Question

write research about a personality traits on entrepreneurial intention. Internal locus of control, need for achievement, risk tolerance, and entrepreneurial alertness are dimensions of personality traits which lead a person to develop the entrepreneurial intention. Effects of these personality traits dimensions on the entrepreneurial intention have been examined in this study.

Answer 1

Here are my research areas about personality traits and how it helps to increase the entrepreneurs intent:

1. Emotional Intelligence

• Emotional intelligence means being able to recognise & manage your own emotions in a balanced manner. It involves being able to recognise and effectively deal with other people emotions and behaviours.
• An individual has to keep himself/herself motivated and maintain composure during stressful situations.
• Self-regulation becomes a key factor in daily work and with the ability to control impulses careless decisions are avoided.
• The five pillars of emotional intelligence would involve: Self-awareness, Self-regulation, Motivation, Empathy & social skills
• Entrepreneurs have a relational environment and hence focus on using more of "we", using more personal forms of communication, asking and learning about others expectations & intensifying your attention span helps to manage it better
• An example would involve welcoming new initiatives. If a change of systems and processes are introduced in the organisation without major bias it is a robust sign that emotional intelligence has gone into the planning and in response to changes.

2. Social Competence and Locus of control

• Social competence is the skill required to maintain successful social adaptation with the external world.
• It reflects on the ability of the entrepreneurs to take another's perspective concerning a situation Situation learning & understanding from past experiences and applying those learnings to change the social interactions and behaviours.

Factors that guide social competence:

• The temperament of an entrepreneur is also defined by how an individual biologically responds to a situation
• Situational analysis & response to the crisis situations
• Personality traits like empathy, tolerance and conscientiousness define one ability to be socially competent
• Ethnicity, race, nationality, heritage, culture being different in the world it becomes important for entrepreneurs to embrace such diversity

Example - Lack of proper communication between workers engaged can lead to confusion. It will also lead to lower levels of satisfaction with business leading to poor management and consequences.

Locus of control is of two types - an Internal locus of control (the belief that you are in charge of whatever happens in your life) and external locus of control (Fate and outside factors defines or determines your life events).

An internal locus of control helps an entrepreneur to:

• have a belief about control on life it helps the entrepreneur
• to improve information acquisition
• it helps in better decision making
• It increases the effectiveness
• and leads to higher achievement
• The burnout rate is much less Increased satisfaction and happiness
• Overall increased adaptiveness to the environment

3) Hemisphere Dominance

Hemisphere dominance is majorly understanding which part of the brain - right or left is having more influence over individual learning and personality.

Example - It has been observed that the left cerebral hemisphere is usually dominant in the control of speech, language and analytic processing, and mathematics, whereas the right hemisphere processes concepts and language related to certain types of visual & graphical images.

4) Jungian Assessments

The Jungian assessments measure individual decision making, organising life, processing information and relating to people personality skills.

• The Jungian assessments are based on perceptions and judgements.
• Perception involves all the ways of becoming aware of things, people and ideas
• Judgment involves all the ways of coming to conclusions about what has been understood given a situation
• It was through Carl Jung's assessments that many individuals started using MBTI instrument to understand their personalities. It is important for entrepreneurs to understand which preference they belong to and here are the examples

Between E- I (Extraversion or introversion) Extraverts direct perception and judgement to the external world whereas Introversion individuals are guided through the inner world of ideas

Between S-N (Sensing perception or Intuitive perception) and it affects the decision of an individual on the information is grasped or taken

Between T-F (Thinking and feeling judgement) helps to understand what kind of judgement to trust when one needs or wishes or wishes to make a decision

Between J- P (Judgment or perception) helps to affects choices as to dealing with the world based on judging or perceptive attitude

Overall Jungian assessments and such tools help to measure your preferences for dealing with and relating to people, processing information, making decisions and organizing your life. Its results give you a good overview of your personality and behaviour and are important in the path of entrepreneurship.

Here are other generic personality traits which build the entrepreneur intentions:

• A lot of personality traits like physical outlook, intelligence, social adaptability traits, willpower, self-confidence play an important role to define the personality of a leader. It is easier to observe individuals as leaders when they demonstrate such personality traits and hence are able to advance in the organisation. An entrepreneur needs to have a high level of emotional stability as a personality trait to deliver success.
• Consistency in actions and behaviors demonstrate composure in an entrepreneur and helps to deliver results for the team. A situation where an individual is able to demonstrate such emotional stability skills helps to differentiate from others.
• An entrepreneur should carefully observe situations and understand the point of view of others. With empathy, a leader can predict and understand the behaviour of people leading to better team management and acceptability. Hence having empathy as a personality trait helps in the making of a leader.
• An entrepreneur should have the ability to forecast and look into the future, have the risk tolerance, visualise external trends & make thoughtful decisions which are ethical and good for the organisation. The ones who are not able to communicate aspirational goals fail to become effective leaders.
• Open-mindedness & alertness is a personality trait that makes an entrepreneur more identified & accepted in the team. A leader should not be critical of others. He must understand and analyse the opinion of others and should be willing to modify his decision on the basis of that. The person who is not open to new ideas and follows strict procedures will not be effective in leading organisations.
• Social skills in a person help in the success of leadership as the entrepreneur get to know the informal attributes of other team members. A successful entrepreneur is the one with whom people cooperate willingly and not because of pressure or other reasons. Hence having social skills become an important trait for personality & differentiate the leaders from others.

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