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Skip to 0 minutes and 10 seconds Technology is involved in explaining the behaviour of individuals. In Entrepreneurship context, scholars have tried to find those personal characteristics that predict, or even define, successful Entrepreneurship. These characteristics are defined as Entrepreneurial traits, and the following ones are very important, according to the literature. One, need for achievement. Need for achievement is the desire of an individual for significant accomplishment. They want to master a skill, to control something, or to achieve high standards. These motivations can both be internally, so you really want to achieve something for yourself, or externally, we want to achieve something because external people would really like that. Two, desire for autonomy. An individual can have a desire to make one’s own decisions without control by others.

Skip to 1 minute and 12 seconds This individual often always wants to be responsible for the consequences. For example, such a person would say, in my job, I really need to be able to set my own working hours. Three, risk-taking propensity. This characteristic is the degree to which somebody is willing to take chances with respect to risk or loss. And four, tolerance for ambiguity. This is the ability to cope with situations where information is limited and events uncertain. So you see that especially these last two traits have a direct link with handling an uncertain and complex environment.

Skip to 1 minute and 58 seconds Although research has found these four attributes to be really related to Entrepreneurs, the results are not conclusive. There is not a clear Entrepreneurial profile. Entrepreneurs are very heterogeneous. They cannot be captured in one simple profile. However, the general consensus is that on average, Entrepreneurs demonstrate these characteristics to a very large degree, a larger degree than non-entrepreneurs.

Extra: Psychology and entrepreneurship

This video explains the view of psychologists on aspects of entrepreneurship.

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Decision Making in a Complex and Uncertain World

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