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Novel Opportunity Exploitation: Impact of Personality, Environment and Uncertainty Avoidance Culture

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  • Lee, Lena
  • Wong, Poh Kam

Abstract

This study shows that the joint effects of the entrepreneur’s personality and an unpredictable environment, as well as the interaction effects of a low uncertainty avoidance culture, predict opportunity exploitation. Our study’s findings are consistent with the emerging opportunity-exploiter nexus framework of Shane and Venkataraman, which posits that the rate and nature of entrepreneurial exploitation activities are jointly determined by the nexus of environmental factors that shape the emergence of opportunities and the supply of opportunity-seekers with the right entrepreneurial personalities to exploit such opportunities. Specifically, we found that entrepreneurs who display a high level of extroversion, agreeableness, openness to experience, conscientiousness, and non-neuroticism, have a greater propensity to exploit novel opportunities in unpredictable environments and low uncertainty avoidance cultures. A study involving 570 entrepreneurs from UK, Thailand, and South Korea reveals that the interaction effects between personality and environmental unpredictability is more pronounced in cultures with a low high degree of uncertainty avoidance.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16194.

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Date of creation: 12 Jul 2009
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Handle: RePEc:pra:mprapa:16194

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Keywords: Opportunity exploitation; personality; culture;

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  1. McGrath, Rita Gunther & MacMillan, Ian C., 1992. "More like each other than anyone else? A cross-cultural study of entrepreneurial perceptions," Journal of Business Venturing, Elsevier, vol. 7(5), pages 419-429, September.
  2. Danny Miller, 1983. "The Correlates of Entrepreneurship in Three Types of Firms," Management Science, INFORMS, vol. 29(7), pages 770-791, July.
  3. Ardichvili, Alexander & Cardozo, Richard & Ray, Sourav, 2003. "A theory of entrepreneurial opportunity identification and development," Journal of Business Venturing, Elsevier, vol. 18(1), pages 105-123, January.
  4. Christine König & Holger Steinmetz & Michael Frese & Andreas Rauch & Zhong-Ming Wang, 2007. "Scenario-based scales measuring cultural orientations of business owners," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 211-239, April.
  5. Covin, Jeffrey G. & Slevin, Dennis P., 1990. "New venture strategic posture, structure, and performance: An industry life cycle analysis," Journal of Business Venturing, Elsevier, vol. 5(2), pages 123-135, March.
  6. Taylor, Mark P, 1996. "Earnings, Independence or Unemployment: Why Become Self-Employed?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 253-66, May.
  7. Poh Kam Wong & Lena Lee & Maw Der Foo, 2008. "Occupational Choice: The Influence of Product vs. Process Innovation," Small Business Economics, Springer, vol. 30(3), pages 267-281, March.
  8. Rögnvaldur Saemundsson & Åsa Dahlstrand, 2005. "How Business Opportunities Constrain Young Technology-Based Firms from Growing into Medium-Sized Firms," Small Business Economics, Springer, vol. 24(2), pages 113-129, 03.
  9. Fagenson, Ellen A., 1993. "Personal value systems of men and women entrepreneurs versus managers," Journal of Business Venturing, Elsevier, vol. 8(5), pages 409-430, September.
  10. Macmillan, Ian C. & Siegel, Robin & Narasimha, P. N. Subba, 1985. "Criteria used by venture capitalists to evaluate new venture proposals," Journal of Business Venturing, Elsevier, vol. 1(1), pages 119-128.
  11. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, December.
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