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(2016),"Stakeholder management: a case of its related capability and performance", Management Decision, Vol. 54 Iss 1 pp.
148-173 http://dx.doi.org/10.1108/MD-06-2015-0244
(2016),"Predicting entrepreneurial intentions from work values: Implications for stimulating entrepreneurship in UAE national
youth", Management Decision, Vol. 54 Iss 3 pp. 610-629 http://dx.doi.org/10.1108/MD-09-2015-0387
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Introduction
Entrepreneurship continues to evolve as a key driver of innovation and job creation. Since the
late nineties, many elements have shaped this progress, exerting a major influence on the
academic entrepreneurship literature. Establishment of the Global Entrepreneurship Monitor
(GEM) and parallel initiatives has enabled measurement and characterization of
entrepreneurship on an international level.
The data collected in various studies (PSED, GEM and other particular investigations) carried
out by several authors and institutions cited in this research have allowed the study of many
facets of the entrepreneurial phenomenon. Scholars have made great progress defining
entrepreneurial activity and its variations (Harding, 2004; Davidsson, 2005; Koellinger, Minniti
and Schade 2007; Bager et al. 2010, Anokhin and Wincent, 2012). Researchers have studied the
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relationship between entrepreneurship and economic development (Acs and Szerb, 2007, Acs,
2007), and have investigated entrepreneurial values, attitudes and aspirations (Arenius and
Minniti, 2005; Hessels, Van Gelderen and Thurik, 2008; Bosma and Schutjens 2009; Evald et
al. 2011). Finally, a popular stream of literature addresses national entrepreneurial framework
conditions (Bowen and De Clercq 2008; Hechavarria and Reynolds, 2009; Estrin and
Mickiewicz, 2011; Estrin et al. 2012). Scholars have also addressed many other
entrepreneurship topics. One of the numerous challenges yet to receive significant attention in
the literature reflects the subject of this article; namely, measuring and quantify readiness for
entrepreneurship.
Measuring readiness for entrepreneurship poses many challenges that should be addressed from
a multidisciplinary perspective. Thus, designers of a tool to perform this task must consider
numerous entrepreneurial profiles, as well as a wide range of psychological determinants. In
addition, designers of a tool of this type must resolve a lack of consensus on defining main
entrepreneurship concepts. Consequently, the approach must be grounded in a careful study in
several steps, the first of which must establish the meaning of readiness for entrepreneurship
and must identify the factors that determine this concept.
This paper establishes a theoretical framework to develop a tool for measuring readiness for
entrepreneurship. To do so, we addressed the research questions in Figure 1. The logic flow
described in Figure 1 indicates necessary steps to measure individuals entrepreneurial
readiness. We first defined the framework within which measurement should take place. Then,
we established the action for which individuals require this ability. Lastly, we defined this
ability, factors that determine this ability, and components required for its measurement.
1
In the following sections, we respond to all questions in Figure 1 by formulating proposals.
These proposals are based upon a comprehensive literature review.
1. What is entrepreneurship?
Preliminaries
Entrepreneurship and entrepreneurial activity have become essential for measuring progress,
quality, and future expectations of any sector, economy, or nation. They currently play a
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relevant role for economic development, which is why SME creation is crucial to establishing a
solid economic base (Goedhuys and Sleuwaegen, 2000). Entrepreneurships relevance,
however, is not restricted to SMEs and encompasses large companies and public administration
too. Furthermore, by helping to promote competitiveness and globalization, entrepreneurship
exerts an influence that extends beyond local markets to national and international markets.
Entrepreneurs act as catalysts for new economic activity. Business creation requires innovation,
which leads to job creation, wealth creation, and growth. Business creation contributes to
competition in developed economies and ensures social welfare in developing countries.
Imparting entrepreneurial knowledge is therefore vital to ensure progress in this scientific field
(Deakins et al., 2005).
Scientific field
The entrepreneurship research field has grown in recent decades (Cuervo, 2005). Research on
Entrepreneurship began after Professor Myles Mace used the term while teaching at Harvard
University in 1947 (Brush et al, 2003: 310). This event marked the beginning of the scientific
treatment of this discipline. Initial works were collated by Harvard Studies in Business History,
Journal of Business and Economics History, and Explorations in Entrepreneurial History. The
initial process culminated in 1958 with the creation of the Harvard Research Center in
Entrepreneurial History, managed by Arthur H. Cole.
Table 1 provides a timeline showing key developments in this scientific field. The United States
has played, and continues to play, a key role in entrepreneurship research. The USA was the
birthplace of entrepreneurship research, and later built a framework for its dissemination. Since
the mid-eighties, international business journals have incorporated entrepreneurship research
into their publications to a remarkable degree. Specific works and monographs have appeared in
major management journals such as Strategic Management Journal and Journal of Management
(Audretsch et al., 2005), Academy of Management Journal, Journal of International Marketing
(Coviello and Jones, 2004, p. 489) and Management Decision (Audretsch, 2012).
2
Recent years have seen the launch of new international journals whose main theme is
entrepreneurship, with the most notable journals listed in Table 1. Finally, conferences and
congresses have contributed heavily to the progress of this scientific field by creating discussion
forums, meeting places, and platforms for dissemination of results.
International publications containing the word entrepreneurship in their titles are numerous, and
demonstrate the breadth and multidisciplinary nature of this scientific field. Scholars have
studied entrepreneurship from various perspectives including business, management,
entrepreneurial orientation and processes, entrepreneurial leadership, and corporate
entrepreneurship. All approaches contribute to determining what constitutes entrepreneurship
and hence entrepreneurial behavior. Consequently, defining the field of entrepreneurship is
complex because of its close relation to other fields. Differentiating entrepreneurship from other
fields depends on the topic, project, and research questions (Bruyat and Julien, 2000, p. 172).
Busenitz et al. (2003, p. 286) described entrepreneurship as a field of study within the
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management area. Conversely, Hitt et al. (2001, p. 480) reported that the fields of
entrepreneurship and strategic management have been developed independently of each other.
Bruyat and Julien (2000, p. 172), in contrast, claimed that the field of small business and
innovation in strategic direction is closely related to entrepreneurship. Regardless of these
differing views, our aim is not to determine whether entrepreneurship began as a discipline in
management or business strategy, nor whether it is a field created by authors and researchers
unable to frame their works elsewhere (Shane and Venkataraman, 2000; Shane and
Venkataraman, 2001). Instead, we wish to delimit the scope of entrepreneurship to establish a
framework for measuring readiness for entrepreneurship. Of the numerous theories that define
entrepreneurship as a scientific field, we have selected those attributed to Busenitz et al. (2003,
p. 296-297), Brush et al. (2003, p. 312), and Veciana (2007), who scientifically analyzed
entrepreneurship and the concept of the entrepreneur. Tables 2 and 3 summarize these authors
contributions.
What makes an entrepreneur and what is entrepreneurship? These questions remain the subject
of continuous debate (Casson, 2005). For Cuervo et al. (2007) entrepreneurs main activity is
business creation, which can be studied on two levels: individual (including psychological
characteristics and non-psychological social characteristics) and environmental (specific and
general contexts). The individual level captures personal psychological characteristics to explain
entrepreneurial individuals nature. Characteristics of these individuals are a need for
achievement, controllability, power, tolerance for ambiguity, independence, and propensity for
risk taking. This level also considers non-psychological social variables such as education and
training, experience, professional network, and family background. The environmental
perspective encompasses variables that describe the general context. Such variables include
economic climate, market dimensions, availability of financing resources, taxes and
bureaucracy, regulatory framework, R&D transfer system, and sociocultural and institutional
background. The specific context view places emphasis on analyzing variables to do with
sector: productive processes configuration, technological changes, and the spatial dimension
(clusters and agglomeration economies). These two perspectives can be considered the pillars to
3
explaining entrepreneurial activity. According to Eckhardt and Shane (2003), they are not
mutually exclusive.
Lee and Peterson (2000:402) explained that entrepreneurship is generally defined as the process
of new firm creation. Previous definitions nevertheless highlight other defining characteristics.
Thus, Stevenson and Jarillo (1990:23) defined entrepreneurship as the process by which
individualsboth on their own and within an organizationpursue opportunities. This vision
facilitated the introduction of corporate entrepreneurship as a scientific research field. Timmons
(1994:7) described entrepreneurship as the process of creating or seeking an opportunity and
pursuing it regardless of available resources. McDougall and Oviatt (1997:293) defined
entrepreneurship as new innovative activities whose main objective is to create value and grow
business opportunities. Ultimately, following Schumpeters economic view, entrepreneurial
behavior is the search for growth through innovation, technology, or management, finding
opportunities through specific business structures or otherwise. These ideas are the essence of
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More research is needed at all levels on how the entrepreneurship process unfolds and brings
about successful exploitation of opportunities. Certainly, however, the three aspects mentioned
aboveopportunity identification, desire to search, and confidence in chances of successare
key components in the process. Research in many fields sheds light on the entrepreneurship
process, but many questions remain unanswered.
Conceptual delimitation
Language poses major problems for entrepreneurship scholars. Thus, whereas the terms
entrepreneurship and independent entrepreneurship describe efforts of individuals who operate
outside an existing organization, several terms are employed to describe efforts of individuals
who operate within an existing organization. Such terms include corporate entrepreneurship,
new corporate venturing, intrapreneurship, internal entrepreneurship, strategic renewal, and
new corporate activities. In the seventies, the concept of entrepreneurship meant the creation of
4
new business lines to commercialize innovative products or services whose production or
realization required new equipment, teams, or knowledge (Von Hippel, 1977:163; Biggadike,
1979:104). This definition, however, has evolved towards a broader concept that includes the
startup and consolidation phases (three and a half years) of any type of business, with or without
an innovative component, run either independently or within an existing firm (Reynolds, Hay,
Camp, 1999). The current definition of entrepreneurshipthe broadest and most complete to
dateis that which appeared in the first GEM Global Report in 1999 by Reynolds et al. (1999):
From 1999 onwards, new considerations deriving from modern entrepreneurship have
demonstrated that there is still room for this definition to grow. Thus, although entrepreneurship
seems to represent a single concept, societies are evolving towards developing an
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entrepreneurial spirit. The concept hence extends beyond the frontier of business creation,
embracing areas such as work organization, strategic design, management, human resources
practice, and, ultimately, implementation of entrepreneurial spirit in any type of activity.
Proposition 1:
With the aim of creating a theoretical framework to measure readiness for entrepreneurship, we
define entrepreneurship as follows:
The scope of this definition allows us to measure readiness for entrepreneurship in areas besides
capacities, knowledge, and skills needed to create new firms. The definitions scope is relevant.
It permits the inclusion of new facets never considered in entrepreneurship research. This allows
us to build a measurement tool able to establish individuals profiles. We can then use this data
to calculate these individuals readiness for entrepreneurship, and locate where these aspects of
their personalities reside.
Q1.2. If there are different types, what are these types and how can they be classified?
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We therefore conclude that entrepreneurship is a single concept, albeit complex and dynamic.
Entrepreneurship comprises aspects that enable discussion about specific branches of
entrepreneurial activity such as independent or internal entrepreneurial activity, opportunity or
necessity entrepreneurial activity, entrepreneurial activity with or without innovative
components, and many more. Thus, one view is to consider the concept as a whole; another
view is to consider only its output or entrepreneurial activity, which can be categorized into
several types. These types are based on concepts like context, motivation, innovation, job
generation, and competition.
Following the discussion in the previous section, three fundamental reasons explain the
emergence of entrepreneurial activity. First, entrepreneurial action is triggered by attributes
inherent to humans such as achievement needs (McClelland, 1961), aim to confront uncertainty
(Kihlstrom and Laffont, 1979), risk acceptance, and others. These attributes differentiate
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entrepreneurs from other individuals in society. The second reason relates to economic
environment factors such as market dimension, technological change dynamics (Tushman and
Anderson, 1986), regulatory and demographic market structure (Acs and Audretsch, 1990) or
simple industrial dynamics. The third reason is linked to institutions, and cultural and social
norms (North, 1990, 2005).
Thus, entrepreneurship is not only linked to birth of organizations (Gartner et al., 1988) or self-
employment (Reynolds, 1991). According to research conducted by McClelland (1961) and
later by Stevenson (1990) entrepreneurship also embraces everything that allows proper
operation and development to add value to society. Stevenson and Jarillo (1990) reported that
entrepreneurship is not only a way to start new businesses, but that entrepreneurial management
is a way of managing different from the traditional direction. Entrepreneurial managers seek
ways of making their organizations entrepreneurial in several ways, although they are limited-
for strategic guidance for remuneration or incentive systems (Brown et al., 2001).
6
is, entrepreneurs and the processes they engage in to start new ventures vary depending on
business line, region, and entrepreneurs origin (Littunen, 2000).
The above discussion leads to the second proposition, which defines entrepreneurial action so
that we may measure readiness for entrepreneurship.
Proposition 2:
Regard this one, the answer is yes, evidence suggests that there are different types of
entrepreneurial actions.
Q2.2. If there are different types, what are these types and how can they be classified?
The proposed definition of entrepreneurial action is so broad that it suggests the existence of
numerous types of actions. Their identification and classification is outside the scope of this
research. The literature nevertheless indicates at least three groups of factors that determine
these actions, so we can cite some examples. Examples of entrepreneurial actions derived from
human attributes are perceiving an opportunity, producing an idea, seeking information, taking
on risk to start a business or project, persuading others to participate or adopt an idea, pursuing
financing, and searching for a location. Examples of entrepreneurial actions derived from
context are innovating to compete, looking for new markets or niches, internationalization,
developing new strategies, implementing human resources practices, adopting technological
changes, and developing new technologies. Finally, from an institutional perspective,
entrepreneurial actions include changing the regulatory framework to foster entrepreneurship,
developing programs to facilitate women or youth integration into entrepreneurial processes,
introducing entrepreneurial education and training into the educational system, and promoting
tax benefits for informal investors. Ultimately, entrepreneurial actions can be classified
depending on scope, team, motivation, subject, and other criteria.
In light of the literature review and our research aims, the following proposition defines
readiness for entrepreneurship of a person:
Proposition 3:
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especially competent to observe and analyze their environment in such a way that they channel
their high creative and productive potential so they may deploy their capability to dare and
need for self-achievement.
Q3.2. If so, what elements must the method capture to measure this concept?
We conclude that building a single definition is possible despite the complexity of the concept
of readiness for entrepreneurship. This single definition is essential for measuring readiness for
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1. Sociology
2. Psychology
3. Business management
Sociologys contribution
Several studies have demonstrated that sociological variables have some influence on
entrepreneurial actions. These variables are therefore relevant when measuring peoples
readiness for entrepreneurship. Key sociological variables are gender (e.g., Sexton and
Bowman, 1990; Bruni et al., 2004; Minniti and Nardone, 2007), age (Davidsson and Honig,
2003; Arenius and Minniti, 2005), origin (Portes et al., 2002), habitat (Lafuente et al., 2007),
educational level (Pittaway and Cope, 2007), income level (Acs, 2007; Van Stel et al., 2007),
entrepreneurial antecedents (Krueger and Brazeal, 1994), and work-status (Arenius and Minniti,
2005).
Psychologys contribution
According to Rauch and Frese (2000), all aspects of psychology are essentially involved in
determining an entrepreneurs profile. Psychological approaches to entrepreneurship have
recently experienced a revival because they straddle the border between work, organizational,
and market psychology. Nevertheless, although psychologists accept that entrepreneurial
8
behavior is a product of several influences, in psychological terms key determinants are
personality traits. In other words, exponents of psychological approaches deem that
entrepreneurs possess traits that predispose them to act entrepreneurially. Hence, the
relationship between personality traits and entrepreneurial behavior has often been analyzed
thus in research on entrepreneurship. Undoubtedly, however, the literature reveals some
skepticism from scholars about the strength of this relationship. Although some authors have
reported a positive relationship between personality traits and entrepreneurship (Chell, Haworth,
& Brearley, 1991; Rauch & Frese, 2000), other studies have failed to show the existence of such
a relationship (Brockhaus & Horwitz, 1986; Gartner, 1988; Low & MacMillan, 1988). Recent
meta-analysis has provided evidence for the predictive validity of personality traits (Collins,
Hanges, & Locke, 2004; Rauch & Frese, 2007, Stewart & Roth, 2001, 2004, Zhao & Seibert,
2006), suggesting the identification of contingencies that may affect the magnitude of this
relationship.
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Fortunately, literature is converging towards a specific group of traits upon which almost all
researchers agree to some degree. Thus, considering the works of representative authors (Covin
& Slevin, 1989; Cromie, 2000; Filion, 2003; Vecchio, 2003) and the common traits they
identify, we composed the following list of main features of entrepreneurial personality: locus
of control, self-efficacy, risk tolerance, and proactivity.
Locus of control relates to the belief that actions determine outcomes (Rotter, 1966). Locus of
control comprises two parts: internal and external. Individuals with a high internal locus of
control believe they are able to control outcomes so they devote more effort towards desired
outcomes, which helps business ventures succeed. In contrast, individuals with a high external
locus of control may be more passive. These individuals believe that if they are unable to
control outcomes, there is no reason to actively change their environment by starting a business.
Through a sample of nascent entrepreneurs, Korunka, Frank, Lueger, and Mugler (2003) found
that locus of control relates to other aspects of personality such as need for achievement and
personal initiative. Filion (2003) reported that internal locus of control is a trait often but not
always attributed to entrepreneurs because it is also found in successful people who are not
necessarily entrepreneurs. Finally, some authors (Hansermark, 2003; Peacock and Wong, 1996)
have pointed out that this trait can be learned.
Self-efficacy refers to an individuals belief that he or she can effectively organize and execute
actions required to produce an outcome (Bandura, 1997; Chen, Greene, & Crick, 1998). That is,
self-efficacy is a persons self-evaluation of personal competence and control in a given
situation. Self-efficacy reflects perceptions of personal ability to perform a specific job or task.
Self-efficacy affects choice of action and effort expended, and it is the single biggest predictor
of career choice (Bandura, 1986). The relationship between self-efficacy and entrepreneurship is
justified for several reasons. First, because people avoid careers and environments they believe
exceed their capabilities and instead choose vocations they feel they are capable of doing
(Krueger & Dickson, 1994). Second, because entrepreneurship involves significant risks and
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difficulties, entrepreneurs need high levels of self-efficacy. Third, because self-efficacy predicts
career choice, occupational interests, perseverance to cope with difficulties, and personal
effectiveness (Bandura, 1986; Krueger & Dickson, 1994), self-efficacy must also be related to
entrepreneurial activity. Finally, because incentive to act is greater when entrepreneurs believe
their actions have achievable outcomes, self-efficacy is an important determinant of successful
entrepreneurial behaviors (Sanchez Lanero, & Yurrebaso, 2005). From this line of reasoning,
several authors have shown that self-efficacy is more distinctive to entrepreneurs than to other
workers or to the general population (Markman, Balkin, & Baron, 2002; 2003). Similarly, other
empirical studies have linked entrepreneurial self-efficacy to personal and financial success,
usually measured in annual earnings (Markman et al., 2002).
Propensity to take risks is the trait that determines the tendency and willingness of individuals to
assume risks. In a risk tolerance test, individuals with high scores had an inclination towards
high-risk behaviors; that is, they considered the alternatives whose ultimate consequences could
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get away from their frame of outcome expectations. Conversely, subjects with low risk
propensity, tend towards low-risk behaviors, and tend to avoid alternatives that may cause
outcomes to vary greatly from their expectations (Das & Teng, 2001). Risk propensity has been
associated with entrepreneurship. By definition, entrepreneurship involves taking risks. Indeed,
according to Covin and Slevin (1989), risk propensity is one of the three dimensionstogether
with proactivity and innovationthat make up entrepreneurial orientation. In this framework,
risk propensity refers to subjects willingness to make commitments despite chances of failure.
Surprisingly, however, entrepreneurial behaviors have been linked to both moderate levels of
risk taking (McCelland, 1961; Sexton & Bowman, 1985) and high levels of risk taking (Begley
& Boyd, 1987). Moderate risk taking is more common among owners and managers of existing
firms, whereas high levels of risk taking are more prevalent among independent entrepreneurs
starting new businesses. Some recent studies have found that tolerance and positive attitudes
towards risk are predictors of entrepreneurial intention (Segal, Borgia, & Schoenfeld, 2005).
Similarly, scholars have reported that risk propensity is positively associated with intentions of
self-employment. In this case, risk propensity acts through its influence on certain predictors of
intentions of self-employment such as self-efficacy (Zhao, Seibert, & Hills, 2005), and a
positive attitude towards entrepreneurial behavior (Lthje & Franke, 2003).
Proactivity is the third dimension in Covin and Slevins (1989) definition of entrepreneurial
orientation. Proactivity refers to implementing the tools necessary to engage in entrepreneurial
behavior. It embodies features like perseverance, adaptability, and willingness to assume
responsibility for failure. Bateman and Crant (1993) defined the proactive personality as
individuals tendency to initiate and maintain actions that directly alter their environment.
Proactive individuals identify opportunities, act on these opportunities, show initiative, take
direct action, and persevere until they achieve significant change. Proactivity implies an
emphasis on anticipating and preventing problems before they occur. Proactivity also implies an
orientation towards action, including a creative interpretation of rules, and a high level of
persistence and patience to make changes. Studies linking entrepreneurship and proactivity have
confirmed relationships between proactive personality and entrepreneurial behaviorin both
existing firms and in the general population(Becherer & Mauer, 1999, Cox, & Jennings,
1995), and between business development and career success (Brown, 1996; Junehed &
Davidsson, 1998, Seibert, Crant, & Kraimer 1999; Seibert, Kraimer, & Crant, 2001). Shapero
(1982) suggested that this personal propensity to act on opportunities is one factor that may
influence the intentionbehavior relationship by precipitating or facilitating the realization of
10
intentions. In entrepreneurship, Crant (1996) found that entrepreneurial intentions were
positively associated with having a proactive personality. Similarly, this guidance personality
type has been reported in the literature (Krueger & Brazeal, 1994; Shapero, 1982) as a precursor
of intentions and entrepreneurial potential.
Based on the literature review, we conclude that sociological variables to include in the
framework to measure readiness for entrepreneurship are locus of control, self-efficacy, risk
tolerance, and proactivity.
As mentioned earlier, research on entrepreneurship has progressed tremendously in the last two
decades. A major contribution of this research is the study of characteristics that form
entrepreneurial personality. Care must be taken, however, when drawing variables from the
business management field. Business management research on entrepreneurship is sometimes
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difficult to distinguish from research employing approaches from psychology: the two fields
interact, blurring the boundary between them.
Ajzens (1991) studies are among the most cited works on entrepreneurial attitude, and these
studies constitute the basis for the theory of planned behavior. The theory of planned behavior
addresses the link between beliefs and behavior. It is one of the most predictive persuasion
theories, and it has been applied to studies of relations among attitudes, beliefs, intentions, and
behaviors in several fields including entrepreneurship. Ajzen improved the predictive power of
the theory of reasoned action (Fishbein and Ajzen, 1975) by including perceived behavioral
control. The theory of planned behavior can cover peoples non-volitional behavior, a variable
that the theory of reasoned action fails to explain. The theory of planned behavior states that
attitude towards behavior, subjective norms, and perceived behavioral control together shape an
individuals behavioral intentions and behaviors.
Attitudes are evaluative judgments or statements of persons, objects, or events. Attitudes have
three components: cognitive, affective-emotional, and behavioral (Robbins & Judge, 2011). The
theory of planned behavior (Ajzen, 1991) described above relies more on the cognitive
component of attitudes than on personality traits (Epstein et al., 1984). For an overall
understanding of entrepreneurial behavior, however, studying personality traits, cognitive and
emotional factors, and social and environmental variables is necessary.
11
the same business idea succeeding or failing depending on the founders. For some authors,
entrepreneurs are born, not made, so anyone with appropriate characteristics is practically
predestined to become an entrepreneur and eventually a businessperson (Bull and Winter,
1991). Furthermore, the context in which entrepreneurial initiatives take place, and the influence
of cultural, economic, sociological, and psychological factors play a part.
Building on the theory of planned behavior and analysis of hundreds of studies, Filion
performed a synthesis of entrepreneurs main characteristics. This research yielded 22 essential
features shown in Table 4. Recently, Koellinger et al. showed the importance of the perception
as a highly determinant factor in the decision to create a start-up. Their findings are consistent
with those of other authors (Cooper et al, 1988; Busenitz and Barney, 1997; Camerer and
Lovallo, 1999) regarding the role of self-confidence in decisions of this type. This research
approach is an alternative to conducting an objective baseline contrast between business
efficiency and real chance of success. Filions (1996) findings are complemented in Table 4 by
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perceptual elements and other features cited by Koellinger et al. (2007) as relevant when
studying entrepreneurial personality.
Table 4 marks the end of the exhaustive literature review to determine the theoretical framework
for measuring peoples readiness for entrepreneurship.
We now address the final research question through the following proposition:
Proposition 4:
The answer to question 4.1 is yes; factors can be grouped into personal, emotional, perceptual,
cognitive, behavioral, and other groups identified during the literature review. Organizing these
factors into a framework to build a tool to measure the readiness for entrepreneurship, however,
falls outside this studys scope. Development of the framework will take place in the step of this
research: formalizing a proposal for the target tool.
Building a tool to measure readiness for entrepreneurship should include items from three areas:
sociology, psychology, and business management. Research since the eighties has demonstrated
the relevance of all items included in the literature review in this work. Projects like PSED,
GEM, and other smaller endeavors have provided sufficient data to test the main hypotheses on
the relationship between these items and entrepreneurial personality. Nevertheless, scholars
12
have never designed a scientific tool that combines all perspectives discussed herein to yield
individual measures of readiness for entrepreneurship.
The greatest difficulty in meeting this challenge is the sheer number of variables from tools that
measure parts of the full concept. Single validated tests exist to measure: locus of control, self-
efficacy, risk propensity, creativity, self-confidence, capacity to perceive opportunities,
leadership, responsibility, and all other personal, cognitive, and perceptual entrepreneurial traits.
During entrepreneurships current resurgence, numerous tools that aim at measuring the
entrepreneurial capacity of persons continue to appear as online tests embedded in
entrepreneurship web pages. These tools are deficient, however, and lack scientific grounding
and rigorous validation.
This article demonstrates that to build a tool that effectively measures peoples readiness for
entrepreneurship, implementing and following a scientific process is paramount. This process
constitutes the next step of the current research. In the next step, we aim at continuing our
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research to identify the most relevant tools to perform scientific measurements of essential
concepts composing peoples readiness for entrepreneurship. We then intend to summarize
these tools scientifically to build a unique test.
The process is long and complex because documentation on the subject is so extensive. Indeed,
analyzing all tools is impossible, and we have adhered to only the most relevant in each field.
Completing this process is undoubtedly necessary because society and entrepreneurship
stakeholders need scientific tools to give adequate guidance to potential entrepreneurs, to
channel students efforts towards entrepreneurship, and to foster entrepreneurial initiatives
based on sound decisions.
The excessive number of tests and tools for measuring entrepreneurial personality and capacity
poses a key limitation to this research. Additional limitations come from the complexity and
evolution of the concept of entrepreneurship. As the literature shows, entrepreneurship is a
dynamic concept that evolves with sociology, psychology, and business management. The
evolution of these scientific disciplines will mark changes in entrepreneurial personality. Any
entrepreneurship tool should therefore be subjected to periodic review based on the changing
importance of the phenomena it seeks to measure.
The business world, too, is rapidly changing because of new technological progress. Such
change will affect entrepreneurial personality. For example, no basic variable chosen in the
literature review measures peoples ability to operate in e-commerce and similar fields. This
could change drastically in a short time.
To conclude, we highlight the importance of contributions from disciplines that may initially
seem far removed from business management, but that are in fact highly related. This subject is
a multidisciplinary field, and specialists from different fields should collaborate to study
readiness for entrepreneurship.
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24
Jess Ruiz is a lecturer of Incorporation Studies in ADE and Human Resources at EDEM, a
university center affiliated with the University of Valencia. He is an associate professor of the
social psychology department at the University of Valencia, and has been a member of
IDOCAL (Institute for Research in Psychology of Human Resources, Organizational
Development, and Quality of Working Life) since 2011.
Technology Management etc. Reviewer, guest editor and editor of international journals.
Website: www.domingoribeiro.com
25
Figure 1. Logic flow to build a theoretical framework for measuring readiness for
entrepreneurship
Q1.2. If there are different types, what are these types and how can they be classified?
Q2.2. If there are different types, what are these types and how can they be classified?
Year Event
1947 Professor Myles Mace: imparts first course on entrepreneurship
1958 Creation of the Harvard Research Center in Entrepreneurial History
1963 Research on the role of entrepreneurs: Journal of Small Business Management
1974 Academy of Management: creation of the Entrepreneurship Division
1977 First Congress on Entrepreneurship at Colorado University, organized by the National Council for
Small Business
1977 Creation of the International Council for Small Business
1981 First Congress in Babson College and publication of its minutes under the title Frontiers of
Entrepreneurship Research
1985 Research on the role of entrepreneurs: Journal of Business Venturing
1988 Research on the role of entrepreneurs: Entrepreneurship Theory & Practice
Downloaded by Purdue University Libraries At 13:20 28 May 2016 (PT)
1989 Research on the role of entrepreneurs: Entrepreneurship Theory & Practice; Small Business
Economics
1995 Panel Study of Entrepreneurial Dynamics (PSED) design and implementation
1997 Global Entrepreneurship Monitor (GEM) design and implementation
development development
-Theory of the -Theory of social
endogenous regional change
development -Population ecology
theory
-Institutional theory
Source: Veciana (2007, p. 35)
Table 4. Main characteristics associated with entrepreneurial personality from the business
management perspective