July 2018
Article
Foundations and Trends® in Entrepreneurship

Personality Traits of Entrepreneurs: A Review of Recent Literature

By: Sari Pekkala Kerr, William R. Kerr and Tina Xu

Format:Print

Abstract

We review the extensive literature since 2000 on the personality traits of entrepreneurs. We first consider baseline personality traits like the Big-5 model, self-efficacy and innovativeness, locus of control, and the need for achievement. We then consider risk attitudes as well as the goals and aspirations of entrepreneurs. Within each area, we separate studies by the type of entrepreneurial behavior considered: entry into entrepreneurship, performance outcomes, and exit from entrepreneurship. This literature shows common results and many points of disagreement, reflective of the heterogeneous nature of entrepreneurship. We label studies by the type of entrepreneurial population studied (e.g., Main Street vs. those backed by venture capital) to identify interesting and irreducible parts of this heterogeneity, while also identifying places where we anticipate future large-scale research and the growing depth of the field are likely to clarify matters. There are many areas, like how firm performance connects to entrepreneurial personality, that are woefully understudied and ripe for major advances if the appropriate cross-disciplinary ingredients are assembled.

Keywords

Entrepreneurs; Venturing; Personality Traits; Characteristics; Big-5; Risk Attitudes; Goals; Skills; Entrepreneurship; Personal Characteristics; Goals and Objectives; Competency and Skills; Success; Demographics; Research

Citation

Kerr, Sari Pekkala, William R. Kerr, and Tina Xu. "Personality Traits of Entrepreneurs: A Review of Recent Literature." Foundations and Trends® in Entrepreneurship 14, no. 3 (July 2018): 279–356.