DOES BIG-FIVE PERSONALITY FACTORS PREDICT BEING A SUCCESSFUL ENTREPRENEUR?

Abstract

Entrepreneurship is regarded as a major driver of a nation‘s economy with its contributions to the GDP. The advent of entrepreneurial activities in the global world and particularly, Nigeria has made it interesting to know how to build this important aspect of a nation‘s economy and job creation avenues. This study therefore looked at the relationship between the big-five personality factors and entrepreneurial success. A descriptive survey research design was adopted using standardized questionnaires to elicit responses from 341 micro business owners (entrepreneurs). Results showed that all the big-five factors jointly predicted entrepreneurial success (F= 19.41, p<.05). Furthermore, the findings showed that extraversion (β = .092, p>.05) had no significant relative contribution to entrepreneurial success. However, agreeableness (β=.185, p<.05), conscientiousness (β = .141, p<.05), neuroticism (β = .246, p<.05) and openness (β = .132, p<.05) all significantly independently predicted entrepreneurial success. It was recommended amongst others that entrepreneurs should endeavour and strive to identify their unique traits/skills and channel them to achieving their desired goals and aspirations.