Behavioral Characteristics Of An Entrepreneur

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Concepts of taking risks have regularly been associated with behavioural characteristics of an entrepreneur. A study on intention of nascent entrepreneurs, Caliendo et al (2009) discovered individuals who are less risk adverse tends to enter self-employment but this only applies for those leaving regular employment. Risk attitudes however, do not affect the decision process for those moving away from inactivity or unemployment. The early work of Schumpeter (1934) pointed out that the accountability of risk hinders on ownership, and given that entrepreneurs does not necessarily signify owners, risk propensity should be excluded as part of the traits of an entrepreneur. In its place, Schumpeter suggests innovation to be the primary trait of entrepreneurship. Although scholars are ambivalent with regards to the role of risk taking propensity when determining an entrepreneur, yet many studies have taken into account risk propensity as an entrepreneurial trait when it comes to identifying entrepreneurial intentions (Rauch and Frese 2007; Zhao et al 2010; Brandstätter 2011). II. Innovation Innovation has remained a continuously represented functional trait of entrepreneurs in literature (Carland et al 1984; Dyer et al 2008; Schaltegger and Wagner 2011; Nochian and Schott 2012). In Schumpeter’s early work (1934, 1942), he reasoned that innovation was a paramount force of economic development as it acts as a catalyst in the success and expansion of an economic cycle. Becheikh et
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