Personality aspects of entrepreneurship: A look at five meta-analyses

Research on personality aspects of entrepreneurship, recently summarized in five meta-analyses, has intensified during the past two decades. Internationally, entrepreneurship has been recognized as highly important for socio-economic prosperity. After discussing a few basic concepts relating task and context of entrepreneurship to personality characteristics the main results of the meta-analyses are reported. In the system of the Big Five, personality traits make a difference when entrepreneurs are compared with managers (C+, O+, E+, N−, A−). They are also relevant in predicting entrepreneurial intention (C+, O+, N−, E+) and entrepreneurs’ performance (C+, O+, E+, N−). For other more specific scales that have frequently enough been used and could therefore be included in meta-analyses (e.g., readiness for innovation, proactive personality, generalized self-efficacy, stress tolerance, need for autonomy, locus of control) have also been reported significant correlations with business creation and business success. Risk propensity supports business foundation, but not necessarily business success. Achievement motivation is favourable both for business foundation and business success. The effect sizes are mostly small, some moderate. Complementing the results of the meta-analyses, some recent single studies on mediator or moderator effects are briefly reviewed.