Page 116 - 1-Entrepreneurship and Local Economic Development by Norman Walzer (z-lib.org)

What Makes a Successful Entrepreneur? 105

while still others suggest that it is the risk-taking propensity of entrepre-
neurs that makes them who they are (Brockhaus and Horwitz 1986; Hull,
Bosley, and Udell 1980; Timmons, Smollen, and Dingee 1985). While sev-
eral researchers have identified factors that distinguish entrepreneurs, few of
these factors, if any, have been validated by more than a single study.
Cooper and Dunkelberg (1987) studied a sample of 890 entrepreneurs
and found that these individuals tended to be better educated, came from
families where the parent owned a business, started firms related to their
previous experience, and located their businesses where they are already liv-
ing and working. These entrepreneurs did not have any outstanding innate
characteristics, and the diversity found in this sample was, perhaps, its most
distinguishing feature.
Kassicieh, Padosevich, and Banbury (1997) attempted to find attitudinal,
situational, and personal characteristics that would predict future entrepre-
neurs among a sample of inventors at federal laboratories. The authors
compared nonentrepreneur inventors who, at the time of the study, worked
at the laboratories and entrepreneurs who left the laboratories within the
previous five years to start their own ventures.
The nonentrepreneur inventors were divided into two groups, using dis-
criminant factors from previous studies: (1) those who were predicted to
become and (2) those who were not predicted to become entrepreneurs.
The study found that both the entrepreneurs and those predicted to be en-
trepreneurs differed from the nonentrepreneur group in that they were
more likely to take into account ownership of intellectual property, had at-
tempted more spin-offs in the past, had provided consulting services, were
more willing to take risks, and often had relatives who were entrepreneurs.
The entrepreneurs and inventors predicted to be entrepreneurs also
demonstrated an inclination to be entrepreneurs; a positive perception of
support, resources, and incidence of entrepreneurship in their laboratories;
a feeling of more control over their destinies; a perceived value in their
achievements; and a greater belief in themselves. Yet, the observed differ-
ences among the study groups still do not explain how some inventors be-
come entrepreneurs.
As Low and MacMillan (1988) note, the problem with the commonly
noted “need for achievement” characteristic among entrepreneurs is that this
trait can also be found within groups of salespeople, managers, and other
professionals. Other characteristics found to be relevant to entrepreneurs can
be applied to the general population as well (Gartner 1989; Greenberg and
Sexton 1988). The attempts to test for these factors as potential predictors of
entrepreneurial success have not been positive. A problem with the set of
personality research studies is that they use different, and often incompati-
ble, population samples and the generalizability of the findings is question-
able (Gartner 1989). In general, personality traits research can be said to