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Business and Economics
Abstract
This paper aims to contribute to the ongoing discussion surrounding the influence of institutions on the distribution of entrepreneurial talents across productive, unproductive, and destructive activities. Existing literature suggests that societies can exhibit purely destructive, unproductive, or productive entrepreneurship characteristics. Employing a game theoretic framework that integrates insights from entrepreneurship and institutional studies, we explore the dynamics of entrepreneurial talent allocation. Introducing an institutional parameter into the Prisoners' Dilemma Game, we clarify the mechanism by which a society transitions between different forms of entrepreneurship, contingent on the value of the parameter (ranging from −1 to +1). Our findings underline a continuous transition, revealing the prevalence of either a predominantly rent-seeking society or one characterized by productive entrepreneurship, with variations based on the proximity of the institutional parameter to perfection or imperfection.
Abstract
This study explores the diversity in the personality profiles of solopreneurs in high- and non-high-tech sectors during the initial business phase, driven by the need to determine whether sector-specific personality traits are crucial for entrepreneurial success. Utilizing the Big Five personality traits (BFPT), we analyze data on 4,470 solopreneurs from the IAB/ZEW Start-up Panel (2018 and 2019 waves). This study incorporates comprehensive Big Five personality, exploratory factor, cluster, and heatmap analyses. These methods reveal significant differences between solopreneurs and the general population, particularly regarding openness, conscientiousness, extraversion, agreeableness, and neuroticism. The analysis identifies three main industry sectors that reflect the range of entrepreneurial approaches. Despite sectoral diversity, Big Five profiles of entrepreneurs are homogenous, challenging the assumption that different sectors require distinct personality profiles. The findings underscore the importance of self-awareness and accurate self-perception in fostering innovation and making prudent decisions during the early stages of entrepreneurship.
