The Relationship of Entrepreneurial Traits, Skill, and Motivation to Subsequent Venture Growth.

TLDR

Prior entrepreneurship and related theories suggest that traits and skills such as passion, tenacity, and resource acquisition, together with motivation factors like vision, self‑efficacy, and goals, influence venture growth. The study followed 229 CEOs and 106 associates in one industry over six years, collecting longitudinal data. Structural equation modeling revealed that goals, self‑efficacy, and communicated vision directly drive venture growth and mediate the effects of passion, tenacity, and new resource skill, with vision and self‑efficacy also linked to goals and tenacity to new resource skill.

Abstract

Previous research on entrepreneurship as well as goal, social-cognitive, and leadership theories has guided hypotheses regarding the relationship between entrepreneurial traits and skill (passion, tenacity, and new resource skill) and situationally specific motivation (communicated vision, self-efficacy, and goals) to subsequent venture growth. Data from 229 entrepreneur-chief executive officers and 106 associates in a single industry were obtained in a 6-year longitudinal study. Structural equation modeling revealed a web of relationships that impact venture growth. Goals, self-efficacy, and communicated vision had direct effects on venture growth, and these factors mediated the effects of passion, tenacity, and new resource skill on subsequent growth. Furthermore, communicated vision and self-efficacy were related to goals, and tenacity was related to new resource skill.