Talented enough to be a business leader? An alternative approach to entrepreneurs’ traits

Abstract

The objective of the article is to identify character strengths that contribute to one's success at various stages of the development of an entrepreneurial venture: opportunity recognition, the refinement of business concept, resource acquisition, survival, and growth. Research Design & Methods:The article is conceptual in nature. We propose a framework of character strengths and stages of development of the entrepreneurial venture, which is based on an exhaustive literature review. Findings: The article proposes that different character strengths contribute to one's success at various stages of venture development: curiosity, creativity, open-mindedness, and hope at the stage of opportunity recognition; bravery, integrity, love of learning, social intelligence, and kindness at the stage of refinement of business concept and resource acquisition; persistence, self-regulation, zest, humour, leadership, teamwork, and fairness at the stage of survival and growth. Moreover, We propose that perspective allows entrepreneurs to accumulate experience and recognize and exploit further opportunities. Implications & Recommendations:The study has implications mainly for entrepreneurs (recommendation for higher self-awareness) and investors (investment in entrepreneur's strength bundled with investment in the business). Contribution & Value Added:This study adds to the understanding of mechanisms through which personal differences influence entrepreneurial actions and their outcomes. It adds to our understanding of specific entrepreneurship phenomena like entrepreneurial alertness or business planning. Thirdly, it contributes to the understanding not only of market entry but also of pre-entry and post-entry phenomena.

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