a proclivity for entrepreneurship: a comparison of

A PROCLIVITY FOR

ENTREPRENEURSHIP:

A COMPARISON OF

ENTREPRENEURS, SMALL

BUSINESS OWNERS, AND

CORPORATE MANAGERS

WAYNE H. STEWART, JR.Clemson University

WARREN E. WATSONUniversity of North Texas

JOANN C. CARLANDWestern Carolina University

JAMES W. CARLANDWestern Carolina University

EXECUTIVESUMMARY

Despite intensive inquiry, relatively little is known about the entrepreneur,the central figure in entrepreneurship. The question of how an individualwho operates his or her own business differs from a corporate manager re-mains unanswered. In addressing this question, the primary purpose of thisstudy was to investigate the potential of psychological constructs to predicta proclivity for entrepreneurship. The research model includes three classic

themes in the literature: achievement motivation, risk-taking propensity, and preference for innovation.A survey of 767 small business owner-managers and corporate managers was assembled from a

20-state region, primarily the southeastern United States. The participants completed a questionnaire com-posed of the Achievement Scale of the Personality Research Form, the Risk-Taking and Innovation Scalesof the Jackson Personality Inventory and questions pertaining to numerous individual and organizationalvariables. Respondents were first divided into two groups, managers and small business owner-managers.

Address correspondence to Wayne H. Stewart, Jr., Department of Management, Clemson University, 101Sirrine Hall, Clemson, SC 29634.

The contributions of William Luker and an anonymous reviewer are gratefully acknowledged.

Journal of Business Venturing 14, 189–214 1998 Elsevier Science Inc. All rights reserved. 0883-9026/99/$–see front matter655 Avenue of the Americas, New York, NY 10010 PII S0883-9026(97)00070-0

190 W.H. STEWART ET AL.

Subsequently, due to the often cited variations in entrepreneurs, the owner-managers were further catego-rized as either an entrepreneur or small business owner, using the widely cited Carland et al. (1984) theo-retical definitions. Entrepreneurs are defined by their goals of profit and growth for their ventures andby their use of strategic planning. Alternatively, small business owners focus on providing family incomeand view the venture as an extension of their personalities. In this study, both groups of owner-managerswere simultaneously compared with managers using hierarchical set multinomial LOGIT regression.

The results indicated that the psychological constructs are associated with small business ownership,but with some important caveats. As hypothesized, those labeled entrepreneurs were higher in achieve-ment motivation, risk-taking propensity, and preference for innovation than were both the corporate man-agers and the small business owners. This profile of the entrepreneur as a driven, creative risk-taker isconsistent with much of the classic literature concerning the entrepreneur. Nonetheless, not all of theowner-managers fit this profile. When compared with managers, the small business owners demonstratedonly a significantly higher risk-taking propensity. In terms of the constructs studied, the small businessowners were more comparable to managers than to entrepreneurs.

In addition to theoretical and methodological implications, the results presented here have impor-tant implications for small business owner-managers of both types. A major issue is the connection be-tween the owner’s psychological profile and the characteristics of the venture, including performance.It would appear that psychological antecedents are associated with owner goals for the venture. Someowners will be more growth oriented than will others, and performance should be assessed in light ofthe owner’s aspirations for the venture. Moreover, owners should be aware of their own personality sets,including risk preferences, which may be more or less suited to different venture circumstances, includingthose with relatively high levels of risk.

Planning in small businesses appears to enhance venture performance. Research has demonstratedthe connections between psychological factors and planning behaviors in small businesses. Those labeledentrepreneurs in this study have goals of profit and growth, and tend to engage in more planning. Anawareness of these psychological preferences and concomitant attention to planning behaviors have thepotential to improve the performance of the venture, irrespective of owner aspirations.

Venture teaming is becoming more popular among entrepreneurs. Balanced venture teams appearto improve the chances of entrepreneurial success (Timmons 1990), but a common source of conflictamong venture team members is inconsistent or ambiguous motives for the new venture. Awareness ofventure partners’ psychological predispositions in areas such as risk-taking could be used to identify andreconcile areas of potential conflict, and enhance the planning process in the small firm. In sum, an individ-ual’s awareness of his or her psychological profile provides a number of advantages, not only to existingentrepreneurs, but also to aspiring entrepreneurs who should assess their perceived entrepreneurial op-portunities against the backdrop of their psychological proclivity for entrepreneurship. 1998 ElsevierScience Inc.

INTRODUCTIONDespite intensive inquiry, we still know relatively little about the entrepreneur (Begleyand Boyd 1987a; Cunningham and Lischeron 1991), particularly how an entrepreneurdiffers from a manager in a large organization (Gartner 1985; Ginsberg and Buchholtz1989). Research has indicated that managers and entrepreneurs have different goals(Litzinger 1965) and decision-making styles (Busenitz 1992; Carland 1982; Carland andCarland 1992; Richard 1989; Smith et al. 1988), but beyond this, few studies have com-pared entrepreneurs and managers (Greenberger and Sexton 1988), and the results ofthose that have are inconsistent (cf. Brockhaus and Horwitz 1986; Perry 1990). Yet,entrepreneurial behaviors are important (Gartner, Bird, and Starr 1992), and must bedistinguishable from managerial activities (Penrose 1968) in the process of learningmore about both the entrepreneur and the corporate manager.

The appropriate approach for studying entrepreneurial behavior remains conten-

PROCLIVITY FOR ENTREPRENEURSHIP 191

tious (cf. Carland, Hoy, and Carland 1988; Chell 1985; Gartner 1988; Stewart 1996).Clearly, situational factors and social function are integral components of the entrepre-neurial process (e.g., Greenberger and Sexton 1988; Herron and Robinson 1993; Martin1984; Shapero 1975; Van de Ven 1993), but not all people will become entrepreneursunder comparable circumstances, suggesting that individual personality features are anecessary (Cromie and Johns 1983), if insufficient, condition for the process of entrepre-neurship. Therefore, psychological attributes should be an integral part of entrepre-neurship research (Carland et al. 1984; Goldsmith and Kerr 1991; Johnson 1990), asthey are a significant element of a comprehensive theory of entrepreneurship (e.g.,Greenberger and Sexton 1988; Herron and Robinson 1993; Martin 1984; Naffziger,Hornsby, and Kuratko 1994; Sandberg 1986), but thus far, the role of psychological fac-tors is unclear.

The lack of progress in personality research in entrepreneurship may be due tothe theories and methods used to identify those characteristics (Robinson et al. 1991;Sexton and Bowman 1984, 1986). Definitional quandaries concerning the entrepreneur(cf. Stewart, Carland, and Carland 1996) have also hampered theoretical development.The resulting disharmony in the literature has initiated calls for additional research,particularly comparative investigations, to definitively identify the salient features ofthe entrepreneurial personality (Herron and Robinson 1993; Hoy and Carland 1983;Johnson 1990; Sexton and Bowman 1983), but studies of that nature have been limitedof late (Chandler and Hanks 1994; Shaver and Scott 1991). This study is, in part, a re-sponse to the challenge for additional inquiry concerning how entrepreneurs differfrom managers.

The central problem addressed in this study is to investigate selected psychologicalpredispositions of small business owner-managers and corporate managers to deter-mine if there are significant differences. Recognizing that a wide range of owner-manag-ers exists (Collins and Moore 1970; Dunkelberg and Cooper 1982; Filley and Aldag1978; Smith 1967) wherein variation might limit inquiry (Gartner 1985), we also examinetwo types of small business owner-managers. Carland et al. (1984) elucidated two dis-tinct types of small business owner-managers: entrepreneurs and small business owners.According to the authors, an entrepreneur capitalizes on innovative combinations ofresources for the principal purposes of profit and growth, and uses strategic manage-ment practices. Alternatively, the small business owner operates a business as an exten-sion of the individual’s personality to further personal goals and to produce family in-come. The two types of owners differ in articulated venture strategies, personality,cognitive orientation and behavior preferences (Carland et al. 1988), factors also associ-ated with planning activities in small ventures (Carland, Carland, and Aby 1989). Aprimary objective of our research is to investigate whether this definitional distinctionaffords insight into the entrepreneurial psyche. Specifically, we pursue a three-way com-parison of the psychological predispositions of corporate managers, entrepreneurs andsmall business owners across a variety of contexts. Observed differences could haveimportant implications for theory development in a number of areas, including educa-tion and assistance programs, teaming, planning and management style.

THE PRESENT STUDYSparked by the recognition of an opportunity (Stevenson and Jarillo 1990), the entrepre-neur, through an act of volition (Bygrave and Hofer 1991) or intention (Bird 1988), is


the catalyst of the process of entrepreneurship. This research effort is focused on theindividual entrepreneur and is based on psychological theories that seek to explain whypeople act in certain ways, specifically, entrepreneurially. In other words, individual psy-chological factors may indicate a potential for entrepreneurship (Lachman 1980). Thereis evidence that psychological traits are remarkably stable over time (cf. Epstein andO’Brian 1985), influence behavior in relevant situations (Bem and Funder 1978), maychange situations (Rausch 1977) or be more easily expressed in certain situations(Schutte, Kenrick, and Sadalla 1985), and may lead people to choose different situations(Snyder and Ickes 1985). Therefore, psychological predispositions could be the anteced-ents of entrepreneurial behavior, indicating a proclivity for entrepreneurship.

Whereas a host of psychological factors associated with entrepreneurship has beenstudied, in evaluating a psychological predisposition for entrepreneurship we developa theoretical framework drawn from the three streams of research that are most com-monly evident in descriptions of the entrepreneur (Bellu 1987; Carland et al. 1984; Long1983): achievement motivation, risk-taking propensity, and preference for innovation.Research has generally supported relationships between these three psychological con-structs and the entrepreneur (Gasse 1982), but the results are inconclusive. The mostextensively researched of these characteristics is achievement motivation.

ACHIEVEMENT MOTIVATIONMurray (1938) identified the need for achievement as a basic need that influences behav-ior. McClelland (1961, 1965) established the construct in the entrepreneurship literatureby positing that a high need for achievement predisposes a young person to seek outan entrepreneurial position to attain more achievement satisfaction than could be de-rived from other types of positions (McClelland 1961, 1965; Meyer, Walker, and Litwin1961). Alternatively, a manager tends to be high in need for power and lower in needfor achievement (McClelland and Winter 1969). McClelland’s methodology has beenquestioned (Entwisle 1972; Frey 1984; Klinger 1966; Miner 1980), but moreover, thesestudies did not actually link need for achievement with the founding or ownership ofa business, the classical hallmarks of the entrepreneur. Subsequent researchers haveanalyzed achievement motivation vis-a-vis entrepreneurship.

Entrepreneurs are more achievement oriented than the general population (Hor-naday and Aboud 1971; Hornaday and Bunker 1970; Komives 1972), irrespective ofgender (DeCarlo and Lyons 1979). Although this conclusion is questioned (Schrage1965), so is the validity of the inferences of the detractors (Wainer and Rubin 1969).Resolution of these discrepancies is arduous because of differences in measurementand limited statistical power. Cross-cultural research indicates that not only is the entre-preneur higher in achievement motivation than the norm, but that the phenomenonmay not be significantly culturally circumscribed (Ahmed 1985; Nandy 1973; Perry, Mer-edith, and Cunnington 1988).

The need for achievement may not be the most important variable for predictingthe likelihood of starting a business. Achievement motivation was not a significant factoramong students who intended to become entrepreneurs and those who did not (Borland1974), nor between those who indicated entrepreneurial interest through the choice ofmajors (Sexton and Bowman 1983). Yet, the question of whether students’ majors orstated intentions are appropriate surrogates for business ownership arises. Potentiallymore conclusive results based on alumni business ownership indicate that achievement


motivation does not signify the likelihood of starting a business (Hull, Bosley, and Udell1980), but it appears to be a primary motivation for female entrepreneurs (Schwartz 1976).

Notably, few studies directly compare entrepreneurs and corporate managers onachievement motivation, and the results of those that have are mixed. Evidence suggeststhat entrepreneurs are higher in achievement motivation than are managers (Begleyand Boyd 1987a; Carland and Carland 1991; Lachman 1980; Ray 1981; Schere 1982).One study found no differences for female entrepreneurs and managers (Waddell 1983),whereas another study found female entrepreneurs higher in need for achievement thanfemale managers (Carland and Carland 1991). In general, the findings tend to supportthe McClelland and Winter (1969) proposition that managers and entrepreneurs havedifferent priorities of needs.

Although the relationship between achievement motivation and entrepreneurshiphas not been demonstrated (Brockhaus and Horwitz 1986), the inconclusiveness maybe a function of the samples, different operationalizations of the achievement motive,and convergent validity problems in instrumentation (Johnson 1990). Moreover, highachievement motivation may be correlated with venture performance (Begley and Boyd1987b; Carsrud and Olm 1986; Morris and Fargher 1974; Smith and Miner 1983, 1984;Wainer and Rubin 1969), suggesting that not only may the achievement motivation ofthe entrepreneur influence the ownership decision, but it could also influence the viabil-ity of the organization. Potentially, this is explained by entrepreneurs with high achieve-ment motivation engaging in more entrepreneurial activity than those with lower moti-vation (Durand and Shea 1974).

H1a: Entrepreneurs will demonstrate a greater need for achievement than will cor-porate managers.

In studies of the small business owner-manager, both of the Carland et al. (1984)types, entrepreneurs and small business owners, have generally been defined as entre-preneurs. In fact, the most often used minimum for defining an entrepreneur is simplythe person who starts a business. Our purpose to test whether the definitional distinc-tions offer insight. Intuitively, one might conclude that small business owners fall some-where between entrepreneurs and corporate managers; however, the literature is inade-quate in supporting such a conclusion due to a paucity of studies that explicitly test suchdistinctions. lf distinctions between entrepreneurs and small business owners in the Car-land et al. (1984) sense are unnecessary, the previous hypothesis should also apply tosmall business owners.

H1b: Small business owners will demonstrate a greater need for achievement thanwill corporate managers.

One of the primary differences between entrepreneurs and small business ownersin the Carland et al. (1984) definition is the goal for the business. The goals of profitand growth that are associated with the entrepreneur may indicate a higher achievementmotivation than that of the small business owner, who focuses on family income. Theplanning practices of entrepreneurs are also more extensive than those of small businessowners (Carland et al. 1989). Given that a higher degree of planning is associated withgreater achievement motivation (Carland et al. 1989), one could expect differences be-tween achievement motivation for the Carland et al. (1984) types.

H1c: Entrepreneurs will display a greater achievement motivation than will smallbusiness owners.


RISK-TAKING PROPENSITYRisk-taking propensity can be effectively conceptualized as an individual’s orientationtoward taking chances in a decision-making scenario (Sexton and Bowman 1985). Stud-ies generally support the notion that risk-taking is predispositional and not simply asituational variable (Jackson, Hourany, and Vidmar 1972; Plax and Rosenfeld 1976),and there is strong evidence for a propensity for risk-taking (Jackson et al. 1972). Thetask roles of the entrepreneur and the manager both entail risk-taking, but entrepre-neurs are generally believed to take more risks than do managers because the entrepre-neur faces a less structured, more uncertain set of possibilities (Bearse 1982), and actu-ally bears the ultimate responsibility for the decision (Gasse 1982; Kilby 1971; Knight1921). Early empirical studies indicated that managers who are in entrepreneurial rolesprefer intermediate levels of risk (Litzinger 1963; McClelland 1961; Meyer, Walker, andLitwin 1961). Subsequent investigations of owners have produced mixed conclusions.

Some studies have indicated no significant differences in the risk-taking propensit-ies of entrepreneurs as compared with the general population (Brockhaus 1976; Brock-haus and Nord 1979), or to managers (Brockhaus 1976; Brockhaus 1980a; Brockhausand Nord 1979). Furthermore, risk-taking propensity does not distinguish between suc-cessful and unsuccessful entrepreneurs (Brockhaus 1980b). All of the aforementionedstudies used the Wallach and Kogan Choice Dilemmas Questionnaire (CDQ), whichhas been criticized for low predictive validity of entrepreneurial risk-taking behavior(Higbee 1971; Ray 1986; Shaver and Scott 1991), for failure to measure a unitary dimen-sion (Cartwright 1971), and for ambiguity concerning scoring (Cartwright 1971). None-theless, other researchers, using different measures of risk-taking, have supported thesupposition that entrepreneurs are not significantly different from managers in theirpropensity for risk-taking (Litzinger 1965; Masters and Meier 1988) and that risk-takingpropensity has no bearing on entrepreneurial success (Peacock 1986).

Others have discovered a higher propensity for risk-taking among entrepreneursas compared with the general population (Broehl 1978; Liles 1974) and with managers(Carland et al. 1995; Hull, Bosley, and Udell 1980), particularly when confronted withbusiness risk (Ray 1986), but moderated by business experience, age, education andtype of business (Schwer and Yucelt 1984). Colton and Udell (1976) proposed that risk-taking, along with creativity and flexibility, is a better indicator of the likelihood of start-ing a business than is achievement motivation, a conclusion substantiated in aspiringentrepreneurs, as indicated by college major (Sexton and Bowman 1983, 1984, 1986).Moreover, founders appear to show even higher risk-taking than owners not involvedin start-up (Begley 1995; Begley and Boyd 1987b; Hull et al. 1980). Also, entrepreneurialattitudes toward risk in decision-making may not be bound by culture (McGrath, Mac-Millan, and Scheinberg 1992).

The absence of a consensus in the literature regarding the risk-taking propensitiesof entrepreneurs does not negate the rich conceptual discussions involving risk-takingpropensity. Moreover, because of the potential limitations associated with the use ofthe CDQ in previous studies, a more rigorous examination of the issue is warranted.

H2a: Entrepreneurs will exhibit a higher risk-taking propensity than will corpo-rate managers.

The majority of the aforementioned studies have included both entrepreneurs andsmall business owners under the moniker of “entrepreneur.” As with entrepreneurs,


small business owners face a more complex, uncertain set of possibilities and bear theadditional risks of business ownership relative to corporate managers.

H2b: Small business owners will exhibit a higher risk-taking propensity than will cor-porate managers.

Carland et al. (1984) suggested that the entrepreneur, because of the focus onprofits and growth, would be more likely to pursue new avenues for the business andwould engage in more extensive planning than would the small business owner. An en-trepreneur’s focus on venture growth may entail extended risk relative to the small busi-ness owner’s goal of meeting family needs as the entrepreneur plans for the growth ofthe business. Perhaps this explains the Carland et al. (1989) finding that a higher propen-sity for risk-taking is associated with more meticulous planning, implying the existenceof a difference in the two groups’ risk-taking propensity.

H2c: Entrepreneurs will exhibit a higher risk-taking propensity than will small busi-ness owners.

PREFERENCE FOR INNOVATIONSchumpeter (1934) hypothesized that innovation was the single constitutive entrepre-neurial function, separating acts of entrepreneurship from more common managerialactivities that are nonentrepreneurial (Kilby 1971). Creativity and innovation are condi-tions inherent in the role of entrepreneurship (Drucker 1985; Olson 1985; Timmons1978) and separate entrepreneurs from managers (Carland and Carland 1991; Carlandet al. 1984; Swayne and Tucker 1973; Timmons 1990). Innovation remains a frequentlyidentified functional characteristic of entrepreneurs (e.g., Carland et al. 1984; Corman,Perles, and Vancini 1988; Gartner 1990; Hornaday 1992; Kets de Vries 1977), but rela-tively few studies have empirically investigated the proposed relationship.

Much of the literature in entrepreneurship is devoted to the entrepreneur’s abilityto innovate. For instance, Schumpeter (1934) described entrepreneurial innovation interms of introducing new products or methods of production, opening new markets ornew sources of supply, or reorganizing industries. These behaviors are indicative of a levelof creative ability possessed by entrepreneurs, as manifested by their strategic behavior.Individuals, including entrepreneurs, however, not only differ in their relative ability tocreate, but also possess different styles with which they prefer to innovate, suggesting thatindividuals with comparable abilities to innovate might prefer widely different stylesof creativity (Goldsmith 1987; Kirton 1987, 1989). Therefore, creative ability and cre-ative style are separate constructs, and low-to-moderate positive relationships are ex-pected between measures of original style and creative ability (Goldsmith 1987).

In terms of Kirton’s (1987, 1989) Adaption-Innovation (KAI) Theory, entrepre-neurship attracts people who tend to prefer a more innovative style in solving problemsand making decisions (Goldsmith and Kerr 1991), and entrepreneurs are more innova-tive in their creative styles than are managers in large organizations, who tend to prefer amore adaptive style of creativity (Buttner and Gryskiewicz 1993), even in other cultures(Dewan 1982). In sum, even though the validity and factor structure of the KAI havebeen questioned (Payne, 1987; Torrance and Horng 1980), these studies suggest a dis-cernible prevalence of innovativeness in the psychological predisposition of entrepre-neurs. Other studies provide concurring evidence.


Entrepreneurship students are significantly higher in innovativeness than are gen-eral business majors, differentiating the aspiring entrepreneur from his or her aspiringcorporate counterpart (Sexton and Bowman 1983, 1984). Theoretically, this could bedue to the fact that career patterns of entrepreneurs are circumscribed by opportunitiesfor creativity and innovation (Bendit 1970; Collins and Moore 1964). Alternatively,managers’ careers tend to be anchored by competence and efficiency (Schein 1975).Not only do entrepreneurs have a higher preference for innovation than do managers(Robbins 1986), but founders of rapid growth firms are significantly higher in personalinnovation than are managers desiring innovative solutions to problems (Smith andMiner 1983, 1984).

H3a: Entrepreneurs will display a higher preference for innovation than will corpo-rate managers.

As discussed above, researchers have investigated the predisposition for innova-tion of a wide range of business owner-managers, and there is little evidence for a defini-tional distinction. Nonetheless, as indicated in the KAI literature, owner-managers, whofocus on effectiveness, prefer a creative style wherein, because of a lack of rules, thereis the potential to alter the context of the problem in devising new solutions. In compari-son, managers, who focus more on efficiency, are more likely to prefer to work withinmore structured decision-making environments with clear instructions.

H3b: Small business owners will display a higher preference for innovation than willcorporate managers.

Carland et al. (1984) theorized that entrepreneurs have a predilection for strategicactivities associated with innovative combinations of resources for profit and growth, ahypothesis with empirical support that suggests the entrepreneur’s ability to establish adistinctive competence for the firm (Carland et al. 1988). In so doing, the entrepreneurhas a higher preference for innovation than does the small business owner (Carlandet al.1988).

H3c: Entrepreneurs will display a higher preference for innovation than will smallbusiness owners.

RESEARCH PROCEDURE AND METHODOLOGY

The SampleTo support the development of a large data base of respondents, which was necessaryfor the research, to minimize nonresponse bias, and to procure thoughtful, consideredresponses to the questions and to the personality instruments, we determined that adata collection strategy different from traditional survey techniques would be required.Therefore, we decided to utilize graduate business students to approach candidates andsolicit their participation. The rationale for this decision was that the students wouldhave contacts with a large number of people, and these relationships would increasethe likelihood of response to a lengthy survey and prompt more meticulous attentionto the questions.

Subsequently, over a period of 4 years, more than 200 graduate business studentsfrom the authors’ classes were asked to locate and secure participants for this study.These students were first exposed to issues of psychological and personality distinctions


TABLE 1 Demographic Characteristics of Respondentsa

Characteristics Managers Owners

Gender Female 82 124Male 157 304

Race White 326 410Black 5 8Other 8 10

Age Under 25 years 18 1825 to 34 years 133 8335 to 44 years 127 14345 to 54 years 52 11255 and over 2 72

Education Less than high school 6 27High school graduate 63 130Some college 62 93College graduate 160 122Graduate study 48 56

Organization Retail or wholesale 29 212Manufacturing 169 24Construction 5 28Service 111 164

Employees Less than 10 37 33910–50 27 5551–100 20 14101–250 25 8Over 250 205 4

Sales Under $100,000 13 186$100,000–$500,000 23 132$501,000–$1,000,000 17 42Over $1,000,000 247 55

a Some numbers do not add to correct totals due to missing data points.

between entrepreneurs and managers. One class period was devoted to the discussionof the research, the contents of the survey, and the requirements for participation in thestudy. Moreover, each student in the class was required to complete the personality instru-ments used in the research, and the results and implications of their scores were discussed.Data collection was offered as one of several different term projects that students couldselect. Consequently, students who elected to participate had an interest in entrepre-neurship and felt that they had a network they could utilize to solicit participants.

There were no a priori lists for inclusion in the study. Students were instructed toidentify individuals who owned and actively managed small businesses and individualswho were employed by large firms in managerial capacities. We monitored the datacollection process carefully and verified each respondent. As a result of student involve-ment, the survey was administered to more than 800 owner-managers and corporatemanagers. The final data set consisted of 767 individuals, containing respondents from20 states. The majority, approximately 75%, of the respondents were from Georgia,Florida, North Carolina, Tennessee, South Carolina and Virginia. All of the remainingrespondents, about 25%, came from the Northeast, Midwest and Southwest. The demo-graphic characteristics of the data set are displayed in Table 1, which follows the discus-sion of variables and instrumentation.

Although the sample is one of convenience, there are several benefits from this


sampling technique. First, the sample was not anonymous, and the data set was con-trolled. Second, the rate of response was greater than that of the typical mail survey,particularly for surveys of entrepreneurs that produce notoriously low response rates(Aldrich 1992; Gasse 1982). Fewer than 5% of the individuals who were approachedrefused to participate in the study, indicating less concern with nonresponse bias. Third,the technique supported the generation of a large sample size. The central limit theorem(Mason 1982) suggests that the level of confidence of a sample of this size approachesthat of a random sample. Furthermore, the size of the sample improves statistical power.Using a conservative estimate of effect size, that labeled “small” by Cohen (1988), thestatistical power for this study is between 0.96 and 0.98 for an alpha level of 0.05, andbetween 0.88 and 0.92 for an alpha level of 0.01.

The Variables and Instrumentation

Achievement Motivation

We used the Achievement Scale of the Personality Research Form (PRF) (Jackson1967) to measure achievement motivation. The PRF is based on the 20 manifest needsdescribed by Murray (1938) and is designed with high content saturation to assess thepersonality of an individual in a wide array of situations (Jackson 1967). Each scaleconsists of 20 bipolar questions, 10 keyed “false” and 10 keyed “true” in order to reduceresponse sets. The definition of achievement motivation used for this study is as follows:

Achievement motivation, or the need for achievement, is evident in an individualwho: aspires to accomplish difficult tasks; maintains high standards; works towardthe attainment of distant goals; responds positively to competition; or is willing toput forth effort to attain excellence (Jackson 1967).

The PRF has been ubiquitously identified as a sound personality assessment instru-ment (Anastasi 1972; Hogan 1978). In terms of reliability, both homogeneity (Jackson1967) and stability (Bentler 1964; Jackson 1967) have been demonstrated for the PRF,as has construct validity (Campbell et al. 1964; Edwards, Abbott, and Klockars 1972;Jackson 1967, 1974; Jackson and Guthrie 1968; Jackson and Lay 1968; Kusyszyn 1968;Mehrabian 1969; Vesper 1980). For the current study, the Cronbach alpha estimate forachievement motivation was 0.72.

Risk-Taking Propensity and Preference for Innovation

We measured risk-taking propensity and preference for innovation with the Risk-Tak-ing and Innovation Scales of the Jackson Personality Inventory (JPI) (Jackson 1976).The construction and features of the JPI parallel those of the PRF. Both scales are com-posed of 20 bipolar questions aimed at maximized content saturation and reduced re-sponse bias. The Risk-Taking Scale of the JPI allows examination of four relatively inde-pendent components of risk-taking: social, physical, monetary and ethical; however,monetary risk is weighted most heavily (Jackson 1976). The following is a descriptionof the high scorer on the Risk Scale (Jackson 1976):

Enjoys gambling and taking a chance; willingly exposes self to situations with uncer-tain outcomes; enjoys adventures having an element of peril; takes chances; uncon-cerned with danger.


The Innovation Scale of the JPI is a measure of the predisposition to be innovativeand is conceptually synonymous with creativity. The Innovation Scale is highly similarto several personality-type indicators of creative personality style (Goldsmith 1987),particularly the Originality subscale of the KAI (Goldsmith 1984). The following is adefinition of the high scorer on the Innovation Scale (Jackson 1976):

A creative and inventive individual, capable of originality of thought; motivated todevelop novel solutions to problems; values new ideas; likes to improvise.

Research has verified the reliability and validity of the JPI for measuring general-ized risk-taking (Jackson 1977). Additional studies have supported the reliability (Beg-ley and Boyd 1987b; Goldsmith 1987; Howell and Higgins 1990) and the validity (Jack-son 1976; Jackson et al. 1972; Sexton and Bowman 1984) of the two scales of the JPI.In both instruments, the careful attention to scale construction is justified by the weightof contemporary writing (Dyer 1985), and the instruments possess sound psychometricproperties (Kaplan and Saccuzzo 1993). Moreover, both instruments are appropriatefor use in occupational settings (Sexton and Bowman 1984). Cronbach’s alpha reliabilityestimates for risk-taking and preference for innovation in the current study were 0.76and 0.77, respectively.

Control Variables

There is a potential for entrepreneurs to vary widely in different industries (Cooperand Dunkelberg 1981). For example, risk-taking propensities vary by size and type ofbusiness (Schwer and Yucelt 1984). Age (Cooper 1973; Howell 1972; Liles 1974; Mayerand Goldstein 1961; Shapero 1971), education (Brockhaus 1982; Brockhaus and Nord1979; Collins and Moore 1970; Cooper and Dunkelberg 1981, 1987; Howell 1972), gen-der (Cuba, DeCenzo, and Anish 1983; DeCarlo and Lyons 1979; Hisrich and O’Brien1981; Sexton and Bowman-Upton 1990) and race (DeCarlo and Lyons 1979; Feldman,Koberg, and Dean 1991) may be important in the entrepreneurial event. Because ofthe potentially confounding effects of individual and firm demographic factors, we in-cluded age, education, gender, race, and type of business as control variables.

Dependent Variable

A panel of experts, composed of Drs. JoAnn and James Carland, collaborated on anexamination of the surveys returned by the respondents. They assigned individuals tothe owner-manager group if they were primary owners of a small business and activein full-time management within that business. To be classified as small, a business hadto fit the most widely used definition of a small business (Peterson, Albaum, and Koz-metsky 1986)—that provided by the Small Business Administration in evaluation forassistance. All of the owner-managers had established and were managing a business.The approach to establishing the business varied, but the Carland et al. (1984) definitiondid not imply that a single approach to establishing a firm was required. In fact, theuse of the language in the two definitions suggests that the authors intended to incorpo-rate all approaches to establishing a business, as only two types of owner-managers werediscussed. The remaining individuals were classified as managers if they had no owner-ship stake in their firms and their positions involved: supervision of employees or officerswithin the organization; responsibility for use, protection or conservation of assets of


the organization; responsibility for performance of a unit of the organization; or involve-ment in planning for the organization. The panel omitted from the data set those individ-uals who could not be determined to be members of either group. As a result of theirinvestigation, the panel identified 428 small business owner-managers and 342 managersfrom the sample. The demographics of the final data set are comparable to the largesample described by Cooper and Dunkelberg (1987) and are displayed in Table 1.

To facilitate the objective of explicitly addressing definitional distinctions, weneeded to partition the owner-managers into two groups, entrepreneurs and small busi-ness owners, as proposed in the Carland et al. (1984) definition. We asked the panelof experts to review the responses and to classify each owner-manager as an entrepre-neur or a small business owner under the Carland et al. (1984) definition. The panelreported that the questions concerning perception of the business, its relationship tothe family, goals in establishing the business, and the practice of strategic planning pro-vided a basis for judging the respondents in all areas except innovative strategic behav-ior. The open-ended questions concerning personal and business goals and objectiveshelped to clarify the issue of family relationship. Finally, the panel used the respondents’open-ended description of steps taken to establish a distinctive competency to evaluateinnovative strategic practices.

The panel independently examined each of the 428 owner-manager surveys andclassified the respondent as an entrepreneur or a small business owner. The examinationresulted in complete agreement for 90% of the cases, producing a Proportional Reduc-tion in Loss reliability estimate (Rust and Cooil 1994) of 0.92. For the remaining respon-dents, the experts conferred and arrived at a consensus as to classification. The resultwas the classification of 101 respondents as entrepreneurs and 324 respondents as smallbusiness owners. Three respondents did not provide enough information for a consensusand were excluded from the analysis.

Data Analysis

We used hierarchical set multinomial LOGIT analysis to test the research model. Anadaptation of ordinary least squares regression, LOGIT produces a more efficient, inter-pretable estimation of models with categorical dependent variables by estimating pa-rameters using maximum likelihood estimation. In addition to the characteristics of thedata, the advantages of this form of analysis are numerous for this study, including theuse of natural logarithms, which reduces nonlinearity. Furthermore, the use of a hierar-chical set approach allows for the partialling of variance with correlated predictors,thereby reducing the likelihood of making a Type 1 error, and the technique extractsmaximal causal inference (Cohen and Cohen 1983). The analysis was constructed sothat the managers were the reference group, producing two equations. There is no soundcausal theory to guide the entry of the primary independent variables; therefore, weanalyzed six models that represent all possible orders of variable entry.

RESULTSMeans, standard deviations (SD), ranges and intercorrelations of the variables in thestudy are presented in Table 2. Scores for the primary independent variables, achieve-ment, innovation and risk-taking, were significantly correlated.


TABLE 2 Descriptive Statistics and Correlation Matrixa,b

Variables Mean SD 1 2 3 4 5 6 7 8

1 Age 40.8 11.22 Education 14.4 3.4 20.063 Race 1.0 0.3 0.05 20.014 Gender 1.7 0.4 0.11 0.02 0.065 Type of company 3.0 1.7 20.07 0.27 0.01 0.006 Achievement 12.8 2.7 20.01 0.03 20.08 0.01 20.037 Innovation 13.7 4.8 20.09 0.03 20.02 0.02 20.06 0.388 Risk taking 9.8 5.2 20.14 0.10 20.03 0.09 0.02 0.25 0.439 Entrepc 2.3 0.7 20.14 0.16 0.05 0.05 0.10 20.06 20.11 20.19

a Correlations greater than 0.07 or less than 20.07 are significant at alpha 5 0.05.b The range for need for achievement is 0 to 16, and the ranges for risk-taking propensity and preference for innovation

are 0 to 20.c Dependent variable categorization where 1 5 entrepreneurs, 2 5 small business owners, and 3 5 corporate managers.

Model Determination and Predictive EfficacyAll of the LOGIT models were significant (a 5 0.05) overall, as were the steps thatincluded the covariates and the main independent variables. In Table 3, we present themodel that was most appealing from a theoretical and performance perspective, show-

TABLE E 3 Results of Hierarchical Set Multinomial LOGIT Regressiona

Step Group Variable(s) B SE t Rho2 G

1 Entrep Constant 21.07 1.22 20.87 0.036d 54.9d

Age 0.01 0.01 1.13Education 20.10 0.04 22.69b

Black 0.10 1.55 0.06White 0.99 1.08 0.92Gender 20.21 0.26 20.82

SBO Constant 0.39 0.69 0.56Age 0.04 0.01 5.17d

Education 20.11 0.03 24.09d

Black 20.56 0.82 20.68White 20.18 0.52 20.34Gender 20.35 0.18 21.92

2 Entrep Wholesale 0.73 0.80 0.91 0.196d 247.9d

Manufacturing 22.00 0.66 23.02c

Retail 1.79 0.55 3.22c

Service 0.62 0.55 1.13SBO Wholesale 20.01 0.58 20.01

Manufacturing 22.60 0.40 26.41d

Retail 1.17 0.37 3.20c

Service 0.16 0.35 0.463 Entrep Achievement 0.25 0.06 4.26d 0.213d 26.8d

SBO Achievement 0.01 0.03 0.204 Entrep Innovation 0.12 0.03 3.54d 0.223d 14.2d

SBO Innovation 0.02 0.02 0.975 Entrep Risk 0.14 0.03 4.86d 0.241d 27.9d

SBO Risk 0.08 0.02 3.78d

a Final equations: Entrep 5 21.07 2 0.10(educ) 2 2.00(manuf) 1 1.79(retail) 1 0.25(nAch) 1 0.12(innov) 1 0.14(risk);SBO 5 0.39 1 0.04(age) 2 0.11(educ) 2 2.60(manuf) 1 1.17(retail) 1 0.08(risk).

b p , 0.05.c p , 0.01.d p , 0.001.


ing the multinomial LOGIT comparison between entrepreneurs and managers, and be-tween small business owners and managers. This model was initiated by the introductionof demographic characteristics in step 1, followed by the type of business in step 2. Theanalysis continued with the introduction of need for achievement (step 3), preferencefor innovation (step 4) and risk-taking propensity (step 5). Step 5 demonstrates thatthe fully divided model was significant (Rho2 5 0.241, p < 0.001), indicating a very satis-factory model because McFadden’s Rho2 tends to be much lower than the coefficientof determination in ordinary least squares regression (Hensher and Johnson 1981). Wetested the steps for incremental significance using the G-Statistic and log likelihoods(Hosmer and Lemeshow 1989), displayed in the last column of the table, and foundsteps 1 through 5 significant in their predictive impact on the model.

Analysis of PredictorsThe predictors are of interest as they are entered into the model (Cohen and Cohen1983). Step 1, introducing demographic variables into the model, shows that entrepre-neurs exhibited a significantly lower education level when compared with managers (t 522.69, p 5 0.007). Step 1 also demonstrates that small business owners were significantlyless educated (t 5 24.09, p < 0.0001) and older than managers (t 5 5.17, p , 0.0001).There were no other significant differences in the demographics.

In step 2 we introduced the type of business into the model. It shows that bothentrepreneurs (t 5 3.22, p 5 0.001) and small business owners (t 5 3.20, p 5 0.001)are significantly more likely to be involved in retail organizations than are managers.Conversely, managers are significantly more likely than either entrepreneurs (t 5 23.02,p 5 0.002) or small business owners (t 5 26.41, p , 0.0001) to be involved in manufac-turing. Steps 3, 4 and 5 test the research hypotheses.

Hypotheses Tests

Differences between Entrepreneurs and Managers

Hypotheses 1a, 2a and 3a posited that entrepreneurs would exhibit higher scores onneed for achievement, risk-taking propensity and preference for innovation, respec-tively, than would corporate managers. In Table 3, t-tests on comparisons between en-trepreneurs and managers are provided for need for achievement (t 5 4.26, p , 0.0001)in step 3, preference for innovation (t 5 3.54, p , 0.0001) in step 4, and risk-takingpropensity (t 5 4.86, p , 0.0001) in step 5. In all three tests, entrepreneurs scored signifi-cantly higher than managers, supporting hypotheses 1a, 2a and 3a.

Differences between Small Business Owners and Managers

Hypotheses 1b, 2b and 3b posited that small business owners would exhibit higher scoreson need for achievement, risk-taking propensity and preference for innovation, respec-tively, than would corporate managers. Table 3 displays t-tests on comparisons betweensmall business owners and managers for achievement motivation (t 5 .20, p . 0.10)in step 3, preference for innovation (t 5 .97, p . 0.10) in step 4, and risk-taking propen-sity (t 5 3.78, p , 0.0001) in step 5. The results support only one hypothesis. Small busi-ness owners tend to exhibit a higher risk-taking propensity than do corporate managers.


TABLE 4 Wald Tests of Differences between Entrepreneurs and Small Business Owners

Step Variables v 2 p

1 Age 5.75 0.016a

Education 0.10 0.754White 0.68 0.408Black 0.15 0.695Gender 0.03 0.859

2 Wholesale 1.04 0.308Manufacturing 0.19 0.666Retail 0.77 0.379Service 0.43 0.511

3 Need for achievement 10.75 0.000c

4 Preference for innovation 9.56 0.002b

5 Risk-taking propensity 2.19 0.020a

a p , 0.05.b p , 0.01.c p , 0.001.

Differences between Entrepreneurs and Small Business Owners

Hypotheses 3a, 3b and 3c predicted that entrepreneurs would exhibit higher scores onneed for achievement, risk-taking propensity and preference for innovation, respec-tively, than would small business owners. The testing of these hypotheses requires acomparison of the two groups through a series of Wald tests, run on the same modelas presented above, to compare the two previous LOGIT regressions, and are displayedin Table 4.

As illustrated in Table 4, when compared with small business owners, entrepre-neurs scored significantly higher on all three indices; need for achievement (x2 5 10.75,p , 0.001), risk-taking propensity (x2 5 2.19, p , 0.05), and preference for innovation(x2 5 9.56, p , 0.01). These findings provide support for hypotheses 3a, 3b and 3c. Itshould be noted that the magnitude of statistical significance for risk-taking propensityis not as strong as for the other two constructs. We show the elasticities of the variablesin Table 5, which are useful for determining the practical significance of the effect sizes,particularly for risk-taking.

DISCUSSION OF THE FINDINGSMany of the expectations conveyed in the hypotheses were supported. In terms of theentrepreneurs, the findings were consistent with the majority of our rationale. Our por-

TABLE 5 Average Individual Variable Elasticities for Significant Variablesa

Step Variable(s) Entrepreneurs Small Business Owners Managers

1 Age 20.249 0.847 20.653Education 20.523 20.644 0.838

2 Manufacturing 20.018 20.047 0.457Retail 0.416 0.106 20.054

3 Achievement 2.723 20.455 20.3124 Innovation 1.318 20.125 20.2175 Risk taking 0.866 0.133 20.302

a Indicates the percentage change in the probability of being classified in the given group for every percentage changein the value of the given independent variable.


trait of an entrepreneur is an individual who is highly driven to succeed, a motivationthat is also connected with a higher propensity for risk-taking. Concomitantly, the entre-preneur sparks innovation by altering the economic characteristics of products, marketsor industries. Decades of research and theorizing about the entrepreneur indicate theconfluence of these factors in distinguishing entrepreneurs from their corporate coun-terparts. The results of this study reinforce this conceptualization of the entrepreneuras an achieving, creative risk-taker.

Notably, this profile of those generally labeled as entrepreneurs is not consistentacross both of the types of small business owner-managers. Small business owners pres-ent a different portrait. It is with the small business owners, who were expected to bemore like the entrepreneurs than like the managers, where inconsistencies are apparent.The only characteristic that differentiated the small business owners from the managerswas small business owners’ relatively higher propensity to take risks. Overall, this out-come suggests that, more than any other factor, it is risk-taking that distinguishes thesmall business owner-manager from the corporate manager. There is a measure of riski-ness inherent in business ownership that is not necessarily present in the managerialrole. This propensity to take more risks appears to delineate the choice of business own-ership from the choice to assume a managerial position.

The differences exhibited between the small business owners and the entrepre-neurs provide interesting outcomes of the research. Not only did the entrepreneurs dif-fer dramatically from managers, but they also differed from small business owners.Small business owners are less risk oriented and are not as highly motivated to achieveas are entrepreneurs. Small business owners also lack the same degree of preference forinnovation. Given the relative significance of innovativeness in entrepreneurs, it wouldappear that creativity necessitates extended risk, because it entails coping with the po-tential outcomes that are associated with untried venues. Small business owners appearto lack this coalition of creativity and risk-taking.

These findings logically coincide with the differences in the goals of small businessowners and entrepreneurs. Psychological antecedents appear to be associated with en-trepreneurial aspirations. Both types of owner-managers have goals that are related totheir personalities. Entrepreneurs exhibit the psychological profile that is consistentwith their goals of growth and profit, and with the use of systematic planning. It is intu-itively appealing that relatively high achievement motivation, risk-taking propensityand preference for innovation are coupled with an emphasis on profit and growth. Alter-natively, the psychological predispositions and actions of small business owners aremore attuned to their personal goals and family income. The small business owner ap-pears to be a conceptual link between the entrepreneur and the manager, exhibitingcharacteristics that are likened more to the manager than to the entrepreneur. Poten-tially, this may explain some of the inconsistencies of the findings in previous researchwhere differences within samples of “entrepreneurs” were not examined. The resultspresented here indicate significant differences in the two types of owners’ proclivity to-ward entrepreneurship, suggesting that caution is necessary with operational definitionsand sampling frames. It appears likely that a sample of entrepreneurs is likely to containindividuals with a wide array of psychological predispositions, goals and planning behav-iors. Inattentiveness to these differences may render sampling, replication and compari-sons of findings problematic.

Although the purpose of this research was primarily to test theory, the results haveimportant implications for theory development in entrepreneurship. The findings rein-force the differentiation that is made between small business management and entrepre-


neurship, where firms headed by entrepreneurs tend to be larger with concomitanthigher risk and profit potential than the conventional small business (Luchsinger andBagby 1987). Achievement motivation, risk-taking propensity and preference for inno-vation appear to represent a constellation of psychological antecedents that are associ-ated with entrepreneurial behavior. In this study, those labeled entrepreneurs, with theirhigher entrepreneurial motivation, willingness to be creative in permutations of eco-nomic activity, and their concomitant risk postures, seem specially poised to recognizeand capitalize on entrepreneurial opportunities in the Schumpeterian tradition of car-rying out new combinations. Combined with this proclivity are goals of profit and growthand the use of strategic planning, which may clarify and enable entrepreneurial activity.Small business owners, while willing to assume the risks of business ownership, do notappear to have the same predisposition. A propensity for risk-taking in the absence ofachievement motivation and creativity would appear to link small business owners withorganizations that are relatively more static, given the owners’ goals and planningpractices.

The entrepreneurs and small business owners in this study had entered their busi-nesses through a variety of modes, including start-up, franchising, purchase and inheri-tance. The results emphasize the importance of an entrepreneurial proclivity in the po-tential for value creation, not just new venture creation. Subsequently, the concept ofvalue creation may be an important element in a theory of the entrepreneur. Overall,a psychological proclivity for entrepreneurship may be the foundation for a willingnessto act entrepreneurially, and may be a key component of the individual considerations,which, combined with processes and choices (Shaver and Scott 1991), may present amore holistic view of the phenomenon of entrepreneurship. We believe that this per-spective presents a significant opportunity for the refinement and extension of a theoryof entrepreneurship where linkages might be drawn between these psychological con-structs and other important elements of entrepreneurship, including goal setting, ven-ture formation, strategic planning and performance.

LIMITATIONS AND SUGGESTIONS FOR FUTURE RESEARCHThe limitations of primary concern are those inherent in a survey design and the con-comitant reliance on self-report data. Foremost among these limitations is the lack ofcontrol with a cross-sectional, correlational design, presenting rival hypotheses worthyof consideration. As always, there are also potential limitations associated with a non-random sample. Also, the study deals with psychological factors that indicate intentionsto engage in a particular type of business role. Intentions do not automatically transferinto a specified behavior. All individuals who exhibit the psychological profile of theentrepreneur will not necessarily behave entrepreneurially. Furthermore, it is possiblethat being in business has contributed to the magnitude of the psychological constructs.Nonetheless, we are comfortable that the potential limitations do not inhibit the use-fulness of the research.

The results of this study suggest a host of areas for additional research. One ofthe interesting outcomes of this study is the variation between entrepreneurs and smallbusiness owners. Some have questioned the validity and usefulness of identifying typesof entrepreneurs, but this study suggests that the development of entrepreneurial taxon-omies could be useful in more fully understanding owner-managers of all types. More-over, the results also intimate the value of studying the confluence of psychological char-acteristics and behaviors. Although the focus here was on identifying the significance


of personality constructs, the implicit inclusion of goals and planning practices links thepsychological antecedents with behavior. It appears that situation-trait interaction ap-proaches to understanding entrepreneurship might be fruitful. Beyond these theoreticaland methodological considerations, the results presented here emphasize the impor-tance of several topic areas for additional inquiry.

Much attention has been devoted to managerial issues associated with the progres-sion of an organization through the organizational life cycle and the perceived need fordisplacement of the entrepreneur by a capable manager (Timmons 1990). Organizationsmay indeed require different managerial styles as they grow, and the entrepreneur mayneed to undergo a style change or be replaced by a manager more capable of dealingwith a given organizational stage. Given their psychological predispositions, however,there may be potential difficulties in adopting new managerial styles. A more completeunderstanding of psychological correlates of organization behavior and of the differ-ences between managers and owner-managers could be used to investigate the interfacebetween the entrepreneurial business and its organizational growth.

Interest in intrapreneurship, or corporate entrepreneurship, has escalated, al-though some consider entrepreneurship to be the opposite of corporate management(Vesper 1985). Although intrapreneurship was outside the scope of this study, it is im-portant to learn more about how intrapreneurs and entrepreneurs are psychologicallysimilar or diverse. How do similarities and differences lead them to choose and dealwith different situations? How do the environments in which they operate influencethe outcomes of psychological predispositions? Can managers be made more entrepre-neurial? These questions suggest research that links the fields of entrepreneurship andcorporate management, which some believe is important to the continued developmentof both fields (Stevenson and Jarillo 1990).

Potentially the most important topic in this line of research is the effects of psycho-logical characteristics on performance, which, to date, have been inconclusive (Perry1990). Robinson and Pearce (1984) noted that planning in small businesses, its anteced-ents and outcomes, was not well understood. Yet, formal planning appears to improveperformance in small firms (Schwenk and Shrader 1993). Planning in small firms is domi-nated by the owner-manager, and evidence suggests that the characteristics of theowner-manager influence planning (Carland et al. 1989). By definition, those labeledentrepreneurs in this study engaged more extensively in strategic planning than did thesmall business owners. It is important to learn more about how psychological factorsinfluence the process and outcomes of strategic thinking in small organizations. If entre-preneurs are more strategic in their planning than are small business owners, much isto be learned about the process of planning in these organizations, and about the con-comitant effects on performance. Performance should be assessed in light of the owner’saspirations for the venture. Also, balanced venture teams appear to improve the likeli-hood of entrepreneurial success (Timmons 1990). More knowledge concerning venturepartners’ psychological predispositions may help explain team member conflict andcould assist in enhancing venture team planning and performance. Such inquiry couldproduce fruitful research in both entrepreneurship and strategic management.

CONCLUSIONIf indeed the individual entrepreneur is the most salient unit of analysis in entrepreneur-ship research and theory (Herron and Sapienza 1992; Lachman 1980), then a more com-


plete understanding of the entrepreneur is a necessary condition for the developmentof a refined understanding of the process of entrepreneurship. The differences exhibitedin this study, not only relative to managers, but also illustrated between entrepreneursand small business owners, suggest that a psychological proclivity toward entrepreneur-ship is an important consideration. The more these two groups of owner-managers areunderstood, the more likely it is that we will be able to meaningfully circumscribe theareas of entrepreneurship and small business management, and to more constructivelyaddress the needs of each in a rigorous, robust model of the entrepreneurial process.

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