an independent samples test (Levene's Test for Equality of Variances) were used to analyze the variables in the various domains operationalized in the survey instrument.

According to the Institute for Digital Research and Education, Cronbach's alpha is used to measure the internal consistency of a set of closely related items as a group and is regarded as a dependable measure of scale reliability (Cronbach's alpha, 2018). The variables tested, their respective item numbers, and their corresponding Cronbach's alpha values are set forth in Tables 1 and 2 below.

Table 1: Reliability Test for All Variables — After Factor Analysis

Passion (6 items): α = 0.524 | Self-discipline & Confidence (6 items): α = 0.777 | Strong Backbone (5 items): α = 0.613 | Reasons to be an Entrepreneur (5 items): α = 0.678 | Obstacles to be an Entrepreneur (4 items): α = 0.662

Table 2: Overall Reliability Statistics

Cronbach's Alpha = 0.697 | Cronbach's Alpha Based on Standardized Items = 0.827 | Number of Items = 26

References

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Bement, Arden and Dutta, Deba. (2014, March/April). 'Training tomorrow's innovators.' ASEE Prism, Vol. 23, No. 7, p. 56.

'Cronbach's alpha.' (2018). Institute for Digital Research and Education. [online] available: https://stats.idre.ucla.edu/spss/faq/what-does-cronbachs-alpha-mean/.

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