Risk attitudes and personality traits of entrepreneurs and venture team members

Sari Pekkala Kerr; William R Kerr; Margaret Dalton

doi:10.1073/pnas.1908375116

Risk attitudes and personality traits of entrepreneurs and venture team members

Proc Natl Acad Sci U S A. 2019 Sep 3;116(36):17712-17716. doi: 10.1073/pnas.1908375116. Epub 2019 Aug 19.

Authors

Sari Pekkala Kerr^{1

2}, William R Kerr^{3

4}, Margaret Dalton⁴

Affiliations

¹ Wellesley Centers for Women, Wellesley College, Wellesley, MA 02481.
² National Bureau of Economic Research, Cambridge, MA 02138.
³ National Bureau of Economic Research, Cambridge, MA 02138; wkerr@hbs.edu.
⁴ Entrepreneurial Management Unit, Harvard Business School, Boston, MA 02163.

Abstract

Personality distinctions between entrepreneurs, nonfounder CEOs/leaders, and inventor employees have received limited attention, especially in innovative settings where they are working together. We surveyed these groups, along with other employees of innovative firms, at 4 locations of a prominent innovation and coworking center. Entrepreneurs display the greatest tolerance of risk, even in small gambles, as well as the strongest self-efficacy, internal locus of control, and need for achievement. Nonfounder CEOs/leaders typically sit in between entrepreneurs and employees for personality traits. Entrepreneurs, nonfounder CEOs/leaders, and inventor employees all show more innovative personalities than the noninventor employees in the same companies.

Keywords: entrepreneurs; innovation; inventors; personality; risk.

Publication types

Research Support, Non-U.S. Gov't
Research Support, U.S. Gov't, Non-P.H.S.

MeSH terms

Achievement*
Adult
Attitude*
Female
Humans
Leadership*
Male
Middle Aged
Self Efficacy*