Why personality characteristics are very important in running a business?
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Answer:
Numerous studies with contradictory results have been published on the relationships of personality factors with business start-up intentions and business success. Using a comparison of four conceptually similar studies (Vienna Entrepreneurship Studies) as a basis, this paper analyses the varying roles of personality factors in business start-up intentions, in start-up success and in business success. It can be shown that the significance of personality traits among (potential) business founders decreases in the course of start-up/new business development–from initial start-up intentions, to the start-up process and realization, and on to business success (existence/growth). While up to 20% of the variance in the origins of entrepreneurial intentions can be explained by personality traits, this proportion practically drops to zero in explaining business success. The studies also enable one to assess the value of personality in relation to other configuration fields. Overall, the data from the four studies confirms that a meaningful assessment of the value of personality traits is only possible in conjunction with additional influencing factors in the founder's environment, resources and processes. The results suggest that especially for the development of business start-up intentions it is necessary to take measures to promote personality characteristics in schools and universities. It is not possible to predict the long-term success of a business by evaluating the personality factors of the business founder in early stages of the start-up process.
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