Entrepreneurship: Tenacity, Future Self-Continuity, and Inter-Temporal Risky Choice

Abstract

This study examines entrepreneurship. It focuses on the effect of tenacity and future self-continuity (FSC) on inter-temporal risky choice in the entrepreneurial context. A total of 129 Chinese undergraduates participated in this survey. The results formulate that tenacity positively correlates with the risky choices and inter-temporal risky choices, in which commitment, endurance, and challenge play a major role. Meanwhile, FSC predicts the risk-return of the subjects. Higher FSC corresponds to higher expected inter-temporal risk-return. Furthermore, the multivariable regression analysis shows that there is a reciprocal effect when tenacity and FSC work together on subjects' intertemporal risky decision-making. FSC slightly mitigates both the pursuit of risky-return and the tolerance of time delay for the subjects with high tenacity. This implies that their worthwhile goal is to seek smooth income rather than to pursue an extreme high riskreturn. These findings extend the research on personality, choice, and entrepreneurship and provide a guiding significance to the start-up.

Chief Executive Officer Tenacity and Employee Intrapreneurial Behavior: The Mediating Role of Corporate Social Responsibility

“…Prior studies have established the significance of CEO tenacity for their personal career ( Baum et al, 2001 ; Markman and Baron, 2003 ; Zeng and Ouyang, 2020 ) or organizational development ( Baum and Locke, 2004 ; Murnieks et al, 2016 ; van Scotter and Garg, 2019 ) in entrepreneurial activity. Up to now, far too little attention has been paid to its impact on employee intrapreneurial behavior.…”

“…It can fuel CEO’s long-term goal achievement ( Duckworth et al, 2007 ). Also, it is related to CEO’s risk selection and cross-period risk selection ( Zeng and Ouyang, 2020 ). Meanwhile, CSR also requires significant financial investment and does not see tangible returns in the short term, which can be detrimental to shareholders’ interests.…”

“…A key aspect of entrepreneurship is chief executive officer (CEO) tenacity ( Baum and Locke, 2004 ; De Clercq and Belausteguigoitia, 2017a ; Zeng and Ouyang, 2020 ). Recent years have witnessed a growing interest in the significance of CEO tenacity in entrepreneurial activity ( Murnieks et al, 2016 ; Tadajewski and Jones, 2017 ; van Scotter and Garg, 2019 ).…”

The role of skill versus luck in new venture survival

“…Besides, there are other types of gamblers, such as poker players, for whom evidence suggests that skill plays a crucial role in their performance (Larkey et al., 1997; Levitt & Miles, 2014; Meinz et al., 2012; Siler, 2010). Entrepreneurs are long‐term oriented; they are aware of the inter‐temporality that the realization of their outcomes implies, making a trade‐off between present and future benefits and thus being willing to wait to harvest results over time (Zeng & Ouyang, 2020). In this journey, they are permanently devoting efforts to ‘staying afloat’, and making conscious decisions that increase their chances of success in the long term (or minimize their bad luck; Liu & De Rond, 2016).…”

“…learning how to start a business, and how the market operates in practice; Rae, 2006). As such, even when these individuals’ skills might not be strong enough, they may supplement this lack of skill by associating with appropriate partners, investors or mentors (Anderson et al., 2010) and further complement them with their persistence, ‘fighting spirit’, resilience, patience and endurance (Zeng & Ouyang, 2020).…”