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IfM Publications Which characteristics encourage entrepreneurial action

Can the five-factor model of personality - degree of extraversion and interpersonal compatibility, conscientiousness in action, emotional stability and openness to new experiences - also be used in start-up and SME research? Dr. Petrik Runst and Dr. Jörg Thomä (both Economics Institute for Small and Medium-Sized Enterprises and Handicrafts at the University of Göttingen) examine this question in their policy brief "The prototype approach - a new look at the role of personality for entrepreneurial action".

In contrast to earlier studies, which only analyzed the influence of individual characteristics on entrepreneurial activity, they look at the interaction of the five factors. At the same time, they show that the personality structure of founders is only one of many factors that determine successful start-ups.