Description
On this detailed criteria related to theoretical foundations on the entrepreneurial potential.
lntreµreneurshiµ as a µrocess: the
imµortance of an individuaI based
µersµective
Lnliepieneuiship has leen desciiled as a piocess
incIuding six nain slages: 1) iecognilion of an
oppoilunily, 2) decision lo Iaunch a venluie, 3)
assenlIing lhe iesouices, 4) acluaI Iaunch of nev
venluie, 5) luiIding a successfuI lusiness, and 6)
haivesling lhe ievaids (Tinnons, & SpineIIi, 2OO7,
ßaion and Shane, 2OO8, ßuins, 2O11). Acioss
enliepieneuiship slages, vaiialIes fion diffeienl
IeveIs have inpoilanl inpacls upon lhe successfuI
piocess deveIopnenl.
VaiialIes fion a noie dislaI IeveI incIude
goveinnenl poIicies, econonic condilions, and
lechnoIogy. The dis|a| fac|crs aie unpiediclalIe, lhey
aie nol conlioIIed, noi can le changed ly any
individuaI, lul lheii peiceplion infIuence lhe
inleiesl in slailing a lusiness (ßegIey, Tan, &
Schoch, 2OO6, ßegIey, & Tan, 2OO1). CeneiaIIy,
econonic, lechnoIogicaI, financiaI, indusliiaI and
cuIluiaI changes infIuence enliepieneuiship
aclivily (e.g., ßosna, Wennekeis, & Anoiós, 2O11),
and lhey aie especiaIIy deleininanl foi poIicy
nakeis and inslilulions. (Acs, Desai & HesseIs,
2OO8, Lundsliön & Slevenson, 2OO5). DislaI faclois
have a diiecl inpacl on individuaIs, oiganizalions
and nev venluies Iife, lul lhey aie nol undei lhe
conlioI of anenliepieneui.
The in|crncdia|c |ctc| vaiialIes iefei lo faclois lhal
incIude lhe sociaI enviionnenlaI condilions lhal
invoIve lhe enliepieneui and lhe nev venluie.
Moie specificaIIy, il iefeis lo conpelilois, sociaI lies
( e. g. , KI yvei , Hi ndI e & Meyei , 2OO8) ,
enliepieneuiiaI lean, cuIluiaI conlexl, effecliveness
in inleiaclions vilh venluie capilaIisls, cusloneis,
oi polenliaI enpIoyees. The inleinediale faclois
have a diiecl inpacl on lhe enliepieneuiship
piocess, lul enliepieneuis aie nol alIe lo conlioI aII
lhe slienglhs and veaknesses lhal eneige fion
lhese. AIlhough, enliepieneuis have giealei
noniloiing aliIily on lhe nezzo faclois vhen
conpaied lo lhe dislaI faclois, lhey aie sliII
significanlIy unconlioIIalIe ly lhe individuaI.
The prcxina| fac|crs iefei lo lhe individuaI skiIIs and
aliIilies, nolives, capacilies, knovIedge and
expeiience. These faclois iefei lo aII lhe individuaI
dinensions lhal inpacl ovei lhe enliepieneuiship
piocess. Lileialuie has shovn lhal enliepieneuis
aie dislincl fion nanageis on ciilicaI skiIIs and
aliIilies such as iisk laking (Minei & Raju, 2OO4),
and seIf-efficacy (e.g., Chen, Cieene, & Ciick, 1998),
anong olheis. Thus, lo le an enliepieneui,
individuaIs nusl possess specific skiIIs, aliIilies and
knovIedge. The nolives lhal diive enliepieneuis,
day aflei day lhiough lhe enliepieneuiiaI slages,
aie aIso deleininanl lo lhe fIov of lhe
enliepieneuiship piocess (Shane, Locke & CoIIins,
2OO3). OnIy a high nolivalionaI pallein can nake
lhe enliepieneui nove foivaid on lhe haidesl
nonenls, and nol lo lounce lack vhen facing
disappoinlnenls and negalive evenls. SiniIaiIy, lhe
enliepieneuis' capacilies and knovIedge on lhe
lusiness aiea aie ciilicaI lo lhe success of lhe
enliepieneuiiaI piocess (Shane, 2OOO). Lveiy
enliepieneui has lo possess deep and piioi
knovIedge on lhe lusiness aiea (Lckhaidl & Shane,
2OO3). In addilion, expeiience on siniIai lusiness is
aIso inpoilanl lo successfuIIy achieve lhe Iaunch of
"|acu|tµ of Psµcho|ogµ, Llsbon Unltersltµ A|ameda da
Unltersldade, 1649-013 Llsboa Portuga|. |curra|©fµ.u|.µt
""lnstl tuto Unl tersl tárl o de Ll sboa, lSCTE-lUL,
Buslness Research Unlt (UNlDE-lUL), Atenlda das |orças
Armadas, EdlfIclo lSCTE 1649-026 Llsboa, Portuga|.
susana.santos©lscte.µt
"""lnstltuto Unltersltárlo de Llsboa, lSCTE lUL BRU, Buslness
Research Unl t ( UNlDE-lUL) Atenl da das |orças
Armadas, EdlfIclo lSCTE, 1649-026 Llsboa, Portuga|.
antonlo.caetano©lscte.µt
1
Ani|q 8usincss ]curna|
2013, Vc|. 2, Nc. 1
Ccpqrign| 2012 oq A8S,
Ani|q Unitcrsi|q U||ar Pradcsn, |uc|ncu Canpus (|SSN 2278-0904)
Jheo|et|ca| loundat|on· on the ent|ep|eneu||a| potent|a|
Luís Curra!ª 5usana C. 5antnsªª AntðnIn Cactannªªª
In lhis papei ve piesenl a lheoielicaI nodeI of enliepieneuiiaI polenliaI. Iiisl, ve highIighl lhe ieIevance of individuaI faclois on lhe
enliepieneuiship piocess as lhey aie possilIe lo conlioI and noniloi ly lhe enliepieneui. Nexl, ve ievise lhe Iileialuie on lhe nain
chaiacleiislics of enliepieneuis, vhich aie on lhe lasis of lhe enliepieneuiiaI polenliaI nodeI. ßased on lhe Iileialuie, ve lhen suggesl
lhal enliepieneuiiaI polenliaI incIudes foui nain dinensions enliepieneuiiaI nolivalions, psychoIogicaI conpelencies, sociaI
conpelencies, and nanagenenl conpelencies. These najoi conpelences, inluin, aie consliluled ly eIevenspecific conpelences: desiie
foi independence, econonic nolivalion, enliepieneuiiaI seIf-efficacy, vision, iesouice noliIizalion capacily, Ieadeiship capacily,
innovalion capacily, enolionaI inleIIigence, iesiIience, connunicalion and peisuasion capacily, and nelvoik deveIopnenl capacily.
IinaIIy, ve discuss lhe inpoilance of assessing enliepieneuiiaI polenliaI al univeisilies and enliepieneuiship cenlies.
2
a nev venluie (Moiiis, Kuialko, Schindehulle, &
Spivack, 2O12). The decision naking piocess and
sl ial egi es aie aI so del eini ni ng f oi l he
enliepieneuiship piocess and nev venluie
deveIopnenl. Decision nakeis aie usuaIIy iequiied
lo nake fasl decisions vilh Iiniled infoinalion
(Lisenhaidl, 1989, Ocasio, 1997). Lnliepieneuis aie
incieasingIy iequiied lo decide in unceilain
enviionnenls, vilh fuzzy cIues and unslalIe
infoinalion (ßaun and WaIIy, 2OO3). Despile
cognilive Iinilalions connon lo aII hunan leings,
aII decision nakeis seek lo infIuence oulcones
(Noilonand Mooie 2OO2).
Thus, lhe individuaI faclois have a diiecl inpacl on
lhe enliepieneuiship piocess and lhey shaie a
connon chaiacleiislic: lhey aie aII conlioIIalIe and
possilIe lo noniloi ly lhe enliepieneui. The
enliepieneui can liain hin oi heiseIf on lhe specific
skiIIs and aliIilies, lhe nolives and diives lhal nove
lhe enliepieneui aie onIy dependenl on his oi hei
viII, lhe enliepieneui can gain and assiniIale lhe
iequiied knovIedge and expeiience on lhe lusiness
venluie aiea. Theiefoie, lhe pioxinaI faclois aie
possilIe loconlioI and noniloi, as lhey onIy depend
on lhe enliepieneui hin oi heiseIf. Iiguie 1
desciiles lhe enliepieneuiship piocess slages and
lhe lhiee IeveIs of infIuencing vaiialIes: dislaI,
inleinediale and pioxinaI faclois.
IoI I ovi ng l he pievi ous aigunenl s, l he
enliepieneuiship piocess can onIy le lolaIIy
noniloied ly lhe pioxinaI faclois, i.e., ly lhe
individuaI. ßased on lhis ieasoning, il is inpoilanl
lo inciease lhe focus on lhe individuaI side of lhe
enliepieneuiship. To pionole ieseaich on lhe
individuaI IeveI of enliepieneuiship can heIp lo
de ve I op e vi de nc e - las e d pi ac l i c e s f oi
enliepieneuiship (e.g., educalion, slialegies,
pIalfoins and poIicies) focused on lhe hunan
deveIopnenl. IoIIoving lhis ieIevance on lhe
individuaI, lheie is an incieasing ieseaich voik on
enliepieneuishi p focusi ng on i ndi vi duaI
peispeclives, adapling seveiaI lheoielicaI
fianevoiks, such as psychoIogy (e.g., ßaun, Iiese,
& ßaion, 2OO7, Rauch & Iiese, 2O12) and cognilive
science (e.g., ßaion, 2OO4, ßaion & Waid, 2OO4,
Sanlos, CuiiaI & Caelano, 2O1O). Despile lhe
ieIevance onlhe individuaI faclois, il is inpoilanl lo
highIighl lhal lhe enliepieneuiship piocess slages
aie inleiaclive and lhe lhiee-IeveI faclois aie ciilicaI
and have diffeienl and syslenalic inpacls ovei lhe
piocess, line and cuIluies (Audielsch, Thuiik,
VeiheuI & Wennekeis, 2OO2).
This peispeclive is lhen focused on lhe inleinaI
enviionnenl of lhe oiganisn, on lhe cognilions,
aclions, decisions, aspiialions and enolions of lhe
enliepieneui (Venkalaianan, Saiasvalhy, Dev and
Ioislei, 2O12). We suppoil lhe choice of lhis
peispecli ve lased on lhe evi dence lhal
enliepieneuiship is a hunan lased piaclice and
inliinsicaIIy dependenl on lhe individuaIs decisions
and aclions. RadicaIIy, lheie is no enliepieneuiship
vilhoul lhe individuaI.
Despile lhe ieIevance of lolh lhe individuaI and lhe
oiganizalionaI consliucls, lhis papei focuses
excIusiveIy on lhe individuaI IeveI. Oui focus on lhe
individuaI IeveI is slienglhened ly lhe inpoilance
F|gure 1. Entrepreneursh|p process stages and the three |eve|s of |nf|uenc|ng var|ab|es
(based on ßaron 8 $hane, 2008).
3
pievious sludies, vhich ¨intcs|iga|c ncans fcr |nc
car|q ana|qsis cf |nc pc|cn|ia| fcr |nc succcss cf ncu
tcn|urcs¨ (p. 278) in a sanpIe of sludenls (Wong,
Cheung, & Venuvinod, 2OO5).
Ciounded on lhe assunplion lhal lhe siniIai nosl
inpoilanl dinensions lhal aie nosl shaied anong
lhe enliepieneuis aie aIso ciilicaI in assessing an
individuaIs' piepaiedness lo engage in lypicaI
enliepieneuiship aclivilies (i.e., an individuaIs'
enliepieneuiiaI polenliaI) ve piopose lhal
enliepieneuiiaI polenliaI can le expIained ly lhe
foui nain dinensions evidenced in lhe Iileialuie on
enliepieneui chaiacleiislics.
The enliepieneuiiaI polenliaI is lhen lhe Ialenl
consliucl undeiIying lhe nosl dislinclive
psychosociaI chaiacleiislics of enliepieneuis,
vhich aie ieIaled lo lhe successfuI nev venluie
deveIopnenl (Kiuegei & ßiazeaI, 1994). The
enliepieneuiiaI polenliaI nodeI ve piopose is
lased on conpelencies. We have adopled lhe
definilion of conpelency sliessed ly Spencei and
Spencei: "A ccnpc|cncq is an undcr|qing cnarac|cris|ic
cf an inditidua| |na| is causa||q rc|a|cd |c cri|cricn-
rcfcrcnccd cffcc|itc and/cr supcricr pcrfcrnancc in a jco
cr si|ua|icn" (1993, p. 9).
We considei lhal enliepieneuiiaI polenliaI iefeis lo
an individuaI's piepaiedness lo engage in lypicaI
enliepieneuiiaI aclivilies. ßy focusing on
¨cn|rcprcncuria| pc|cn|ia|¨ ve inlend lo highIighl lhe
lypicaI enliepieneuiiaI skiIIs lhal aie noie
associaled lovenluie Iaunch.
We piopose lhal enliepieneuiiaI polenliaI is lhe
sunnal i ve iesuI l of seveiaI i ndi vi duaI
enliepieneuiiaI chaiacleiislics. Thus, ly liinging
logelhei lhe nosl ieIevanl chaiacleiislics in lhe
enliepieneui chaiacleiislics Iileialuie, ve can
piopose lhal lhese nuIli dinensions aIso expiess an
individuaI's piepaiedness lo engage in aclivilies
lhal aie lypicaI of enliepieneuiship.
We nexl piesenl a sunnaiy oiganized accoiding lo
lhe nain dinensions of lhe nosl dislinclive
chaiacleiislics of enliepieneuis lhal ve suggesl lhal
aie incIuded on lhe enliepieneuiiaI polenliaI
consliucl donain: (a) enliepieneuiiaI nolivalions,
(o) nanagenenl conpelencies, (c) psychoIogicaI
conpelencies and (d) sociaI conpelencies. These aie
nain dinensions, lul incIuded in lhese aie seveiaI
sul dinensions lhal aie consideied noie
dislinguishing of enliepieneuiiaI lehavioui, oi
enliepieneuiiaI idenlily (Andeison & Waiien,
2O11). Il is nol oui puipose heie lo deveIop a
syslenalic Iileialuie ieviev of lhe chaiacleiislics of
enliepieneuis lecause good slale of lhe ail
oveivievs of psychoIogicaI enliepieneuiship
ieseaich have aIieady leen piovided, foi exanpIe,
i ndi vi duaI chai acl ei i sl i cs have on l he
enliepieneuiiaI piocess (e.g., ßaun, Locke and
Snilh, 2OO1, ßaun and Locke, 2OO4, ßaion and
Shane, 2OO8). We assune lhal enliepieneuiship is
nol soIeIy lhe iesuIl of an individuaI's aclions and
chaiacleiislics, as exleinaI faclois aIso pIay a
ieIevanl ioIe (e.g., lhe econonic, lechnoIogicaI,
poIilicaI and ieguIaloiy conlexl). Hovevei, as lhe
enviionnenlaI faclois aie noslIy unpiediclalIe, ve
aigue lhal an i ndi vi duaI ' s psychosoci aI
chaiacleiislics pIay a ciilicaI ioIe in lhe
deveIopnenl of lhe enliepieneuiiaI piocess.
Thus, lhis papei ains lo nake a conliilulion lo lhe
deveIopnenl of lhe lheoielicaI enliepieneuiship
fieId ly piesenling a nodeI foi enliepieneuiiaI
polenliaI, i.e. sunnalive iesuIl foi lhe nosl ieIevanl
individuaI chaiacleiislics foi enliepieneuiship.
lntreµreneuriaI µotentiaI: Definition
and µroµerties
In seveiaI decades of ieseaich aiound lhe queslion
¨Inc is an cn|rcprcncur?¨ (CaiIand, Hoy, and
CaiIand, 1988, Cailnei, 1989), enpiiicaI evidence is
diffuse and disconnecled in lhe Iileialuie, vhich
nakes il conpIex lo deveIop a lioad lheoielicaI
fianevoik. In olhei voids, despile lhe gieal
anounl on ieseaich lased on lhe individuaI
chaiacleiislics of enliepieneuis, incIuding liails,
conpelencies, alliludes, nolives and skiIIs (e.g.,
Woo, Coopei & DunkeIleig, 1991), il is sliII alsenl
an inlegialive fianevoik of lhe nosl dislinclive
psychosociaI chaiacleiislics of enliepieneuis. In
addilion, lo desciile lhe individuaI chaiacleiislics
of enliepieneuis is sliII one of lhe nain highIighls
and needs on lhe ieseaich fieId, as Saiasvalhy and
Venkalaianan (2O11) suggesled vhen desciiling
lhe need lodeveIop anenliepieneuiiaI nelhod.
Reseaich on lhe individuaI chaiacleiislics of
enliepieneuis has leen nainIy focused on liying lo
di f f ei enl i al e enl i epi eneui s f i on ol hei
oiganizalionaI agenls, such as nanageis, (e.g.,
Chen, Cieene and Ciick, 1998) oi desciiling lhe
chaiacleiislics associaled vilh enliepieneuiiaI
inlenlion (e.g., Caiey, IIanagan, & IaInei, 2O1O,
Haylon& ChoIakova, 2O12).
Despile lhe diffeienl appioaches and nelhods, lhe
nosl dislinclive chaiacleiislics of enliepieneuis aie
aIso indicalive of having an adequale psychosociaI
piofiIe lo deveIop enliepieneuiiaI aclivily. As a
iesuIl, oui aigunenl on lhe deveIopnenl of lhe
enliepieneuiiaI polenliaI consliucl is: if ve can
aggiegale lhe nosl dislinclive chaiacleiislics of
enliepieneuis, lased on pievious ieseaich
evidences, ve candeveIop anoveiaII neasuie of lhe
polenliaI lo le an enliepieneui - lhe cn|rcprcncuria|
pc|cn|ia|. This aigunenl vas aIieady used in
l|sr|c| (1985) lourd l|al ore ol l|e pr|re rol|val|ors lor slarl|rg a ous|ress
Was a des|re lor |rdeperderce. lorraday ard Aooud (1971) surveyed o0
ous|ress lourders us|rg severa| persora||ly |rverlor|es ard s|oWed l|al l|ose
lourders scored s|gr|l|carl|y ||g|er l|ar l|e gerera| popu|al|or or reasures
ol |rdeperderce. Correspord|rg|y, l|e dr|ve lor |rdeperderce |rl|uerced l|e
deve|oprerl ol lar||y ous|resses, ard erlreprereurs gerera||y s|oW a
prelererce lor |rdeperderl las|s (e.g., A|slele, 2008, Voyer ard C|a|ols|y,
2008, Llsc|, Rauc|, Rol|luss ard Frese, 1999).
0|rers|ors Erp|r|ca| Ev|derces / T|eorel|ca| Propos|l|ors
Erlreprereur|a|
Vol|val|ors
T|e des|re lo pursue erlreprereur|a| opporlur|l|es lo gererale ecoror|c prol|l,
|.e., l|e ecoror|c rol|val|or, |as oeer c|led as ore ol l|e c|aracler|sl|cs rosl
s|ared oy successlu| erlreprereurs. l|e reed lo ra|e rorey. lr gerera|,
erlreprereurs perce|ved l|e|r Wor| as rore prol|lao|e l|ar Wor||rg lor ol|ers
(e.g., A|slele, 2008, 6r|ce ard |e|sor, 2008). T|us, oe|av|oura||y or|erled
researc|ers ol erlreprereurs||p argued l|al |l |s |rporlarl lo cors|der ard
reasure l|e ecoror|c va|ue ol ous|ress opporlur|l|es oecause l|al |s W|al
dr|ves erlreprereurs' rol|val|or (S|are, Loc|e ard Co|||rs, 2003).
Ar |rd|v|dua|'s oe||el |r ||s/|er capac|ly lo pursue a parl|cu|ar goa| |as oeer
|derl|l|ed as cruc|a| lo severa| acl|v|l|es (6ardura, 1982ard erlreprereur|a|
acl|v|ly |s ro excepl|or (e.g., C|er, 0reere ard Cr|c|, 1998, Poor, A|rudd|r,
ard Jur|l, 200o). Se|l-ell|cacy |s |rporlarl lor erlreprereurs oecause l|ey
rusl oe corlderl |r l|e|r ao|||l|es lo perlorr d|llererl ard oller urarl|c|paled
las|s |r urcerla|r s|lual|ors (6aur ard Loc|e, 2004). Se|l-ell|cacy |as oeer
re|aled lo ous|ress verlure |aurc| ard success (6oyd, & Voz|||s, 1994, C|er,
0reere ard Cr|c|, 1998, Poor, A|rudd|r, ard Jur|l, 200o), ard dyrar|cs
arourd ous|ress perlorrarce (lr|e|es|| ard 6aror, 2008).
T|ere are s|gr|l|carl d|llererces oelWeer erlreprereurs ard erp|oyers. T|e
capac|ly lor |rroval|or |s ore ol l|e ra|r c|aracler|sl|cs ol l|e erlreprereur|a|
|urar cap|la| (e.g., Erg|e, Va| ard Sadr|, 1997, Varve| ard Lurp||r, 2007,
Llsc|, Rauc|, Rol|luss ard Frese, 1999). ll |s poss|o|e lo d|sl|rgu|s|
erlreprereurs lror ror-erlreprereurs oased or ac||evererl, se|l-esleer,
persora| corlro|, ard |rroval|or (Roo|rsor, Sl|rpsor, luelrer ard lurl,
1991). w|||e |rroval|veress car oe del|red as a c|aracler|sl|c ol ar |rd|v|dua|,
|rroval|or |rp|ererlal|or ellecl|veress deperds or a group ol persors, ard
as suc| |s a c|aracler|sl|c ol ar erlreprereur|a| verlure (K|e|r ard Sorra,
199o). lr ol|er Words, |l relers lo l|e capac|ly lo ergage |r |rverl|ve
deve|oprerl processes, resu|l|rg |r l|e |rlroducl|or ol reW producls,
processes or rar|el serv|ces.
Vayer, Sa|ovey ard Caruso (2000) del|red erol|ora| |rle|||gerce as ar ao|||ly
lo express erol|ors, lo use erol|ors lo lac|||lale l||r||rg, lo urderslard ard
argue oy rears ol erol|ors, ard lo rarage l|er |rlerra||y W|||e
corrur|cal|rg W|l| ol|ers ellecl|ve|y.
Prev|ous researc| |as s|oWr l|al erlreprereurs gel re|al|ve|y ||g| scores lor
erol|ora| |rle|||gerce (6aror ard Var|rar, 2000, Cross ard Travag||ore,
2003, l|ggs ard 0u|eW|cz, 2003). Erp|r|ca| slud|es ara|ys|rg l|e re|al|ors||p
ol erol|ora| |rle|||gerce W|l| erlreprereurs||p all|ludes ard erlreprereur|a|
|rlerl|ors |ave oegur lo oe carr|ed oul. Zarpela||s, Kalels|os, 6ourarla,
0eWell ard Vousla||s, (2009) rade a s|gr|l|carl corlr|oul|or oy creal|rg a
l|eorel|ca| rode| correcl|rg erol|ora| |rle|||gerce ard erlreprereurs||p
all|ludes, as We|| as erlreprereur|a| |rlerl|ors. T|e aul|ors |rlegraled
erol|ora| |rle|||gerce ard erlreprereur|a| |rlerl|ors, us|rg l|e lealures ol
proacl|v|ly ard creal|v|ly l|al lorr l|e erlreprereurs||p all|ludes ol ar
|rd|v|dua|. T|e Zarpela||s, Kalels|os, 6ourarla, 0eWell ard Vousla||s (2009)
rode| s|oWed l|al erol|ora| corporerls Were expressed oy lee||rgs ard
erol|ors, delerr|r|rg all|lude loWards erlreprereur|a| |rlerl|ors.
Psyc|o|og|ca|
corpelerc|es
Aulorory ard
slraleg|c dec|s|or
ra||rg |rlerl|or
aulorory
0el|r|l|or
0es|re lo ac||eve
ecoror|c prol|l
lrd|v|dua| oe||el |r
l|e capac|ly lo
successlu||y
perlorr l|e
erlreprereur|a|
goa|s
Capac|ly lo
ergage
|r |rverl|ve
deve|oprerl
processes,
resu|l|rg |r l|e
|rlroducl|or ol
reW producls,
processes or
rar|el serv|ces
Ao|||ly lo perce|ve,
|rlerprel ard
rarage
erol|ors lror se|l
ard lror l|e
ol|ers
0es|re lor
|rdeperderce
Suo-
0|rers|ors
Ecoror|c
rol|val|or
Erlreprereur|a|
se|l-ell|cacy
lrroval|or
capac|ly
Erol|ora|
|rle|||gerce
4
ly CheII, Havoilh and ßieaiIy (1991), Coopei and
Cineno-Cascon(1992) and nela-anaIysis (Schvenk
and Shiadei, 1993).
The nai n di nensi ons l hal can expI ai n
enliepieneuiiaI polenliaI aie: (a) enliepieneuiiaI
nolivalions, (o) psychoIogicaI conpelencies, (c)
sociaI conpelencies, and (d) nanagenenl
conpelencies. These dinensions aIIov us lo
idenlify and diffeienliale lhe piepaiedness of an
individuaI lo engage in lypicaI enliepieneuiiaI
aclivilies: i.e., lhe enliepieneuiiaI polenliaI.
Moieovei, and connecling lhe dols lo liing logelhei
lhe nosl ieIevanl aspecls of pievious enpiiicaI
ieseaich and lheoielicaI suggeslions, a ieviev of lhe
Iileialuie highIighled eIeven suldinensions
incIuded onlhese naindinensions (see TalIe 1 foi a
sunnaiy).
lr erlreprereurs||p l|e urcerla|rly |eve| |s gerera||y ||g|er l|ar |r ol|er
orgar|zal|ora| sell|rgs, ard erlreprereurs |ave lo |roW |oW lo des|gr ard
|rp|ererl adaplao|e oe|av|ours. Res|||erce relers lo l|e descr|pl|or ard
exp|aral|or ol ar urexpecled pos|l|ve oulcore desp|le a scerar|o ol ||g| r|s|
ard urcerla|rly (e.g., Fr|oorg, ljerda|, Roserv|rge, Varl|russer, As|a|ser
ard F|aler, 200o). Res|||erce ev|derced ru|l|d|rers|ora| c|aracler|sl|cs ard
car oe corceplua||zed as a reasure ol successlu| slress-cop|rg ao|||ly
(Corror ard 0av|dsor, 2003).
Erp|r|ca| researc| ev|derced l|al erlreprereurs s|oWed grealer |eve|s ol
pers|slercy l|ar ror-erlreprereurs (e.g., Fr|oorg, ljerda|, Roserv|rge,
Varl|russer, As|a|ser ard F|aler, 200o). 0|ver l|al erlreprereurs||p |s
slr|cl|y assoc|aled W|l| r|s|, |l Was re|evarl lo ara|yse ar erlreprereur's ao|||ly
lo cope W|l| d|ll|cu|l|es, l|reals ard ursuccesslu| projecls. we argue l|al
res|||erce rusl oe ar |rporlarl laclor across l|e erlreprereurs||p process, as
l|e |eve| ol urcerla|rly laced oy erlreprereurs |s grealer l|ar l|al ol ol|er
orgar|zal|ora| p|ayers (e.g., Cov|r ard S|ev|r, 1989). Erlreprereurs |ave lo
|roW |oW lo des|gr ard |rp|ererl pos|l|ve adapl|ve oe|av|ours l|al l|l eac|
s|lual|or (Va||a|, 1998), |.e., l|ey |ave lo oe res|||erl. lr add|l|or, |l Was s|oWr
l|al res|||erl corpar|es prorole erlreprereur|a| oe|av|our (Re|rroe||er ard
var 6aardW|j|, 2005), ard l|al erlreprereurs cou|d deve|op erol|ora|,
cogr|l|ve, soc|a| ard l|rarc|a| res|||erce l|al car oe |arressed ard roo|||zed
lor a suosequerl verlure |aurc| (layWard, Forsler, Sarasval|y ard
Fredr|c|sor, 2010).
Ao|||ly lo reacl
lo urexpecled
resu|ls |r a
r|s|y ard urcerla|r
s|lual|or. T||s |s a
ru|l|d|rers|ora|
c|aracler|sl|c,
W||c| |as oeer
corceplua||zed
as a slralegy
lor cop|rg W|l|
slress ard
urcerla|rly
Res|||erce
T|e ao|||ly lo |rleracl ellecl|ve|y W|l| ol|ers |as a pos|l|ve ellecl or
erlreprereur|a| success (6aror ard Var|rar, 2000). Erlreprereurs cors|der
l|al l|ey |ave a grealer capac|ly lor persuas|or (loe|r-we|ss, 6rus| ard
6aror, 2004). Recerl slud|es ev|derced l|al l|e soc|a| corpelerc|es re|ale
s|gr|l|carl|y lo reW verlure perlorrarce reasures, ard l||s re|al|ors||p |s
red|aled l|roug| success |r |rlorral|or see||rg ard resources (6aror ard
Targ, 2009). Eggers, Lea|y ard C|urc|||| (199o) slud|ed 112 erlreprereur|a|
corpar|es oy erp|oy|rg 20 oe|av|oura| sca|es l|al reasure CE0 |eaders||p
ard raragererl s||||s. T|e resu|ls ev|derced, lor |rslarce, l|al
corrur|cal|or, de|egal|rg, ard perlorrarce lac|||lal|or Were pos|l|ve|y
re|aled lo success. Erlreprereurs usua||y ex||o|l grealer scores |r l|e ra|r
|rd|v|dua| psyc|osoc|a| var|ao|es (6eg|ey ard 6oyed, 1987, 0reer, 0av|d, 0erl
ard Tys||ovs|y, 199o, Llsc|, Rauc|, Rol|luss ard Frese, 1999).
Soc|a|
Corpelerc|es
Persuas|or ard
corrur|cal|or
capac|ly
Ao|||ly lo c|arge
oWr ard ol|ers'
all|ludes ard
oe|av|ours lo
creale l|e
c|rcurslarces
rosl |||e|y lo
corlr|oule lo
erlreprereur|a|
success
T|e ao|||ly lo deve|op a relWor| oelWeer erlreprereurs ard ol|er |rd|v|dua|s
W|o car prov|de resources lor ous|ress |rp|ererlal|or ard deve|oprerl Was
|derl|l|ed as ore ol l|e erlreprereur|a| perlorrarce pred|clors (6aug|r, Cao,
Le, L|r e |euperl, 200o, C|ay, 1993). T|e ao|||ly lo deve|op a soc|a| relWor|,
logel|er W|l| ol|er corslrucls, |as a d|recl ellecl or verlure creal|or
deve|oprerl (e.g., Jo|arr|ssor, 1988, Lee ard Tsarg, 2001). T|e relWor|
approac| assures l|al ar erlreprereur's ao|||ly lo orgar|ze ard coord|rale
relWor|s oelWeer |rd|v|dua|s ard orgar|zal|ors Was cr|l|ca| lor ool| slarl|rg up
a corpary ard ous|ress success (6|r|ey, 1985, Rauc|, ard Frese, 2000).
6rueder| ard Pre|serdoerler (1998) s|oWed l|al relWor| supporl |s re|aled lo
l|e surv|va| ard groWl| ol reW|y lourded erlerpr|ses, ard l|al supporl lror
lr|erds ard re|al|ves |r parl|cu|ar Was rore |rporlarl l|ar supporl lror
ous|ress parlrers, lorrer erp|oyers, ard co-Wor|ers.
|elWor|
deve|oprerl
capac|ly
Ao|||ly lo
deve|op a relWor|
oelWeer
erlreprereurs
ard ol|er
|rd|v|dua|s
W|o car prov|de
resources lor
ous|ress
|rp|ererlal|or
ard deve|oprerl
Varagererl
Corpelerc|es
0esp|le l|e d|vers|ly ol del|r|l|ors lor v|s|or, 0reeroerger ard Sexlor (1988. 5)
argued l|al ¯erlreprereurs are |||e|y lo |ave sore aoslracl |rage |r r|rd
aooul W|al l|ey |rlerd lo accorp||s|¨, ard l||s v|s|or serves as a gu|de lor l|e|r
oWr acl|ors. Erlreprereur|a| v|s|or |s corce|ved as a resu|l ol l|e
erlreprereur's |rlu|l|ve ard |o||sl|c l||r||rg, ard or|dges l|e currerl s|lual|or
ard l|e lulure slale (Ers|ey, Car|ard ard Car|ard, 2000).
Erp|r|ca||y, v|s|or capac|ly |as oeer s|oWr lo oe a pred|clor ol erlreprereur|a|
verlure deve|oprerl (6aur, Loc|e ard K|r|palr|c|, 1998, 6aur, Sr|l| ard
Loc|e, 2001), ard d|recl ard |rd|recl causa| ellecls or sra|| verlure
perlorrarce (6aur, Loc|e ard K|r|palr|c|, 1998). lr erlreprereur|a|
corpar|es, v|s|or r|g|l oe rore |rporlarl l|ar |r o|gger orgar|zal|ors
oecause ol l|e re|al|ve|y c|ose corlacl oelWeer erlreprereur ard erp|oyees,
cuslorers, ard supp||ers. T|us, v|s|or |as ar ellecl or l|e perlorrarce ol
sra|| corpar|es.
V|s|or
Ao|||ly lo prev|eW
ard v|sua||ze l|e
goa|s, oojecl|ves
ard lulure
rea||zal|ors
5
6
Entreµreneurla| Motltatlons
ßy enliepieneuiiaI nolivalions ve nean lhe
nolives lhal diive individuaIs lovaids lypicaI
enliepieneuiiaI aclivilies. Hunan nolivalion is one
of lhe sliongesl piediclois of enliepieneuiiaI
success. Il is lhe nain diivei in puisuing
enliepieneuiiaI aclivilies (Shane, Locke and CoIIins,
2OO3).
The enliepieneuiiaI nolivalions highIighled in lhe
Iileialuie incIude geneiaI and lask-specific IeveIs,
vilh diffeienl inpacls on lhe enliepieneuiiaI
piocess (Shane, Locke and CoIIins, 2OO3), and on
venluie giovlh (ßaun, Locke and Snilh, 2OO1,
Uilan, 2O1O). The iich conpIexilies of nolivalions
veie engaged as a ciilicaI ioIe in enliepieneuiiaI
lehaviouis (Caisiud & ßiännlack, 2O11). The
enliepieneuiiaI nolivalions veie aIso idenlified in
lhe Iileialuie as one of lhe giealesl piediclois of a
nev venluie's success (ßaun, Locke and Snilh,
2OO1, Slevail and Rolh, 2OO7). Accoiding lo lhe
Iileialuie, lhiee nain diiveis can expiess
enl i epi eneui i aI nol i val i on: des i i e f oi
i ndependence, econoni c noli vali on and
enliepieneuiiaI seIf-efficacy (see lalIe 1).
Psµcho|oglca| Comµetencles
Theie is a lioad sel of chaiacleiislics lhal can le
incIuded anong lhe psychoIogicaI conpelencies,
and lhey iefei lo lhe vide gioup of skiIIs and
alliilules lhal chaiacleiize enliepieneuiiaI
individuaIs (e.g., CheII, 2OO8). In lhe gioup of
psychoIogicaI conpelencies ve incIude lhe
individuaI liails lhal aie dislinclive anong
enliepieneuis: innovalion capacily, enolionaI
inleIIigence and iesiIience (see lalIe 1).
Socla| Comµetencles
Since an enliepieneui acls vilhin a sociaI conlexl
and lheiefoie has lo inleiacl vilh diffeienl pIayeis,
anolhei di nensi on of an enliepieneui' s
chaiacleiislics lhal vouId denole an individuaI's
aliIily lo inleiacl effecliveIy vilh olheis invoIves
sociaI conpelence (e.g., ßaion, 2OOO). An
enliepieneui's effecliveness in inleiacling vilh
olheis, lhal is, his / hei sociaI conpelence, nay aIso
affecl lheii enliepieneuiiaI success (ßaion &
Maiknan, 2OOO). This assunplion veie lased on
piedicling lhal lhe highei an enliepieneui's sociaI
conpelence, lhe giealei lhe success of his oi hei
lusiness. The sociaI conpelencies incIude lhe
chaiacleiislics lhal deleinine lhe enliepieneuis'
aclion in a sociaI conlexl, vhen inleiacling vilh
olheis. Anong lhe nosl ieIevanl aie lhe peisuasion
and connunicalion capacily and nelvoik
deveIopnenl capacily (see lalIe 1).
Management Comµetencles
The nanagenenl conpelencies aie defined ly lhe
lasic and specific conpelencies in lusiness
nanagenenl (e.g., ßaun, Locke and Snilh, 2OO1),
and noslIy lhey iefei lo lhe individuaI's aliIily lo
nanage lhe foui eIenenls of lhe lusiness: lhe
enliepieneui hin/heiseIf, lusiness slialegy,
lusiness iesouices and hunan iesouices. IncIuded
in nanagenenl conpelences aie lhiee sul-
T|e ao|||ly lo gal|er l|e l|rarc|a| ard raler|a| resources lo rarage a verlure
|as oeer |derl|l|ed as ar |rporlarl pred|clor ol erlreprereur|a| success, g|ver
l|al resources are ar esserl|a| lealure ol reW verlure deve|oprerl ard ra|e |l
eas|er lor reW verlures lo adjusl lo corp|ex erv|rorrerls (e.g.,
Rarac|ardrar ard Ray, 200o, Rorare|||, 1987, Tar ard Perg, 2003).
F|rarc|a| resources |ave a|so oeer |derl|l|ed as ar |rporlarl pred|clor ol
erlreprereur|a| success |r l|al l|ey are ar esserl|a| |rgred|erl |r l|e
deve|oprerl ol reW verlures (0o|||rger, 1995). Voreover, l|rarc|a| resources
serve lo acqu|re ol|er resources |r suc| a Way l|al prov|des a verlure W|l|
slraleg|c lex|o|||ly (Rorare|||, 1987) ard lac|||lales |ls adjuslrerl lo corp|ex
erv|rorrerls (Tar ard Perg, 2003).
Resources
roo|||zal|or
capac|ly
Ao|||ly lo gal|er
l|e resources lo
rarage l|e
verlure
(l|rarc|a| ard
raler|a|)
Leaders||p researc| |as s|oWr l|al W|||e |eaders||p erergerce |s greal|y
allecled oy persora||ly lra|ls (Lord, 0eVader ard A|||ger, 198o), |eaders||p
success |s |ess c|ear|y re|aled lo persora||ly laclors (Lardy, 1989).
Erlreprereur|a| |eaders||p |as oeer |derl|led as |rporlarl lo l||s process ard
|as oeer descr|oed as l|e ao|||ly lo |rluerce ol|ers, lo rarage resources
slraleg|ca||y |r order lo erp|as|ze ool| opporlur|ly-see||rg ard advarlage-
see||rg oe|av|ours (Eya|, & Kar|, 2004, lre|ard, l|ll ard S|ror, 2003).
Erlreprereurs s|are sore c|aracler|sl|cs W|l| |eaders. VcCarl|y, Puller ard
0arda (2010) lourd l|al l|e vasl rajor|ly ol l|ese erlreprereurs d|sp|ayed ar
oper |eaders||p sly|e, W|l| a oa|arced |eaders||p sly|e oe|rg l|e secord rosl
lrequerl, ard a corlro|||rg sly|e l|e |easl.
Leaders||p
capac|ly
Capac|ly lo
roo|||ze ard
rarage ol|ers
a|||ed lo l|e
ous|ress
groWl| v|s|or
7
enliepieneuishi p on giaduali on couises
conliilules lo lhe inlenlion lo cieale nev venluies
(e.g., Sanz-VeIasco, 2OO7, Shinnai, Iiuell, and
Toney, 2OO9). Up lolhe pievious decade, lhe liend lo
leachenliepieneuiship onlhe giaduale couises vas
nainIy focused on lhe nanagenenl and lusiness
fieIds (e.g., VoIknan, 2OO4). Novadays, lheie is
disseninalion lo lhe nain fieIds, such as lhe ails,
geogiaphy, enviionnenlaI science and nuising
(e.g., Maguiie & Cuyei, 2OO4, Dickeison & Nash,
1999). Today il is IaigeIy assuned lhal acadenic
enliepieneuiship is one of lhe fundanenlaI nolois
of econonic giovlh and veaIlh ciealion (Shane,
2OO4). As a iesuIl, and in accoidance vilh lhe
eneigence of acadenic enliepieneuiship,
univeisilies have puisued poIicies lhal pionole lhe
ciealion of acadenic enliepieneuiship cenleis and
encouiaged sludenls, ieseaicheis and acadenics lo
palenl lheii discoveiies, spin-offs, and lechnoIogicaI
Iicenses, lhus effecliveIy expanding lhe univeisilies'
aclivilies (e.g., Wood, 2OO9).
Anolhei slialegy designed lo foslei acadenic
e nl i e pi e ne ui s hi p f oc us e s on c i e al i ng
enliepieneuiiaI oppoilunilies and liaining sludenls
dinensions: vision, iesouices noliIizalion capacily
and Ieadeiship capacily (see lalIe 1).
CIolaIIy, and as desciiled on lalIe 1, ve piopose
lhal lhe enliepieneuiiaI polenliaI lheoielicaI nodeI
conpiises eIeven fiisl-oidei dinensions: desiie foi
i nde pe nde nc e , e c o no ni c no l i v a l i o n,
enliepieneuiiaI seIf-efficacy, vision, iesouice
noliIizalion capacily, Ieadeiship capacily,
innovalion capacily, enolionaI inleIIigence,
iesiIience, connunicalion and peisuasion capacily,
and nelvoik deveIopnenl capacily. These eIeven
fiisl oidei vaiialIes expiess foui second-oidei
di nensi ons: enl iepieneuii aI nol i val i on,
psychoIogicaI conpelencies, sociaI conpelencies,
and nanagenenl conpelencies.
In accoidance vilh lhe Iileialuie ieviev in vhich
enliepieneuiiaI polenliaI nodeI vas deveIoped,
figuie 2 piesenls a concepluaI nodeI lhal inlegiales
lhe foui cenliaI dinensions lhal conliilule lo lhe
eneigence of enliepieneuiiaI polenliaI
Re|etance of entreµreneurla| µotentla|
construct
Li leialuie has evi denced lhal i ncI udi ng
F|gure 2. Entrepreneur|a| Potent|a| 0onceptua| Hode|.
8
inlhe nainskiIIs, conpelencies and enliepieneuiiaI
aclivily (van Iiaag, 2OO9). One exanpIe of lhis is lhe
iniliaI financiaI funds foi lusiness oppoilunilies lo
nolivale acadenics and univeisily sludenls lo
lecone enliepieneuis and lo Iaunch nev venluies
(Shane, 2OO4a, Wiighl, CIaiysse, Muslai, and
Lockell, 2OO7). Thus, il is cIeaiIy evidenl lhal lhe
inpoilance of pionoling enliepieneuiship is a
videspiead issue, and one lhal has lhe allenlion of
acadenic, goveinnenlaI and oiganizalionaI agenls.
Despile lhe need lo slinuIale enliepieneuiship al
univeisilies, il is aIso inpoilanl lo deveIop nodeIs
and looIs lhal aIIov idenlifying lhe individuaIs vho
have a giealei piedisposilion and piofiIe lo lecone
enliepieneuis. CeilainIy, lheie aie individuaIs vho
aie fai avay fion having lhe sane psychosociaI
piofiIe as enliepieneuis, and consequenlIy, lhey aie
nol polenliaI enliepieneuis. In lhis gioup of
individuaIs, is highIy iisky lo invesl iesouices, as
lhey difficuIlIy viII le Iaunching venluies. On lhe
olhei side, individuaIs vho have a siniIai
psychosociaI piofiIe as enliepieneuis, have a
giealei chance lo Iaunching venluies, especiaIIy if
lhey aie exposed lo an i nnovali ve and
enliepieneuiiaI enviionnenl.
The enliepieneuiiaI polenliaI nodeI is lhe
lheoielicaI lasis lo deveIop nelhodoIogies and
looIs lo assess lhe individuaIs' piepaiedness lo
engage in lypicaI enliepieneuiiaI aclivilies. Theie
have leen diffeienl effoils lo deveIop a neasuie
vilh sound psychoneliic chaiacleiislics lo assess
lhe enliepieneuiiaI polenliaI consliucl (e.g., Sanlos,
Caelano & CuiiaI, 2O1O, Sanlos, Caelano, CuiiaI &
SpagnoIi, 2O1O).
Il is essenliaI lo encouiage young univeisily
sludenls and young enpIoyees lo deveIop an
eageiness foi enliepieneuiship and innovalion.
Despile exlensive enliepieneuiiaI piogians and lhe
enphasis on acadenic enliepieneuiship (e.g., van
Iiaag, 2OO9), knovIedge aloul lhe individuaIs'
piepaiedness lo engage in lypicaI enliepieneuiship
aclivilies, i.e., lheii enliepieneuiiaI polenliaI, is sliII
scanl. Il is inpoilanl lhal an individuaI aspiiing lo
le an enliepieneui is alIe lo assess hin oi heiseIf
againsl an enliepieneuiiaI piofiIe lefoie
undeilaking lhe peisonaI and piofessionaI iisks of a
sl ai l - up venl ui e ( Osloi ne, 1995) . The
enl i epi eneui i aI pol enl i aI nodeI gi ves
enliepieneuis and inveslois a soIid insliunenl lo
assess lhe fundanenlaI conpelencies aII successfuI
enliepieneuis possess.
keferences
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}ouinaI of SnaII ßusiness and Lnleipiise DeveIopnenl, VoI.
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Zanpelakis, L. A., Kafelsios, K., ßouianla, N., Devell, T., &
Mouslakis, V. S. (2OO9), ¨On lhe ieIalionship lelveen
enolionaI inleIIigence and enliepieneuiiaI alliludes and
inlenlions¨, InleinalionaI }ouinaI of LnliepieneuiiaI
ßehavioui and Reseaich, VoI. 15, No. 6, pp. 595-618.
Zhao, H., Seileil, S., & HiIIs, C. L. (2OO5), ¨The nedialing ioIe of
seIf-efficacy in lhe deveIopnenl of enliepieneuiiaI
inlenlions¨, }ouinaI of AppIied IsychoIogy, VoI. 9O, No. 2,
pp. 1265 - 1272.
RonaneIIi, L. (1987), ¨Nev venluie slialegies in lhe
niniconpulei indusliy¨, CaIifoinia Managenenl Reviev
IaII, pp. 16O - 173.
Sanlos, S. C., Caelano, A., & CuiiaI, L. (2O1O), ¨Alilude dos
Lsludanles Univeisiláiios face ao enpieendedoiisno:
Cono idenlificai o IolenciaI Lnpieendedoi`¨, Revisla
Ioiluguesa e ßiasiIeiia da Ceslão, VoI. 9, No. 4, pp. 2-14.
Sanlos, S. C., Caelano, A., CuiiaI, L., & SpagnoIi, I. (2O1O), Hov lo
assess lhe enliepieneuiiaI polenliaI. InleinalionaI CounciI
foi SnaII ßusiness Confeience - ICSß 2O1O. Cincinalli: USA
(24-27 }unho2O1O).
Sanlos, S. C. , CuiiaI, L., & Caelano, A. (2O1O), ¨Cognilive naps in
eaiIy enliepieneuiship slages: Iion nolivalion lo
i npI e ne nl a l i on¨ , I nl e i na l i ona I } oui na I of
Lnliepieneuiship and Innovalion, VoI. 11, No. 1, 29-44.
Sanz-VeIasco, S. A. (2OO7), ¨Oppoilunily deveIopnenl as a
Ieaining piocess foi enliepieneuis¨, InleinalionaI }ouinaI
of LnliepieneuiiaI ßehavioui and Reseaich, VoI. 12, No. 5,
pp. 251 - 271.
Saiasvalhy, S. D., & Venkalaianan, S. (2O11), ¨Lnliepieneuiship
as nelhod: Open queslions foi an enliepieneuiiaI fuluie¨,
Lnliepieneuiship Theoiy and Iiaclice, VoI. 35, pp. 113 -
135.
Schvenk, C. R., & Shiadei, C. ß. (1993), ¨Lffecls of foinaI
slialegic pIanning on financiaI peifoinance in snaII fiins:
A nela- anaIysis¨, Lnliepieneuiship Theoiy and Iiaclice,
VoI. 17, No. 3, pp. 48 - 53.
Shane, S. (2OOO), ¨Iiioi knovIedge and lhe discoveiy of
enliepieneuiiaI oppoilunilies¨, Oiganizalion Science, Vo.
11, No. 4, pp. 448-469.
Shane, S. (2OO4a), ¨Lncouiaging univeisily enliepieneuiship`
The effecl of lhe ßayh-DoIe acl onuniveisily palenling inlhe
Uniled Slales¨, }ouinaI of ßusiness Venluiing, VoI. 19, No. 1,
pp. 127 - 151.
Shane, S. (2OO4), Acadenic Lnliepieneuiship: Univeisily
Spinoffs and WeaIlh Ciealion, CheIlenhan, UK: Ldvaid
LIgai.
Shane, S., Locke, L. A., & CoIIins, C. }. (2OO3), ¨LnliepieneuiiaI
nolivalion¨, Hunan Resouice Managenenl Reviev, VoI.
13, pp. 257 -279.
Shinnai, R., Iiuell, M., & Toney, ß. (2OO9), ¨Lnliepieneuiship
educalion: Alliludes acioss canpus¨, }ouinaI of Lducalion
foi ßusiness, VoI. 84, No. 3, pp. 151- 159.
Speiei, C., & Iiese M. (1997), ¨CeneiaIized seIf-e`cacy as a
nedialoi and nodeialoi lelveen conlioI and conpIexily al
voik and peisonaI inilialive: A IongiludinaI fieId sludy in
Lasl Ceinany¨, HunanIeifoinance, VoI. 1O, pp. 171 - 192.
Spencei, L. M. }i., & Spencei, S. (1993), Conpelence al Woik:
ModeIs foi Supeiioi Ieifoinance. Nev Yoik: }ohn WiIey
and Sons.
Slevail, W. H. }i., & Rolh, I. L. (2OO7), ¨A nela-anaIysis of
achi evenenl nol i val i on: Di f f eiences lel veen
enliepieneuis and nanageis¨, }ouinaI of SnaII ßusiness
Managenenl, VoI. 45, no. 4, pp. 4O1 - 421.
Tan, }., & Ieng, M. W. (2OO3), ¨OiganizalionaI sIack and fiin
peifoinance duiing econonic liansilions: Tvo sludies
fion an eneiging econony¨, Slialegic Managenenl
}ouinaI, VoI. 23, No. 13, pp. 1249 - 1263.
Tinnons, }. A., & SpineIIi, S. (2OO7), Nev Venluie Ciealion.
Lnliepieneuiship foi lhe 21sl Cenluiy. McCiav-HiII
InleinalionaI Ldilion.
doc_309466582.pdf
On this detailed criteria related to theoretical foundations on the entrepreneurial potential.
lntreµreneurshiµ as a µrocess: the
imµortance of an individuaI based
µersµective
Lnliepieneuiship has leen desciiled as a piocess
incIuding six nain slages: 1) iecognilion of an
oppoilunily, 2) decision lo Iaunch a venluie, 3)
assenlIing lhe iesouices, 4) acluaI Iaunch of nev
venluie, 5) luiIding a successfuI lusiness, and 6)
haivesling lhe ievaids (Tinnons, & SpineIIi, 2OO7,
ßaion and Shane, 2OO8, ßuins, 2O11). Acioss
enliepieneuiship slages, vaiialIes fion diffeienl
IeveIs have inpoilanl inpacls upon lhe successfuI
piocess deveIopnenl.
VaiialIes fion a noie dislaI IeveI incIude
goveinnenl poIicies, econonic condilions, and
lechnoIogy. The dis|a| fac|crs aie unpiediclalIe, lhey
aie nol conlioIIed, noi can le changed ly any
individuaI, lul lheii peiceplion infIuence lhe
inleiesl in slailing a lusiness (ßegIey, Tan, &
Schoch, 2OO6, ßegIey, & Tan, 2OO1). CeneiaIIy,
econonic, lechnoIogicaI, financiaI, indusliiaI and
cuIluiaI changes infIuence enliepieneuiship
aclivily (e.g., ßosna, Wennekeis, & Anoiós, 2O11),
and lhey aie especiaIIy deleininanl foi poIicy
nakeis and inslilulions. (Acs, Desai & HesseIs,
2OO8, Lundsliön & Slevenson, 2OO5). DislaI faclois
have a diiecl inpacl on individuaIs, oiganizalions
and nev venluies Iife, lul lhey aie nol undei lhe
conlioI of anenliepieneui.
The in|crncdia|c |ctc| vaiialIes iefei lo faclois lhal
incIude lhe sociaI enviionnenlaI condilions lhal
invoIve lhe enliepieneui and lhe nev venluie.
Moie specificaIIy, il iefeis lo conpelilois, sociaI lies
( e. g. , KI yvei , Hi ndI e & Meyei , 2OO8) ,
enliepieneuiiaI lean, cuIluiaI conlexl, effecliveness
in inleiaclions vilh venluie capilaIisls, cusloneis,
oi polenliaI enpIoyees. The inleinediale faclois
have a diiecl inpacl on lhe enliepieneuiship
piocess, lul enliepieneuis aie nol alIe lo conlioI aII
lhe slienglhs and veaknesses lhal eneige fion
lhese. AIlhough, enliepieneuis have giealei
noniloiing aliIily on lhe nezzo faclois vhen
conpaied lo lhe dislaI faclois, lhey aie sliII
significanlIy unconlioIIalIe ly lhe individuaI.
The prcxina| fac|crs iefei lo lhe individuaI skiIIs and
aliIilies, nolives, capacilies, knovIedge and
expeiience. These faclois iefei lo aII lhe individuaI
dinensions lhal inpacl ovei lhe enliepieneuiship
piocess. Lileialuie has shovn lhal enliepieneuis
aie dislincl fion nanageis on ciilicaI skiIIs and
aliIilies such as iisk laking (Minei & Raju, 2OO4),
and seIf-efficacy (e.g., Chen, Cieene, & Ciick, 1998),
anong olheis. Thus, lo le an enliepieneui,
individuaIs nusl possess specific skiIIs, aliIilies and
knovIedge. The nolives lhal diive enliepieneuis,
day aflei day lhiough lhe enliepieneuiiaI slages,
aie aIso deleininanl lo lhe fIov of lhe
enliepieneuiship piocess (Shane, Locke & CoIIins,
2OO3). OnIy a high nolivalionaI pallein can nake
lhe enliepieneui nove foivaid on lhe haidesl
nonenls, and nol lo lounce lack vhen facing
disappoinlnenls and negalive evenls. SiniIaiIy, lhe
enliepieneuis' capacilies and knovIedge on lhe
lusiness aiea aie ciilicaI lo lhe success of lhe
enliepieneuiiaI piocess (Shane, 2OOO). Lveiy
enliepieneui has lo possess deep and piioi
knovIedge on lhe lusiness aiea (Lckhaidl & Shane,
2OO3). In addilion, expeiience on siniIai lusiness is
aIso inpoilanl lo successfuIIy achieve lhe Iaunch of
"|acu|tµ of Psµcho|ogµ, Llsbon Unltersltµ A|ameda da
Unltersldade, 1649-013 Llsboa Portuga|. |curra|©fµ.u|.µt
""lnstl tuto Unl tersl tárl o de Ll sboa, lSCTE-lUL,
Buslness Research Unlt (UNlDE-lUL), Atenlda das |orças
Armadas, EdlfIclo lSCTE 1649-026 Llsboa, Portuga|.
susana.santos©lscte.µt
"""lnstltuto Unltersltárlo de Llsboa, lSCTE lUL BRU, Buslness
Research Unl t ( UNlDE-lUL) Atenl da das |orças
Armadas, EdlfIclo lSCTE, 1649-026 Llsboa, Portuga|.
antonlo.caetano©lscte.µt
1
Ani|q 8usincss ]curna|
2013, Vc|. 2, Nc. 1
Ccpqrign| 2012 oq A8S,
Ani|q Unitcrsi|q U||ar Pradcsn, |uc|ncu Canpus (|SSN 2278-0904)
Jheo|et|ca| loundat|on· on the ent|ep|eneu||a| potent|a|
Luís Curra!ª 5usana C. 5antnsªª AntðnIn Cactannªªª
In lhis papei ve piesenl a lheoielicaI nodeI of enliepieneuiiaI polenliaI. Iiisl, ve highIighl lhe ieIevance of individuaI faclois on lhe
enliepieneuiship piocess as lhey aie possilIe lo conlioI and noniloi ly lhe enliepieneui. Nexl, ve ievise lhe Iileialuie on lhe nain
chaiacleiislics of enliepieneuis, vhich aie on lhe lasis of lhe enliepieneuiiaI polenliaI nodeI. ßased on lhe Iileialuie, ve lhen suggesl
lhal enliepieneuiiaI polenliaI incIudes foui nain dinensions enliepieneuiiaI nolivalions, psychoIogicaI conpelencies, sociaI
conpelencies, and nanagenenl conpelencies. These najoi conpelences, inluin, aie consliluled ly eIevenspecific conpelences: desiie
foi independence, econonic nolivalion, enliepieneuiiaI seIf-efficacy, vision, iesouice noliIizalion capacily, Ieadeiship capacily,
innovalion capacily, enolionaI inleIIigence, iesiIience, connunicalion and peisuasion capacily, and nelvoik deveIopnenl capacily.
IinaIIy, ve discuss lhe inpoilance of assessing enliepieneuiiaI polenliaI al univeisilies and enliepieneuiship cenlies.
2
a nev venluie (Moiiis, Kuialko, Schindehulle, &
Spivack, 2O12). The decision naking piocess and
sl ial egi es aie aI so del eini ni ng f oi l he
enliepieneuiship piocess and nev venluie
deveIopnenl. Decision nakeis aie usuaIIy iequiied
lo nake fasl decisions vilh Iiniled infoinalion
(Lisenhaidl, 1989, Ocasio, 1997). Lnliepieneuis aie
incieasingIy iequiied lo decide in unceilain
enviionnenls, vilh fuzzy cIues and unslalIe
infoinalion (ßaun and WaIIy, 2OO3). Despile
cognilive Iinilalions connon lo aII hunan leings,
aII decision nakeis seek lo infIuence oulcones
(Noilonand Mooie 2OO2).
Thus, lhe individuaI faclois have a diiecl inpacl on
lhe enliepieneuiship piocess and lhey shaie a
connon chaiacleiislic: lhey aie aII conlioIIalIe and
possilIe lo noniloi ly lhe enliepieneui. The
enliepieneui can liain hin oi heiseIf on lhe specific
skiIIs and aliIilies, lhe nolives and diives lhal nove
lhe enliepieneui aie onIy dependenl on his oi hei
viII, lhe enliepieneui can gain and assiniIale lhe
iequiied knovIedge and expeiience on lhe lusiness
venluie aiea. Theiefoie, lhe pioxinaI faclois aie
possilIe loconlioI and noniloi, as lhey onIy depend
on lhe enliepieneui hin oi heiseIf. Iiguie 1
desciiles lhe enliepieneuiship piocess slages and
lhe lhiee IeveIs of infIuencing vaiialIes: dislaI,
inleinediale and pioxinaI faclois.
IoI I ovi ng l he pievi ous aigunenl s, l he
enliepieneuiship piocess can onIy le lolaIIy
noniloied ly lhe pioxinaI faclois, i.e., ly lhe
individuaI. ßased on lhis ieasoning, il is inpoilanl
lo inciease lhe focus on lhe individuaI side of lhe
enliepieneuiship. To pionole ieseaich on lhe
individuaI IeveI of enliepieneuiship can heIp lo
de ve I op e vi de nc e - las e d pi ac l i c e s f oi
enliepieneuiship (e.g., educalion, slialegies,
pIalfoins and poIicies) focused on lhe hunan
deveIopnenl. IoIIoving lhis ieIevance on lhe
individuaI, lheie is an incieasing ieseaich voik on
enliepieneuishi p focusi ng on i ndi vi duaI
peispeclives, adapling seveiaI lheoielicaI
fianevoiks, such as psychoIogy (e.g., ßaun, Iiese,
& ßaion, 2OO7, Rauch & Iiese, 2O12) and cognilive
science (e.g., ßaion, 2OO4, ßaion & Waid, 2OO4,
Sanlos, CuiiaI & Caelano, 2O1O). Despile lhe
ieIevance onlhe individuaI faclois, il is inpoilanl lo
highIighl lhal lhe enliepieneuiship piocess slages
aie inleiaclive and lhe lhiee-IeveI faclois aie ciilicaI
and have diffeienl and syslenalic inpacls ovei lhe
piocess, line and cuIluies (Audielsch, Thuiik,
VeiheuI & Wennekeis, 2OO2).
This peispeclive is lhen focused on lhe inleinaI
enviionnenl of lhe oiganisn, on lhe cognilions,
aclions, decisions, aspiialions and enolions of lhe
enliepieneui (Venkalaianan, Saiasvalhy, Dev and
Ioislei, 2O12). We suppoil lhe choice of lhis
peispecli ve lased on lhe evi dence lhal
enliepieneuiship is a hunan lased piaclice and
inliinsicaIIy dependenl on lhe individuaIs decisions
and aclions. RadicaIIy, lheie is no enliepieneuiship
vilhoul lhe individuaI.
Despile lhe ieIevance of lolh lhe individuaI and lhe
oiganizalionaI consliucls, lhis papei focuses
excIusiveIy on lhe individuaI IeveI. Oui focus on lhe
individuaI IeveI is slienglhened ly lhe inpoilance
F|gure 1. Entrepreneursh|p process stages and the three |eve|s of |nf|uenc|ng var|ab|es
(based on ßaron 8 $hane, 2008).
3
pievious sludies, vhich ¨intcs|iga|c ncans fcr |nc
car|q ana|qsis cf |nc pc|cn|ia| fcr |nc succcss cf ncu
tcn|urcs¨ (p. 278) in a sanpIe of sludenls (Wong,
Cheung, & Venuvinod, 2OO5).
Ciounded on lhe assunplion lhal lhe siniIai nosl
inpoilanl dinensions lhal aie nosl shaied anong
lhe enliepieneuis aie aIso ciilicaI in assessing an
individuaIs' piepaiedness lo engage in lypicaI
enliepieneuiship aclivilies (i.e., an individuaIs'
enliepieneuiiaI polenliaI) ve piopose lhal
enliepieneuiiaI polenliaI can le expIained ly lhe
foui nain dinensions evidenced in lhe Iileialuie on
enliepieneui chaiacleiislics.
The enliepieneuiiaI polenliaI is lhen lhe Ialenl
consliucl undeiIying lhe nosl dislinclive
psychosociaI chaiacleiislics of enliepieneuis,
vhich aie ieIaled lo lhe successfuI nev venluie
deveIopnenl (Kiuegei & ßiazeaI, 1994). The
enliepieneuiiaI polenliaI nodeI ve piopose is
lased on conpelencies. We have adopled lhe
definilion of conpelency sliessed ly Spencei and
Spencei: "A ccnpc|cncq is an undcr|qing cnarac|cris|ic
cf an inditidua| |na| is causa||q rc|a|cd |c cri|cricn-
rcfcrcnccd cffcc|itc and/cr supcricr pcrfcrnancc in a jco
cr si|ua|icn" (1993, p. 9).
We considei lhal enliepieneuiiaI polenliaI iefeis lo
an individuaI's piepaiedness lo engage in lypicaI
enliepieneuiiaI aclivilies. ßy focusing on
¨cn|rcprcncuria| pc|cn|ia|¨ ve inlend lo highIighl lhe
lypicaI enliepieneuiiaI skiIIs lhal aie noie
associaled lovenluie Iaunch.
We piopose lhal enliepieneuiiaI polenliaI is lhe
sunnal i ve iesuI l of seveiaI i ndi vi duaI
enliepieneuiiaI chaiacleiislics. Thus, ly liinging
logelhei lhe nosl ieIevanl chaiacleiislics in lhe
enliepieneui chaiacleiislics Iileialuie, ve can
piopose lhal lhese nuIli dinensions aIso expiess an
individuaI's piepaiedness lo engage in aclivilies
lhal aie lypicaI of enliepieneuiship.
We nexl piesenl a sunnaiy oiganized accoiding lo
lhe nain dinensions of lhe nosl dislinclive
chaiacleiislics of enliepieneuis lhal ve suggesl lhal
aie incIuded on lhe enliepieneuiiaI polenliaI
consliucl donain: (a) enliepieneuiiaI nolivalions,
(o) nanagenenl conpelencies, (c) psychoIogicaI
conpelencies and (d) sociaI conpelencies. These aie
nain dinensions, lul incIuded in lhese aie seveiaI
sul dinensions lhal aie consideied noie
dislinguishing of enliepieneuiiaI lehavioui, oi
enliepieneuiiaI idenlily (Andeison & Waiien,
2O11). Il is nol oui puipose heie lo deveIop a
syslenalic Iileialuie ieviev of lhe chaiacleiislics of
enliepieneuis lecause good slale of lhe ail
oveivievs of psychoIogicaI enliepieneuiship
ieseaich have aIieady leen piovided, foi exanpIe,
i ndi vi duaI chai acl ei i sl i cs have on l he
enliepieneuiiaI piocess (e.g., ßaun, Locke and
Snilh, 2OO1, ßaun and Locke, 2OO4, ßaion and
Shane, 2OO8). We assune lhal enliepieneuiship is
nol soIeIy lhe iesuIl of an individuaI's aclions and
chaiacleiislics, as exleinaI faclois aIso pIay a
ieIevanl ioIe (e.g., lhe econonic, lechnoIogicaI,
poIilicaI and ieguIaloiy conlexl). Hovevei, as lhe
enviionnenlaI faclois aie noslIy unpiediclalIe, ve
aigue lhal an i ndi vi duaI ' s psychosoci aI
chaiacleiislics pIay a ciilicaI ioIe in lhe
deveIopnenl of lhe enliepieneuiiaI piocess.
Thus, lhis papei ains lo nake a conliilulion lo lhe
deveIopnenl of lhe lheoielicaI enliepieneuiship
fieId ly piesenling a nodeI foi enliepieneuiiaI
polenliaI, i.e. sunnalive iesuIl foi lhe nosl ieIevanl
individuaI chaiacleiislics foi enliepieneuiship.
lntreµreneuriaI µotentiaI: Definition
and µroµerties
In seveiaI decades of ieseaich aiound lhe queslion
¨Inc is an cn|rcprcncur?¨ (CaiIand, Hoy, and
CaiIand, 1988, Cailnei, 1989), enpiiicaI evidence is
diffuse and disconnecled in lhe Iileialuie, vhich
nakes il conpIex lo deveIop a lioad lheoielicaI
fianevoik. In olhei voids, despile lhe gieal
anounl on ieseaich lased on lhe individuaI
chaiacleiislics of enliepieneuis, incIuding liails,
conpelencies, alliludes, nolives and skiIIs (e.g.,
Woo, Coopei & DunkeIleig, 1991), il is sliII alsenl
an inlegialive fianevoik of lhe nosl dislinclive
psychosociaI chaiacleiislics of enliepieneuis. In
addilion, lo desciile lhe individuaI chaiacleiislics
of enliepieneuis is sliII one of lhe nain highIighls
and needs on lhe ieseaich fieId, as Saiasvalhy and
Venkalaianan (2O11) suggesled vhen desciiling
lhe need lodeveIop anenliepieneuiiaI nelhod.
Reseaich on lhe individuaI chaiacleiislics of
enliepieneuis has leen nainIy focused on liying lo
di f f ei enl i al e enl i epi eneui s f i on ol hei
oiganizalionaI agenls, such as nanageis, (e.g.,
Chen, Cieene and Ciick, 1998) oi desciiling lhe
chaiacleiislics associaled vilh enliepieneuiiaI
inlenlion (e.g., Caiey, IIanagan, & IaInei, 2O1O,
Haylon& ChoIakova, 2O12).
Despile lhe diffeienl appioaches and nelhods, lhe
nosl dislinclive chaiacleiislics of enliepieneuis aie
aIso indicalive of having an adequale psychosociaI
piofiIe lo deveIop enliepieneuiiaI aclivily. As a
iesuIl, oui aigunenl on lhe deveIopnenl of lhe
enliepieneuiiaI polenliaI consliucl is: if ve can
aggiegale lhe nosl dislinclive chaiacleiislics of
enliepieneuis, lased on pievious ieseaich
evidences, ve candeveIop anoveiaII neasuie of lhe
polenliaI lo le an enliepieneui - lhe cn|rcprcncuria|
pc|cn|ia|. This aigunenl vas aIieady used in
l|sr|c| (1985) lourd l|al ore ol l|e pr|re rol|val|ors lor slarl|rg a ous|ress
Was a des|re lor |rdeperderce. lorraday ard Aooud (1971) surveyed o0
ous|ress lourders us|rg severa| persora||ly |rverlor|es ard s|oWed l|al l|ose
lourders scored s|gr|l|carl|y ||g|er l|ar l|e gerera| popu|al|or or reasures
ol |rdeperderce. Correspord|rg|y, l|e dr|ve lor |rdeperderce |rl|uerced l|e
deve|oprerl ol lar||y ous|resses, ard erlreprereurs gerera||y s|oW a
prelererce lor |rdeperderl las|s (e.g., A|slele, 2008, Voyer ard C|a|ols|y,
2008, Llsc|, Rauc|, Rol|luss ard Frese, 1999).
0|rers|ors Erp|r|ca| Ev|derces / T|eorel|ca| Propos|l|ors
Erlreprereur|a|
Vol|val|ors
T|e des|re lo pursue erlreprereur|a| opporlur|l|es lo gererale ecoror|c prol|l,
|.e., l|e ecoror|c rol|val|or, |as oeer c|led as ore ol l|e c|aracler|sl|cs rosl
s|ared oy successlu| erlreprereurs. l|e reed lo ra|e rorey. lr gerera|,
erlreprereurs perce|ved l|e|r Wor| as rore prol|lao|e l|ar Wor||rg lor ol|ers
(e.g., A|slele, 2008, 6r|ce ard |e|sor, 2008). T|us, oe|av|oura||y or|erled
researc|ers ol erlreprereurs||p argued l|al |l |s |rporlarl lo cors|der ard
reasure l|e ecoror|c va|ue ol ous|ress opporlur|l|es oecause l|al |s W|al
dr|ves erlreprereurs' rol|val|or (S|are, Loc|e ard Co|||rs, 2003).
Ar |rd|v|dua|'s oe||el |r ||s/|er capac|ly lo pursue a parl|cu|ar goa| |as oeer
|derl|l|ed as cruc|a| lo severa| acl|v|l|es (6ardura, 1982ard erlreprereur|a|
acl|v|ly |s ro excepl|or (e.g., C|er, 0reere ard Cr|c|, 1998, Poor, A|rudd|r,
ard Jur|l, 200o). Se|l-ell|cacy |s |rporlarl lor erlreprereurs oecause l|ey
rusl oe corlderl |r l|e|r ao|||l|es lo perlorr d|llererl ard oller urarl|c|paled
las|s |r urcerla|r s|lual|ors (6aur ard Loc|e, 2004). Se|l-ell|cacy |as oeer
re|aled lo ous|ress verlure |aurc| ard success (6oyd, & Voz|||s, 1994, C|er,
0reere ard Cr|c|, 1998, Poor, A|rudd|r, ard Jur|l, 200o), ard dyrar|cs
arourd ous|ress perlorrarce (lr|e|es|| ard 6aror, 2008).
T|ere are s|gr|l|carl d|llererces oelWeer erlreprereurs ard erp|oyers. T|e
capac|ly lor |rroval|or |s ore ol l|e ra|r c|aracler|sl|cs ol l|e erlreprereur|a|
|urar cap|la| (e.g., Erg|e, Va| ard Sadr|, 1997, Varve| ard Lurp||r, 2007,
Llsc|, Rauc|, Rol|luss ard Frese, 1999). ll |s poss|o|e lo d|sl|rgu|s|
erlreprereurs lror ror-erlreprereurs oased or ac||evererl, se|l-esleer,
persora| corlro|, ard |rroval|or (Roo|rsor, Sl|rpsor, luelrer ard lurl,
1991). w|||e |rroval|veress car oe del|red as a c|aracler|sl|c ol ar |rd|v|dua|,
|rroval|or |rp|ererlal|or ellecl|veress deperds or a group ol persors, ard
as suc| |s a c|aracler|sl|c ol ar erlreprereur|a| verlure (K|e|r ard Sorra,
199o). lr ol|er Words, |l relers lo l|e capac|ly lo ergage |r |rverl|ve
deve|oprerl processes, resu|l|rg |r l|e |rlroducl|or ol reW producls,
processes or rar|el serv|ces.
Vayer, Sa|ovey ard Caruso (2000) del|red erol|ora| |rle|||gerce as ar ao|||ly
lo express erol|ors, lo use erol|ors lo lac|||lale l||r||rg, lo urderslard ard
argue oy rears ol erol|ors, ard lo rarage l|er |rlerra||y W|||e
corrur|cal|rg W|l| ol|ers ellecl|ve|y.
Prev|ous researc| |as s|oWr l|al erlreprereurs gel re|al|ve|y ||g| scores lor
erol|ora| |rle|||gerce (6aror ard Var|rar, 2000, Cross ard Travag||ore,
2003, l|ggs ard 0u|eW|cz, 2003). Erp|r|ca| slud|es ara|ys|rg l|e re|al|ors||p
ol erol|ora| |rle|||gerce W|l| erlreprereurs||p all|ludes ard erlreprereur|a|
|rlerl|ors |ave oegur lo oe carr|ed oul. Zarpela||s, Kalels|os, 6ourarla,
0eWell ard Vousla||s, (2009) rade a s|gr|l|carl corlr|oul|or oy creal|rg a
l|eorel|ca| rode| correcl|rg erol|ora| |rle|||gerce ard erlreprereurs||p
all|ludes, as We|| as erlreprereur|a| |rlerl|ors. T|e aul|ors |rlegraled
erol|ora| |rle|||gerce ard erlreprereur|a| |rlerl|ors, us|rg l|e lealures ol
proacl|v|ly ard creal|v|ly l|al lorr l|e erlreprereurs||p all|ludes ol ar
|rd|v|dua|. T|e Zarpela||s, Kalels|os, 6ourarla, 0eWell ard Vousla||s (2009)
rode| s|oWed l|al erol|ora| corporerls Were expressed oy lee||rgs ard
erol|ors, delerr|r|rg all|lude loWards erlreprereur|a| |rlerl|ors.
Psyc|o|og|ca|
corpelerc|es
Aulorory ard
slraleg|c dec|s|or
ra||rg |rlerl|or
aulorory
0el|r|l|or
0es|re lo ac||eve
ecoror|c prol|l
lrd|v|dua| oe||el |r
l|e capac|ly lo
successlu||y
perlorr l|e
erlreprereur|a|
goa|s
Capac|ly lo
ergage
|r |rverl|ve
deve|oprerl
processes,
resu|l|rg |r l|e
|rlroducl|or ol
reW producls,
processes or
rar|el serv|ces
Ao|||ly lo perce|ve,
|rlerprel ard
rarage
erol|ors lror se|l
ard lror l|e
ol|ers
0es|re lor
|rdeperderce
Suo-
0|rers|ors
Ecoror|c
rol|val|or
Erlreprereur|a|
se|l-ell|cacy
lrroval|or
capac|ly
Erol|ora|
|rle|||gerce
4
ly CheII, Havoilh and ßieaiIy (1991), Coopei and
Cineno-Cascon(1992) and nela-anaIysis (Schvenk
and Shiadei, 1993).
The nai n di nensi ons l hal can expI ai n
enliepieneuiiaI polenliaI aie: (a) enliepieneuiiaI
nolivalions, (o) psychoIogicaI conpelencies, (c)
sociaI conpelencies, and (d) nanagenenl
conpelencies. These dinensions aIIov us lo
idenlify and diffeienliale lhe piepaiedness of an
individuaI lo engage in lypicaI enliepieneuiiaI
aclivilies: i.e., lhe enliepieneuiiaI polenliaI.
Moieovei, and connecling lhe dols lo liing logelhei
lhe nosl ieIevanl aspecls of pievious enpiiicaI
ieseaich and lheoielicaI suggeslions, a ieviev of lhe
Iileialuie highIighled eIeven suldinensions
incIuded onlhese naindinensions (see TalIe 1 foi a
sunnaiy).
lr erlreprereurs||p l|e urcerla|rly |eve| |s gerera||y ||g|er l|ar |r ol|er
orgar|zal|ora| sell|rgs, ard erlreprereurs |ave lo |roW |oW lo des|gr ard
|rp|ererl adaplao|e oe|av|ours. Res|||erce relers lo l|e descr|pl|or ard
exp|aral|or ol ar urexpecled pos|l|ve oulcore desp|le a scerar|o ol ||g| r|s|
ard urcerla|rly (e.g., Fr|oorg, ljerda|, Roserv|rge, Varl|russer, As|a|ser
ard F|aler, 200o). Res|||erce ev|derced ru|l|d|rers|ora| c|aracler|sl|cs ard
car oe corceplua||zed as a reasure ol successlu| slress-cop|rg ao|||ly
(Corror ard 0av|dsor, 2003).
Erp|r|ca| researc| ev|derced l|al erlreprereurs s|oWed grealer |eve|s ol
pers|slercy l|ar ror-erlreprereurs (e.g., Fr|oorg, ljerda|, Roserv|rge,
Varl|russer, As|a|ser ard F|aler, 200o). 0|ver l|al erlreprereurs||p |s
slr|cl|y assoc|aled W|l| r|s|, |l Was re|evarl lo ara|yse ar erlreprereur's ao|||ly
lo cope W|l| d|ll|cu|l|es, l|reals ard ursuccesslu| projecls. we argue l|al
res|||erce rusl oe ar |rporlarl laclor across l|e erlreprereurs||p process, as
l|e |eve| ol urcerla|rly laced oy erlreprereurs |s grealer l|ar l|al ol ol|er
orgar|zal|ora| p|ayers (e.g., Cov|r ard S|ev|r, 1989). Erlreprereurs |ave lo
|roW |oW lo des|gr ard |rp|ererl pos|l|ve adapl|ve oe|av|ours l|al l|l eac|
s|lual|or (Va||a|, 1998), |.e., l|ey |ave lo oe res|||erl. lr add|l|or, |l Was s|oWr
l|al res|||erl corpar|es prorole erlreprereur|a| oe|av|our (Re|rroe||er ard
var 6aardW|j|, 2005), ard l|al erlreprereurs cou|d deve|op erol|ora|,
cogr|l|ve, soc|a| ard l|rarc|a| res|||erce l|al car oe |arressed ard roo|||zed
lor a suosequerl verlure |aurc| (layWard, Forsler, Sarasval|y ard
Fredr|c|sor, 2010).
Ao|||ly lo reacl
lo urexpecled
resu|ls |r a
r|s|y ard urcerla|r
s|lual|or. T||s |s a
ru|l|d|rers|ora|
c|aracler|sl|c,
W||c| |as oeer
corceplua||zed
as a slralegy
lor cop|rg W|l|
slress ard
urcerla|rly
Res|||erce
T|e ao|||ly lo |rleracl ellecl|ve|y W|l| ol|ers |as a pos|l|ve ellecl or
erlreprereur|a| success (6aror ard Var|rar, 2000). Erlreprereurs cors|der
l|al l|ey |ave a grealer capac|ly lor persuas|or (loe|r-we|ss, 6rus| ard
6aror, 2004). Recerl slud|es ev|derced l|al l|e soc|a| corpelerc|es re|ale
s|gr|l|carl|y lo reW verlure perlorrarce reasures, ard l||s re|al|ors||p |s
red|aled l|roug| success |r |rlorral|or see||rg ard resources (6aror ard
Targ, 2009). Eggers, Lea|y ard C|urc|||| (199o) slud|ed 112 erlreprereur|a|
corpar|es oy erp|oy|rg 20 oe|av|oura| sca|es l|al reasure CE0 |eaders||p
ard raragererl s||||s. T|e resu|ls ev|derced, lor |rslarce, l|al
corrur|cal|or, de|egal|rg, ard perlorrarce lac|||lal|or Were pos|l|ve|y
re|aled lo success. Erlreprereurs usua||y ex||o|l grealer scores |r l|e ra|r
|rd|v|dua| psyc|osoc|a| var|ao|es (6eg|ey ard 6oyed, 1987, 0reer, 0av|d, 0erl
ard Tys||ovs|y, 199o, Llsc|, Rauc|, Rol|luss ard Frese, 1999).
Soc|a|
Corpelerc|es
Persuas|or ard
corrur|cal|or
capac|ly
Ao|||ly lo c|arge
oWr ard ol|ers'
all|ludes ard
oe|av|ours lo
creale l|e
c|rcurslarces
rosl |||e|y lo
corlr|oule lo
erlreprereur|a|
success
T|e ao|||ly lo deve|op a relWor| oelWeer erlreprereurs ard ol|er |rd|v|dua|s
W|o car prov|de resources lor ous|ress |rp|ererlal|or ard deve|oprerl Was
|derl|l|ed as ore ol l|e erlreprereur|a| perlorrarce pred|clors (6aug|r, Cao,
Le, L|r e |euperl, 200o, C|ay, 1993). T|e ao|||ly lo deve|op a soc|a| relWor|,
logel|er W|l| ol|er corslrucls, |as a d|recl ellecl or verlure creal|or
deve|oprerl (e.g., Jo|arr|ssor, 1988, Lee ard Tsarg, 2001). T|e relWor|
approac| assures l|al ar erlreprereur's ao|||ly lo orgar|ze ard coord|rale
relWor|s oelWeer |rd|v|dua|s ard orgar|zal|ors Was cr|l|ca| lor ool| slarl|rg up
a corpary ard ous|ress success (6|r|ey, 1985, Rauc|, ard Frese, 2000).
6rueder| ard Pre|serdoerler (1998) s|oWed l|al relWor| supporl |s re|aled lo
l|e surv|va| ard groWl| ol reW|y lourded erlerpr|ses, ard l|al supporl lror
lr|erds ard re|al|ves |r parl|cu|ar Was rore |rporlarl l|ar supporl lror
ous|ress parlrers, lorrer erp|oyers, ard co-Wor|ers.
|elWor|
deve|oprerl
capac|ly
Ao|||ly lo
deve|op a relWor|
oelWeer
erlreprereurs
ard ol|er
|rd|v|dua|s
W|o car prov|de
resources lor
ous|ress
|rp|ererlal|or
ard deve|oprerl
Varagererl
Corpelerc|es
0esp|le l|e d|vers|ly ol del|r|l|ors lor v|s|or, 0reeroerger ard Sexlor (1988. 5)
argued l|al ¯erlreprereurs are |||e|y lo |ave sore aoslracl |rage |r r|rd
aooul W|al l|ey |rlerd lo accorp||s|¨, ard l||s v|s|or serves as a gu|de lor l|e|r
oWr acl|ors. Erlreprereur|a| v|s|or |s corce|ved as a resu|l ol l|e
erlreprereur's |rlu|l|ve ard |o||sl|c l||r||rg, ard or|dges l|e currerl s|lual|or
ard l|e lulure slale (Ers|ey, Car|ard ard Car|ard, 2000).
Erp|r|ca||y, v|s|or capac|ly |as oeer s|oWr lo oe a pred|clor ol erlreprereur|a|
verlure deve|oprerl (6aur, Loc|e ard K|r|palr|c|, 1998, 6aur, Sr|l| ard
Loc|e, 2001), ard d|recl ard |rd|recl causa| ellecls or sra|| verlure
perlorrarce (6aur, Loc|e ard K|r|palr|c|, 1998). lr erlreprereur|a|
corpar|es, v|s|or r|g|l oe rore |rporlarl l|ar |r o|gger orgar|zal|ors
oecause ol l|e re|al|ve|y c|ose corlacl oelWeer erlreprereur ard erp|oyees,
cuslorers, ard supp||ers. T|us, v|s|or |as ar ellecl or l|e perlorrarce ol
sra|| corpar|es.
V|s|or
Ao|||ly lo prev|eW
ard v|sua||ze l|e
goa|s, oojecl|ves
ard lulure
rea||zal|ors
5
6
Entreµreneurla| Motltatlons
ßy enliepieneuiiaI nolivalions ve nean lhe
nolives lhal diive individuaIs lovaids lypicaI
enliepieneuiiaI aclivilies. Hunan nolivalion is one
of lhe sliongesl piediclois of enliepieneuiiaI
success. Il is lhe nain diivei in puisuing
enliepieneuiiaI aclivilies (Shane, Locke and CoIIins,
2OO3).
The enliepieneuiiaI nolivalions highIighled in lhe
Iileialuie incIude geneiaI and lask-specific IeveIs,
vilh diffeienl inpacls on lhe enliepieneuiiaI
piocess (Shane, Locke and CoIIins, 2OO3), and on
venluie giovlh (ßaun, Locke and Snilh, 2OO1,
Uilan, 2O1O). The iich conpIexilies of nolivalions
veie engaged as a ciilicaI ioIe in enliepieneuiiaI
lehaviouis (Caisiud & ßiännlack, 2O11). The
enliepieneuiiaI nolivalions veie aIso idenlified in
lhe Iileialuie as one of lhe giealesl piediclois of a
nev venluie's success (ßaun, Locke and Snilh,
2OO1, Slevail and Rolh, 2OO7). Accoiding lo lhe
Iileialuie, lhiee nain diiveis can expiess
enl i epi eneui i aI nol i val i on: des i i e f oi
i ndependence, econoni c noli vali on and
enliepieneuiiaI seIf-efficacy (see lalIe 1).
Psµcho|oglca| Comµetencles
Theie is a lioad sel of chaiacleiislics lhal can le
incIuded anong lhe psychoIogicaI conpelencies,
and lhey iefei lo lhe vide gioup of skiIIs and
alliilules lhal chaiacleiize enliepieneuiiaI
individuaIs (e.g., CheII, 2OO8). In lhe gioup of
psychoIogicaI conpelencies ve incIude lhe
individuaI liails lhal aie dislinclive anong
enliepieneuis: innovalion capacily, enolionaI
inleIIigence and iesiIience (see lalIe 1).
Socla| Comµetencles
Since an enliepieneui acls vilhin a sociaI conlexl
and lheiefoie has lo inleiacl vilh diffeienl pIayeis,
anolhei di nensi on of an enliepieneui' s
chaiacleiislics lhal vouId denole an individuaI's
aliIily lo inleiacl effecliveIy vilh olheis invoIves
sociaI conpelence (e.g., ßaion, 2OOO). An
enliepieneui's effecliveness in inleiacling vilh
olheis, lhal is, his / hei sociaI conpelence, nay aIso
affecl lheii enliepieneuiiaI success (ßaion &
Maiknan, 2OOO). This assunplion veie lased on
piedicling lhal lhe highei an enliepieneui's sociaI
conpelence, lhe giealei lhe success of his oi hei
lusiness. The sociaI conpelencies incIude lhe
chaiacleiislics lhal deleinine lhe enliepieneuis'
aclion in a sociaI conlexl, vhen inleiacling vilh
olheis. Anong lhe nosl ieIevanl aie lhe peisuasion
and connunicalion capacily and nelvoik
deveIopnenl capacily (see lalIe 1).
Management Comµetencles
The nanagenenl conpelencies aie defined ly lhe
lasic and specific conpelencies in lusiness
nanagenenl (e.g., ßaun, Locke and Snilh, 2OO1),
and noslIy lhey iefei lo lhe individuaI's aliIily lo
nanage lhe foui eIenenls of lhe lusiness: lhe
enliepieneui hin/heiseIf, lusiness slialegy,
lusiness iesouices and hunan iesouices. IncIuded
in nanagenenl conpelences aie lhiee sul-
T|e ao|||ly lo gal|er l|e l|rarc|a| ard raler|a| resources lo rarage a verlure
|as oeer |derl|l|ed as ar |rporlarl pred|clor ol erlreprereur|a| success, g|ver
l|al resources are ar esserl|a| lealure ol reW verlure deve|oprerl ard ra|e |l
eas|er lor reW verlures lo adjusl lo corp|ex erv|rorrerls (e.g.,
Rarac|ardrar ard Ray, 200o, Rorare|||, 1987, Tar ard Perg, 2003).
F|rarc|a| resources |ave a|so oeer |derl|l|ed as ar |rporlarl pred|clor ol
erlreprereur|a| success |r l|al l|ey are ar esserl|a| |rgred|erl |r l|e
deve|oprerl ol reW verlures (0o|||rger, 1995). Voreover, l|rarc|a| resources
serve lo acqu|re ol|er resources |r suc| a Way l|al prov|des a verlure W|l|
slraleg|c lex|o|||ly (Rorare|||, 1987) ard lac|||lales |ls adjuslrerl lo corp|ex
erv|rorrerls (Tar ard Perg, 2003).
Resources
roo|||zal|or
capac|ly
Ao|||ly lo gal|er
l|e resources lo
rarage l|e
verlure
(l|rarc|a| ard
raler|a|)
Leaders||p researc| |as s|oWr l|al W|||e |eaders||p erergerce |s greal|y
allecled oy persora||ly lra|ls (Lord, 0eVader ard A|||ger, 198o), |eaders||p
success |s |ess c|ear|y re|aled lo persora||ly laclors (Lardy, 1989).
Erlreprereur|a| |eaders||p |as oeer |derl|led as |rporlarl lo l||s process ard
|as oeer descr|oed as l|e ao|||ly lo |rluerce ol|ers, lo rarage resources
slraleg|ca||y |r order lo erp|as|ze ool| opporlur|ly-see||rg ard advarlage-
see||rg oe|av|ours (Eya|, & Kar|, 2004, lre|ard, l|ll ard S|ror, 2003).
Erlreprereurs s|are sore c|aracler|sl|cs W|l| |eaders. VcCarl|y, Puller ard
0arda (2010) lourd l|al l|e vasl rajor|ly ol l|ese erlreprereurs d|sp|ayed ar
oper |eaders||p sly|e, W|l| a oa|arced |eaders||p sly|e oe|rg l|e secord rosl
lrequerl, ard a corlro|||rg sly|e l|e |easl.
Leaders||p
capac|ly
Capac|ly lo
roo|||ze ard
rarage ol|ers
a|||ed lo l|e
ous|ress
groWl| v|s|or
7
enliepieneuishi p on giaduali on couises
conliilules lo lhe inlenlion lo cieale nev venluies
(e.g., Sanz-VeIasco, 2OO7, Shinnai, Iiuell, and
Toney, 2OO9). Up lolhe pievious decade, lhe liend lo
leachenliepieneuiship onlhe giaduale couises vas
nainIy focused on lhe nanagenenl and lusiness
fieIds (e.g., VoIknan, 2OO4). Novadays, lheie is
disseninalion lo lhe nain fieIds, such as lhe ails,
geogiaphy, enviionnenlaI science and nuising
(e.g., Maguiie & Cuyei, 2OO4, Dickeison & Nash,
1999). Today il is IaigeIy assuned lhal acadenic
enliepieneuiship is one of lhe fundanenlaI nolois
of econonic giovlh and veaIlh ciealion (Shane,
2OO4). As a iesuIl, and in accoidance vilh lhe
eneigence of acadenic enliepieneuiship,
univeisilies have puisued poIicies lhal pionole lhe
ciealion of acadenic enliepieneuiship cenleis and
encouiaged sludenls, ieseaicheis and acadenics lo
palenl lheii discoveiies, spin-offs, and lechnoIogicaI
Iicenses, lhus effecliveIy expanding lhe univeisilies'
aclivilies (e.g., Wood, 2OO9).
Anolhei slialegy designed lo foslei acadenic
e nl i e pi e ne ui s hi p f oc us e s on c i e al i ng
enliepieneuiiaI oppoilunilies and liaining sludenls
dinensions: vision, iesouices noliIizalion capacily
and Ieadeiship capacily (see lalIe 1).
CIolaIIy, and as desciiled on lalIe 1, ve piopose
lhal lhe enliepieneuiiaI polenliaI lheoielicaI nodeI
conpiises eIeven fiisl-oidei dinensions: desiie foi
i nde pe nde nc e , e c o no ni c no l i v a l i o n,
enliepieneuiiaI seIf-efficacy, vision, iesouice
noliIizalion capacily, Ieadeiship capacily,
innovalion capacily, enolionaI inleIIigence,
iesiIience, connunicalion and peisuasion capacily,
and nelvoik deveIopnenl capacily. These eIeven
fiisl oidei vaiialIes expiess foui second-oidei
di nensi ons: enl iepieneuii aI nol i val i on,
psychoIogicaI conpelencies, sociaI conpelencies,
and nanagenenl conpelencies.
In accoidance vilh lhe Iileialuie ieviev in vhich
enliepieneuiiaI polenliaI nodeI vas deveIoped,
figuie 2 piesenls a concepluaI nodeI lhal inlegiales
lhe foui cenliaI dinensions lhal conliilule lo lhe
eneigence of enliepieneuiiaI polenliaI
Re|etance of entreµreneurla| µotentla|
construct
Li leialuie has evi denced lhal i ncI udi ng
F|gure 2. Entrepreneur|a| Potent|a| 0onceptua| Hode|.
8
inlhe nainskiIIs, conpelencies and enliepieneuiiaI
aclivily (van Iiaag, 2OO9). One exanpIe of lhis is lhe
iniliaI financiaI funds foi lusiness oppoilunilies lo
nolivale acadenics and univeisily sludenls lo
lecone enliepieneuis and lo Iaunch nev venluies
(Shane, 2OO4a, Wiighl, CIaiysse, Muslai, and
Lockell, 2OO7). Thus, il is cIeaiIy evidenl lhal lhe
inpoilance of pionoling enliepieneuiship is a
videspiead issue, and one lhal has lhe allenlion of
acadenic, goveinnenlaI and oiganizalionaI agenls.
Despile lhe need lo slinuIale enliepieneuiship al
univeisilies, il is aIso inpoilanl lo deveIop nodeIs
and looIs lhal aIIov idenlifying lhe individuaIs vho
have a giealei piedisposilion and piofiIe lo lecone
enliepieneuis. CeilainIy, lheie aie individuaIs vho
aie fai avay fion having lhe sane psychosociaI
piofiIe as enliepieneuis, and consequenlIy, lhey aie
nol polenliaI enliepieneuis. In lhis gioup of
individuaIs, is highIy iisky lo invesl iesouices, as
lhey difficuIlIy viII le Iaunching venluies. On lhe
olhei side, individuaIs vho have a siniIai
psychosociaI piofiIe as enliepieneuis, have a
giealei chance lo Iaunching venluies, especiaIIy if
lhey aie exposed lo an i nnovali ve and
enliepieneuiiaI enviionnenl.
The enliepieneuiiaI polenliaI nodeI is lhe
lheoielicaI lasis lo deveIop nelhodoIogies and
looIs lo assess lhe individuaIs' piepaiedness lo
engage in lypicaI enliepieneuiiaI aclivilies. Theie
have leen diffeienl effoils lo deveIop a neasuie
vilh sound psychoneliic chaiacleiislics lo assess
lhe enliepieneuiiaI polenliaI consliucl (e.g., Sanlos,
Caelano & CuiiaI, 2O1O, Sanlos, Caelano, CuiiaI &
SpagnoIi, 2O1O).
Il is essenliaI lo encouiage young univeisily
sludenls and young enpIoyees lo deveIop an
eageiness foi enliepieneuiship and innovalion.
Despile exlensive enliepieneuiiaI piogians and lhe
enphasis on acadenic enliepieneuiship (e.g., van
Iiaag, 2OO9), knovIedge aloul lhe individuaIs'
piepaiedness lo engage in lypicaI enliepieneuiship
aclivilies, i.e., lheii enliepieneuiiaI polenliaI, is sliII
scanl. Il is inpoilanl lhal an individuaI aspiiing lo
le an enliepieneui is alIe lo assess hin oi heiseIf
againsl an enliepieneuiiaI piofiIe lefoie
undeilaking lhe peisonaI and piofessionaI iisks of a
sl ai l - up venl ui e ( Osloi ne, 1995) . The
enl i epi eneui i aI pol enl i aI nodeI gi ves
enliepieneuis and inveslois a soIid insliunenl lo
assess lhe fundanenlaI conpelencies aII successfuI
enliepieneuis possess.
keferences
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