Personality Traits and Entrepreneurial Performance of Small Businesses in Nigeria

Olajide Idowu Okunbanjo

Abstract


The need for entrepreneurs to achieve desirable results in their entrepreneurial acts cannot be over emphasized. In achieving this, the personality factors of the entrepreneurs in planning and organizing their business processes and activities plays a crucial role. To this end, the study examined the role of personality traits in determining the entrepreneurial performance of small businesses in Lagos State, the second largest city in Nigeria. This study uses descriptive research design and simple random sampling method. Primary source of data collection was sourced through the use of questionnaire which was administered to 379 small business owners in Lagos State. The findings from the multiple regression analysis indicated that extraversion, conscientiousness, and openness to experience as personality traits dimensions have significant effect on business model innovation as well as value creation of small businesses in Lagos State. It was concluded that personality traits are determinants for small business performance in Lagos State. Based on this, the study recommended that small business owners in Lagos State should continue to exhibit more of their personality traits especially extraversion and openness to experience in the act of developing innovative model for the business processes or activities. This study also recommended that small business owners need to focus on value creation by showing more of personality traits especially conscientiousness and openness to experience than extraversion.


Keywords


Personality Traits, Extraversion, Conscientiousness, Openness to Experience, Entrepreneurial Performance

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References


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