Risk attitudes and personality traits of entrepreneurs and venture team members.

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.