IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v15y2022i13p4533-d844530.html
   My bibliography  Save this article

The Trait of Extraversion as an Energy-Based Determinant of Entrepreneur’s Success—The Case of Poland

Author

Listed:
  • Andrzej Janowski

    (Department of Economy, Higher School of Business and Management, Płońska 57A, 06-400 Ciechanów, Poland)

  • Anna Szczepańska-Przekota

    (Faculty of Economic Science, Koszalin University of Technology, Kwiatkowskiego 6E, 75-343 Koszalin, Poland)

Abstract

The fact that personality traits play an important role when it comes to predicting people’s entrepreneurial behavior is currently indisputable. However, so far, the majority of subject literature has focused on employee characteristics in developed countries. To address this gap, research was conducted, including 188 entrepreneurs of small and medium enterprises (SME) and 21 highest-level employees in Poland—one of the countries with the most hostile and turbulent environment for entrepreneurial operations in the world. The five personality traits (Big Five) were evaluated using the 60-item scale. There were three objectives of this study: to identify the differences between entrepreneurs and the most effective, highest-level employees, in the context of personality trait intensities, to determine the level of specific trait(s) intensities (OCEAN) of an effective entrepreneur. Finally, to determine whether it is possible to construct a model based on BIG5 to estimate the probability of success as an entrepreneur. The research results imply there are significant differences between successful entrepreneurs and highly effective employees and their personality trait intensities, described in the BIG5 model. Moreover, it is possible to distinguish trait intensity ranges, determining the success as an entrepreneur. Finally, we constructed the empirically based model, which allows us to estimate the chances of an individual succeeding as an entrepreneur with only a 5% error rate. The main factor and common denominator of entrepreneurial effectiveness is the trait of extraversion. The findings of our study are particularly important for the renewable energy sector in Poland, as the last part of green energy implementing blockchain (e.g., the installation and maintenance of wind turbines and solar panels) is being undertaken, in vast majority, by independent contractors and SME owners (entrepreneurs).

Suggested Citation

  • Andrzej Janowski & Anna Szczepańska-Przekota, 2022. "The Trait of Extraversion as an Energy-Based Determinant of Entrepreneur’s Success—The Case of Poland," Energies, MDPI, vol. 15(13), pages 1-21, June.
  • Handle: RePEc:gam:jeners:v:15:y:2022:i:13:p:4533-:d:844530
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/15/13/4533/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/1996-1073/15/13/4533/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Andrzej Janowski, 2018. "Personality Traits and Sales Effectiveness: The Life Insurance Market in Poland," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 14(1), pages 143-160.
    2. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    3. Tomasz Korol, 2021. "Examining Statistical Methods in Forecasting Financial Energy of Households in Poland and Taiwan," Energies, MDPI, vol. 14(7), pages 1-14, March.
    4. Oleksandr Melnychenko, 2021. "The Energy of Finance in Refining of Medical Surge Capacity," Energies, MDPI, vol. 14(1), pages 1-14, January.
    5. Oldham, Greg R. & Fried, Yitzhak, 2016. "Job design research and theory: Past, present and future," Organizational Behavior and Human Decision Processes, Elsevier, vol. 136(C), pages 20-35.
    6. Tomasz Korol, 2021. "Evaluation of the Macro- and Micro-Economic Factors Affecting the Financial Energy of Households," Energies, MDPI, vol. 14(12), pages 1-14, June.
    7. Dayong Zhang, 2018. "Energy Finance: Background, Concept, and Recent Developments," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(8), pages 1687-1692, June.
    8. Dubois, Anna & Gadde, Lars-Erik, 2002. "Systematic combining: an abductive approach to case research," Journal of Business Research, Elsevier, vol. 55(7), pages 553-560, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Danuta Zawadzka & Agnieszka Strzelecka & Ewa Szafraniec-Siluta, 2021. "Debt as a Source of Financial Energy of the Farm—What Causes the Use of External Capital in Financing Agricultural Activity? A Model Approach," Energies, MDPI, vol. 14(14), pages 1-17, July.
    2. Mele, Cristina & Russo Spena, Tiziana & Kaartemo, Valtteri & Marzullo, Maria Luisa, 2021. "Smart nudging: How cognitive technologies enable choice architectures for value co-creation," Journal of Business Research, Elsevier, vol. 129(C), pages 949-960.
    3. Agnieszka Strzelecka & Danuta Zawadzka, 2023. "Savings as a Source of Financial Energy on the Farm—What Determines the Accumulation of Savings by Agricultural Households? Model Approach," Energies, MDPI, vol. 16(2), pages 1-18, January.
    4. Jonathon Mackay & Matthew Pepper & Albert Munoz, 2023. "Disruptions, systems and individual agents—Exploring the intersections," Systems Research and Behavioral Science, Wiley Blackwell, vol. 40(1), pages 43-60, January.
    5. Leyer, Michael & Schneider, Sabrina, 2021. "Decision augmentation and automation with artificial intelligence: Threat or opportunity for managers?," Business Horizons, Elsevier, vol. 64(5), pages 711-724.
    6. Seow Eng Ong & Davin Wang & Calvin Chua, 2023. "Disruptive Innovation and Real Estate Agency: The Disruptee Strikes Back," The Journal of Real Estate Finance and Economics, Springer, vol. 67(2), pages 287-317, August.
    7. Christiane Goodfellow & Dirk Schiereck & Steffen Wippler, 2013. "Are behavioural finance equity funds a superior investment? A note on fund performance and market efficiency," Journal of Asset Management, Palgrave Macmillan, vol. 14(2), pages 111-119, April.
    8. Philippe Fevrier & Sebastien Gay, 2005. "Informed Consent Versus Presumed Consent The Role of the Family in Organ Donations," HEW 0509007, University Library of Munich, Germany.
    9. Shuang Yao & Donghua Yu & Yan Song & Hao Yao & Yuzhen Hu & Benhai Guo, 2018. "Dry Bulk Carrier Investment Selection through a Dual Group Decision Fusing Mechanism in the Green Supply Chain," Sustainability, MDPI, vol. 10(12), pages 1-19, November.
    10. Senik, Claudia, 2009. "Direct evidence on income comparisons and their welfare effects," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 408-424, October.
    11. Jose Apesteguia & Miguel Ballester, 2009. "A theory of reference-dependent behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(3), pages 427-455, September.
    12. Shoji, Isao & Kanehiro, Sumei, 2016. "Disposition effect as a behavioral trading activity elicited by investors' different risk preferences," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 104-112.
    13. Christoph Engel & Michael Kurschilgen, 2011. "Fairness Ex Ante and Ex Post: Experimentally Testing Ex Post Judicial Intervention into Blockbuster Deals," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(4), pages 682-708, December.
    14. Pascal Dey & Chris Steyaert, 2016. "Rethinking the Space of Ethics in Social Entrepreneurship: Power, Subjectivity, and Practices of Freedom," Journal of Business Ethics, Springer, vol. 133(4), pages 627-641, February.
    15. Christina Leuker & Thorsten Pachur & Ralph Hertwig & Timothy J. Pleskac, 2019. "Do people exploit risk–reward structures to simplify information processing in risky choice?," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 5(1), pages 76-94, August.
    16. Saarijärvi, Hannu & Mitronen, Lasse & Yrjölä, Mika, 2014. "From selling to supporting – Leveraging mobile services in the context of food retailing," Journal of Retailing and Consumer Services, Elsevier, vol. 21(1), pages 26-36.
    17. Boone, Jan & Sadrieh, Abdolkarim & van Ours, Jan C., 2009. "Experiments on unemployment benefit sanctions and job search behavior," European Economic Review, Elsevier, vol. 53(8), pages 937-951, November.
    18. Singal, Vijay & Xu, Zhaojin, 2011. "Selling winners, holding losers: Effect on fund flows and survival of disposition-prone mutual funds," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2704-2718, October.
    19. Jos'e Cl'audio do Nascimento, 2019. "Behavioral Biases and Nonadditive Dynamics in Risk Taking: An Experimental Investigation," Papers 1908.01709, arXiv.org, revised Apr 2023.
    20. Alex Cukierman & Anton Muscatelli, 2001. "Do Central Banks have Precautionary Demands for Expansions and for Price Stability?," Working Papers 2002_4, Business School - Economics, University of Glasgow, revised Mar 2002.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:15:y:2022:i:13:p:4533-:d:844530. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.