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Entrepreneurship and Fitness: An Examination of Rigorous Exercise and Goal Attainment Among Small Business Owners
Abstract
In today's society, the benefits of exercise and fitness are given much publicity. However, the relationship between exercise and the attainment of personal and professional goals for entrepreneurs has not been examined. Our study addresses the issue by examining the exercise regimens of 366 small business owners and the relationship of exercise frequency with the company's sales and the entre- preneur's personal goals. Specifically, this study examines the relationship that two types of exercise—running and weightlifting—have with sales volume, extrinsic rewards, and intrinsic rewards. Results indicate that running is related positively to all three outcome variables while weightlifting is related positively to extrinsic and intrinsic rewards but not to sales. Suggestions then are provided for future research.
... Driven by a high need for achievement (Brockhaus & Horwitz, 1986; McClelland, 1961), entrepreneurs place pressure on themselves to perform well (Hambrick, Finkelstein, & Mooney, 2005). They typically experience a sense of personal responsibility for venture outcomes (Thompson, Kopelman, & Schriesheim, 1992), and bear the cost of their mistakes and those of their employees (Goldsby, Kuratko, & Bishop, 2005 ). Because of this, self-employed individuals work longer hours compared to employees (Eden, 1975; LewinEpstein & Yuchtman-Yar, 1991), and such a large commitment of time and energy is often at the expense of family and social activities (Kuratko & Hodgetts, 2004). ...
... Entrepreneurs typically perform a variety of tasks such as " business opportunity recognition, business planning, resource acquisition, hiring, managing, and leading employees, creative problem solving, and quick decision making in uncertain and ambiguous situations (Douglas & Shepherd, 2000; Patzelt & Shepherd, 2011) " (Uy et al., 2013, p. 584). Entrepreneurs fulfill a multitude of roles, such as recruiter, spokesperson, and negotiator, often as part of their boundary spanning activities, which involve interactions with a variety of internal and external stakeholders such as employees, customers, suppliers, regulators, lawyers, and investors, which is also a source of stress (Goldsby et al., 2005). While entrepreneurs do have some resources to their advantage, such as autonomy and job control (Eden, 1975; Hundley, 2001; Tetrick, Slack, Da Silva, & Sinclair, 2000), they lack other resources such as performance feedback from supervisors, social support (Baron, 2010), and sufficient resources needed to implement their plans and strategies (Baron, 2008). ...
... Baron, 1998). As entrepreneurs work harder and longer in order to accomplish their goals, they often neglect basic health needs such as exercise and a balanced diet (Goldsby et al., 2005), and cope with stress in unhealthy ways (Mannheim & Schiffrin, 1984) by eating unhealthy foods, smoking, or drinking. We expect that the negative impact of stress on personal health will be particularly problematic for entrepreneurs, due to their strong identity connection with their ventures (Cardon, Wincent, Singh, & Drnovsek, 2009; Murnieks, 2007) such that they have difficulty in separating their work selves from their personal selves (Cardon, Zietsma, Saparito, Matherne, & Davis, 2005). ...
Occupational stress is associated with numerous health problems that cost organisations considerable resources. We explore whether the detrimental effects of stress on individual health are accompanied by productive effects on individual performance for self-employed people, thereby making stress somewhat “worth it” for this occupational group. Given that positive affect can serve as a stress-buffering resource, we also examine the potential for positive affect (PA) to moderate these relationships. Our hypotheses are tested using data from the NHANES I Epidemiologic Follow-up Study (NHEFS) that incorporated extensive demographic, medical history, nutritional, clinical, and laboratory data representative of the non-institutionalised civilian US population. From this dataset we created a longitudinal matched sample of 688 self-employed individuals and 688 employees, incorporating self-reported and physiological measures of stress and health. Our findings indicate that (controlling for past income and prior health) self-employed people experience greater stress than employees, and they experience a positive impact of stress on income despite a negative impact on physical health. These relationships are moderated by positive affectivity, where PA accentuates the positive effect of stress on personal income and mitigates the negative effect of stress on physical health.
... The family may, due to their dissatisfaction, seek to retain influence in the business through a governance board position and follow the development of the firm (Ehrhardt and Nowak 2003). This could lead to the feeling of importance and help the family in finding a new identity after the sale (Gagne´and Deci 2005; Goldsby, Kuratko, and Bishop 2005). In contrast, families that do not have a connection with their business anymore, might earlier begin to think about a new identity combined with new opportunities including new venture creation (factor 5). ...
... In this constellation, the family profits from their initial satisfaction with the sale and can further improve their satisfaction after the sale. For these families, future entrepreneurial activities will not only depend on the level of satisfaction with the sale (Kenyon-Rouvinez 2001; but also on the entrepreneurial orientation (Miller 1993;Lumpkin and Dess 1996;Nordqvist 2008) and the age of the former family business owners (Goldsby, Kuratko, and Bishop 2005;Marshall et al. 2006). Satisfied former family business owners usually are able to recover fast from the loss of the business (Pellegrin 1999;Shepherd 2009). ...
... Moreover, these former family business owners frequently can build on excellent conditions to restart entrepreneurial activities due to prior ownership experience , established reputation to financiers Mason and Harrison 2006) and the often high amount of money they received from the sale (Kenyon-Rouvinez 2001; Habbershon and Pistrui 2002;Mason and Harrison 2006). On the other hand, being satisfied with the sale might also lead the former family business owners, especially in higher ages (Goldsby, Kuratko, and Bishop 2005;Marshall et al. 2006) to recognize the sale as a chance to retire (Sonnenfeld and Spence 1989;Mason and Harrison 2006), conduct philanthropic activities (Acs and Phillips 2002) or enjoy life (Mason and Harrison 2006;Tang 2007). ...
The scarce research on the sale of family businesses suggests that business-owning families take different factors into account than non-family owners when evaluating a business sale. This paper builds on a utility-oriented framework and analyses literature to identify the key factors that affect the family's appraisal of the sale. We integrate these factors into an explanatory model which shows that the family's evaluation of a business sale takes longer and is often different compared to a non-family business sale. In contrast to the paradigm of family business succession, our model advocates the exit option, which in a second step can foster new entrepreneurial family activity. We discuss how satisfaction might affect new venture activities and apply a case to show how our model can be generally used to analyse a family business sale.
... Cardon et al., (2009) says that research has demonstrated that there is a dark side coming from an entrepreneur's energy drive that operates as a harmful cause inside the realm of emotion. According to Goldsby et al., (2005) there are some unfavorable elements that could surround and control entrepreneurs' behavior. While some of these variables could be advantageous, it's crucial for business owners to be aware of any potential negative effects as well. ...
... There are three in particular: risk, stress, and ego. Goldsby et al. (2005) further noted that entrepreneurs are confronted with certain risks. These can be grouped into four basic areas: (1) financial risk, (2) career risk, (3) family and social risk, and (4) psychic risk. ...
The purpose of the study was to explore the entrepreneur's mindset in transforming an idea into a viable venture, a case of selected Private Secondary Schools in Kabale Municipality, South Western Uganda". The study objectives were; to establish reasons for venture establishment, identify factors affecting performance of Private secondary schools in Kabale municipality, and explore possible reasons responsible for growth/failure of Private Secondary schools in Kabale Municipality. The methodology employed was a descriptive correlation and cross sectional survey design. A combination of qualitative and quantitative approaches was used in data collection and analysis during the study. The study population comprised of 180 respondents. The sampling techniques were both purposive (Directors, Head teachers) and simple random sampling (Administrative staff and students' leadership) from the selected Private Schools from Kabale Municipality, South western Uganda. The data collection instruments used were questionnaires and Interviews. The findings revealed a significant relationship between an entrepreneur's mindset and organizational performance in the selected Private secondary schools in Kabale municipality, South western Uganda. The study concluded that the mind and emotions of a person are extremely responsive to their actions. Success of a private secondary school is as a result of relevant skills and the mindset of an entrepreneur, and that, in running a business, everyone has their perspective in achieving success. The study recommends that for successful establishment of private secondary schools within Kabale Municipality, proprietors of these schools should be cognizant of their mindset in the three strands; Cognition in decision making, Behavior as the most salient feature of the entrepreneurial mindset, and Emotional aspects of the entrepreneurial mindset.
... While stress had a positive impact on the entrepreneur's income (Cardon & Patel, 2015), it has been shown to negatively affect perceived venture performance (Soenen et al., 2019;Teoh & Foo, 1997). However, employing stress coping tactics such as engaging in routinized physical exercise appear to mitigate the adverse effects of stress (Goldsby et al., 2005). These mixed results echo Rauch et al.'s (2018) finding of an insignificant relationship between stress and performance when quantifying the results of a number of entrepreneurship studies. ...
... Some work and non-work-related actions have been found to mitigate stress. Non-work-related actions include exercising (Goldsby et al., 2005), mindfulness (Murnieks et al., 2020;Roche et al., 2014), as well as sleep which can facilitate physiological recovery and combat exhaustion (Murnieks et al., 2020;Weinberger et al., 2018). Among workrelated actions, Yamakawa and Cardon (2017) showed that contingency planning can help entrepreneurs better disengage psychologically after their firms were in distress. ...
Despite the increasing interest in studying the concept of resilience in entrepreneurship, existing research often fails to account for stressors that induce entrepreneurs' need for resilience and coping efforts. By arguing the need to study stress, resilience, and coping together to understand how entrepreneurs build resilience in the face of adversities, we systematically review the en-trepreneurship scholarship (125 articles) on these three concepts. By critically appraising these three literatures in light of current thinking in psychology, we then develop a model of the process of building psychological resilience in entrepreneurship and offer a clear pathway for future research.
... First, the parallels between fitness and entrepreneurship have been explored, but only tangentially. Small businesses whose owners engaged in physical exercise like running, for example, were associated with improved sales performance (Goldsby et al. 2005). Overall, there is a general acknowledgement in academic circles that fitness and sport participation can be generative of positive business and career-related outcomes. ...
... Moreover, Rehman and Frisby (2000) and Hemme et al. (2017) both assessed outcomes associated with an entrepreneurial career path within sport, finding that personal trainers and gym owners demonstrated signs of both empowerment and marginalization as a result of becoming a fitness entrepreneur. However, in general little has been done to explicitly attach an entrepreneurship perspective to the management of the fitness sector (Goldsby et al. 2005;Ratten 2011). For example, the fitness industry, which is characterized as intensely cyclical, is perhaps an ideal environment for examining and testing entrepreneurship phenomena related to iteration, rapid prototyping, and agile management. ...
... supplement/vol115no2). Entrepreneurship periodicals such as Inc and Entrepreneur often include articles on sports firms and mention entrepreneurship in some of these articles (Goldsby et al. 2005). Often practitioner articles on entrepreneurship focus on the sport (Berrett et al. 1993). ...
... Hardy (1996, p. 357) suggests that entrepreneurship provides a unique way to view sport and that further research should explore sport from an entrepreneurial perspective. In a similar vein, Goldsby et al. (2005) states that " the dimension of physical fitness and its relation to the entrepreneurial outcomes has yet to be examined " (p. 79). ...
The entrepreneurship and sport management disciplines have grown significantly in the past decade. Sport is an entrepreneurial
process as innovation and change are key elements of sport. The aim of this paper is to develop a theory of entrepreneurship
in sports management by investigating the relationship between entrepreneurship and sport. The rapidly growing and developing
sport marketing discipline provides a basis in which to understand how entrepreneurship occurs through innovation, proactiveness
and risk taking activities. This paper discusses the connection between the entrepreneurship and sports management fields
and argues that there needs to be more integration with the two fields of study and traditional entrepreneurship theory. A
theory of sport-based entrepreneurship is developed and different types of entrepreneurship that occur in sports management
are examined. Suggestions for future research and implications for practitioners are discussed.
KeywordsSport–Entrepreneurship–Innovation
... For example, the management literature suggests that physical exercise can enhance an individual's work performance [61]. Physical activity among these business owners positively predicts business performance [65]. Exercise can help people improve work-related self-efficacy, while reducing ego depletion [66,67]. ...
Physical exercise can benefit individuals’ physical and mental health and also influence individuals’ long-term behavioral choices. Doing exercise is particularly important given that physical exercise can impact individuals’ cognitive abilities and positive emotional states, which may further impact entrepreneurial behavior. Therefore, understanding the relationship between exercise and entrepreneurial behavior is essential, because it can provide policy suggestions for popularizing athletic activities and boosting entrepreneurship. Consequently, the present study examined whether physical exercise could predict entrepreneurial behavior and the possible psychological mechanisms within this relationship. Based on the 2017 Chinese General Social Survey (CGSS2017), this study tested the hypotheses using the Probit and Tobit models. The results showed that individuals’ physical exercise intensity and frequency positively affected their entrepreneurial behavior. In addition, five variables moderated the relationships between physical exercise and individual entrepreneurial behavior: urban–rural differences, education level, marital status, the existence of minor children, and age. Moreover, positive emotions and physical/mental health mediated the influence of physical exercise (exercise frequency and exercise intensity) on individual entrepreneurial behavior. Endogeneity explanations were ruled out by including instrumental variable, copula terms and adopting coarsened exact matching.
... Le manque d'informations ou l'insuffisance de connaissances sur un tel sujet peut conduire à un comportement inadapté pour sa santé. Les entrepreneurs ont tendance à négliger leurs besoins fondamentaux en matière de santé, comme avoir une alimentation déséquilibrée (Goldsby et al., 2005 ;Giorgi-Font, 2017) ou rogner sur leur sommeil (Guiliani, 2016) et cela est dû souvent à l'utilisation de stratégies dysfonctionnelles, voire malsaines face au stress, du fait du temps consacré à travailler pour atteindre leurs objectifs (Mannheim et Schiffrin, 1984). ...
Cette thèse s’inscrit au croisement de l’entrepreneuriat de la psychologie cognitive, ainsi que de la psychologie de la santé. Elle contribue au récent courant de la santé des dirigeants de PME qui vise à mieux comprendre l’impact de la fonction entrepreneuriale sur la santé des indépendants. Cette recherche s'intéresse plus particulièrement à la question de leur santé mentale au travers du risque de burnout et du risque suicidaire. Pour cela, elle mobilise une approche cognitive afin de mieux appréhender l’impact du stress entrepreneurial sur la santé mentale des dirigeants de PME, et de voir pourquoi certains entrepreneurs s’épuisent au travail, voire en viennent à se suicider. L’objectif de ce travail est donc de contribuer à une meilleure compréhension de la souffrance psychique patronale. Pour ce faire, cette thèse réalisée sur travaux s’articule autour de quatre contributions académiques et s’appuie sur une méthodologie principalement quantitative. Une étude qualitative est néanmoins menée de manière exploratoire sur la question du suicide, un sujet encore tabou et très peu étudié dans le monde patronal. La recherche est construite en trois étapes, la première s’intéresse à l’étude des spectres émotionnels de deux stresseurs de la fonction entrepreneuriale. La seconde s’intéresse à deux risques en santé mentale subséquents aux deux facteurs de stress de la fonction entrepreneuriale (risques de burnout et suicidaire). Enfin, la troisième et dernière étape vise quant à elle, à étudier la motivation entrepreneuriale comme facteur modérateur des deux risques en santé mentale ciblés. Les résultats montrent une ambiguïté émotionnelle dans la surcharge de travail des dirigeants de PME. La perception de l’événement accompagnant la surcharge va ainsi avoir un rôle déterminant dans l’impact de ce stresseur sur la santé. Aussi, au quotidien, les dirigeants de PME ne sont pas à l’abri d’un risque de burnout. Et selon les contextes, celui-ci peut être modéré par la motivation entrepreneuriale. Enfin, les résultats mettent également en évidence le caractère tragique que peut prendre l’échec entrepreneurial ainsi que l’omniprésence de l’endettement dans le risque suicidaire patronal.
... The finding was to be expected, as it is easiest to express an opinion about effects on oneself. The research results support the results of the previous research, (e.g., Goldsby et al. 2005;Burton et al. 2012;Limbach and Sonnenburg 2015;Dong et al. 2019;Goldsby et al. 2019;Calderwood et al. 2021) indicating exercise can provide leaders (and employees) with physical, affective, and cognitive resources. In addition to these, interviewed leaders also highlighted the social resources produced by exercise. ...
Executive duties have long been described as becoming more intensive and demanding. One contributing factor is a perceived increase in the complexity of the operating environment. A high level of physical fitness has been suggested to support responses to those demands. This study aims to contribute to the topic by producing a holistic view informed by asking how physically active executive-level leaders perceive the impact (whether positive or negative) of managerial athleticism on the level of the individual, organization, and society. Twenty physically active high-level leaders were interviewed for the study. The sample was almost equally split by gender, represented a diverse range of societal sectors, and engaged in many different forms of exercise. The results support previous research; however, this study provides a more nuanced view of the topic. Although the interviewees saw many good aspects of physical exercise, such as providing physical, affective, cognitive, and social resources, they were also able to think critically about their personal relationship with exercising and their attitudes toward others taking physical exercise. The study highlights the role of balancing the harmonious and obsessive aspects of the relationship with exercising. Instead of a disproportionate study of extreme cases, we conclude that it would be worthwhile studying leaders with a harmonious relationship with exercise to ensure results do not become biased and physically active leaders are not stereotyped.
... The heterogeneity amongst entrepreneurs and their ventures could add to the variance that individuals experience throughout the entrepreneurial process. Thus, it is likely that entrepreneurs differ in terms of the affect-eliciting events that they are exposed to (i.e., gaining funding) and in their resources for coping with negative affective triggers (Shepherd, Covin, et al., 2009 (Thurik et al., 2016), chronic disease (Vessal et al., 2021), and poor self-care (Goldsby et al., 2005), we can better understand episodes of self-driven discrete negative emotions in entrepreneurship, such as shame and regret. Leveraging these similar episodic perspectives can help to guide future research into how transient shifts in entrepreneurs' emotional states can influence a variety of important outcomes. ...
Entrepreneurship can provide personal fulfillment but is uniquely poised to also provoke emotional suffering. Scholarly attention on negative moods and emotions (affect) in entrepreneurship has gained momentum, yet reviews to date have focused on the consequences of affect while our understanding of its antecedents remains fragmented. This neglect is concerning as the conditions that trigger negative emotions are consequential to entrepreneurial cognition, behavior, and well-being. In the current article, we synthesize the findings of 52 empirical sources that contribute to our knowledge of the antecedents of negative affect during entrepreneurship activity. This results in a framework of entrepreneurs’ negative affective antecedents organized by (1) the temporary state of the self, (2) the entrepreneurial occupation, (3) interactions with others, and (4) venture circumstances. Overall, this systematic effort contextualizes affect in entrepreneurship and provides a roadmap for future research that is more closely representative of the diverse lived experiences of entrepreneurs.
... The variable of child was measured by asking whether they had a child (yes = 1, no = 0). In addition, we controlled for the lifestyle of the participants [65]. The variable of lifestyle was measured by asking, "Do you do exercise frequently?" (yes = 1, no = 0). ...
Background
Nowadays, more and more women are engaging in entrepreneurial activities. Meanwhile, female entrepreneurs’ health problems have been increasingly reported worldwide. What factors would influence female entrepreneurs’ health are the subject of this paper.
Methods
This paper focuses on the effects of entrepreneurial experience and age of firm on female entrepreneurs’ health through the analysis of 2 years of tracking data in the Bohai Economic Rim, which is one of the most developed areas for entrepreneurial activities in China.
Results
Results from the samples of female entrepreneurs demonstrate that increasing entrepreneurial experience and growing firm age could help female entrepreneurs to activate multiple positive identities. These identities can help female entrepreneurs cope with gender stereotype threat and maintain good health.
Conclusion
This paper contributes to entrepreneur health research in two aspects. First, this study focused on entrepreneurial history indexed by entrepreneurial experience and firm age, enriching the field of female entrepreneurship. Second, this study further explored the mechanism that women cope with stereotype threat in the context of entrepreneurship. At the same time, this paper addresses ways that policy-makers and social media are responsible to help female entrepreneurs stay healthy.
... Given the demanding nature of entrepreneurial work, we sought to discover whether more intensive exercise was related to less stress for entrepreneurs. A consistent physical regimen is a major commitment by an entrepreneur because time spent exercising is also time away from the business (Goldsby et al. 2005;Goldsby et al. 2019). We contend, however, that the self-management practice of frequent intense exercise is worthwhile for entrepreneurs. ...
It is well-known that entrepreneurs lead extremely busy lives. While research literature reports the stressors of entrepreneurial careers, few empirical studies have examined the actual management of the demands that entrepreneurs face in their daily lives. In this paper, we conducted a study of 472 small business owners and tested hypotheses on the roles of three self-management practices—exercise, work overload, and attention to detail—on stress, security, and job satisfaction. Exercise, work overload, and attention to detail serve as three important self-management practices that are largely under the decision-making of the individual entrepreneur.
... Entrepreneurship is inevitable for sports organiza-tions to sustain under such highly competitive circumstances, and more innovative organizations could secure a sustainable market share [7,8]. However, intensive investigation of the relationship between sports and entrepreneurship is still required [9]. ...
This study empirically explored antecedents and outcomes related to social entrepreneurship in the context of professional sports from the customer’s perspective. Two parent companies—FuBon and ChinaTrust, both financial holding firms—and two franchises—FuBon Guardians and ChinaTrust Elephants—in the Chinese Professional Baseball League were the research elements in this study to ensure generalizability of the findings of this study. The participants of this study were 268 spectators of a FuBon Guardians game and 201 spectators of a ChinaTrust Elephants game. Structural equation modeling was used for data analysis. Results indicated that innovation and corporate social responsibility positively correlated with social entrepreneurship. Moreover, social entrepreneurship was positively associated with affective commitment to the parent company and sports franchise. Finally, affective commitment to the parent company not only exerted a positive effect on the intention to purchase the products of the parent company but also promoted the intention to purchase licensed merchandise and attend games. Similarly, affective commitment to the sports franchise not only exerted a positive effect on the intention to purchase licensed merchandise and attend games but also promoted the intention to purchase the products of the parent company. Theoretical and managerial implications are discussed in this study.
... From a self-employment perspective, prior evidence indicates that there is likely a positive association between self-employment and individuals' wellness beliefs. For instance, self-employment has been shown to have a positive relationship with fitness (Goldsby et al., 2005;Goldsby et al., 2019), and is positively associated with perceived physical health (Yoon and Bernell, 2013). Furthermore, evidence suggests that business owners are in general healthier than wage workers (Rietveld et al., 2016), and mortality rates are lower for self-employed individuals across several industries and contexts (Toivanen et al., 2016). ...
Entrepreneurship research in recent years has developed a meaningful understanding of well-being among self-employed individuals. Moving from the direct and conditional association between self-employment and well-being, we propose a moderated-mediation model based on the mediating effects of wellness beliefs. Wellness beliefs could be an important channel to explaining variations in subjective well-being among the self-employed. The mediation effects of wellness beliefs are conditional on two main demographic factors—gender and ethnicity—widely studied in the entrepreneurship literature. Based on a sample of 5822 participants (5208 employed and 614 self-employed) from the 2015 National Health Attitude Survey we find that wellness beliefs are an important mediator in realizing higher subjective well-being from self-employment, however, the strength of the mediation does not vary by white vs. non-white, however, there is marginal support for differences in strength of mediation for males relative to females. The effect sizes are small. Our findings unpack the self-employment and well-being association and highlight the important role of wellness beliefs.
... Boyd and Gumpert (1983) made a significant contribution to entrepreneurial stress with presentation of stress-reduction techniques which include acknowledging its existence, developing coping mechanisms, and facing unacknowledged personal needs. Goldsby et al. (2005) examined the relationship between exercise and the attainment of personal and professional goals for entrepreneurs. The study addressed the issue by examining the exercise regimens of 366 entrepreneurs and the relationship of exercise frequency with both the company's sales and the entrepreneur's personal goals. ...
Scholars have examined various aspects of the entrepreneurial mindset, which have provided insights into its attributes, qualities, and operations. However, the different perspectives have led to a diverse array of definitions. With the array of differing definitions, there arises the need to better understand the concept of an entrepreneurial mindset. Therefore, the question remains as to what exactly is the entrepreneurial mindset and how do people tap into it. In examining the literature, we find that three distinct aspects have arisen through the years: the entrepreneurial cognitive aspect—how entrepreneurs use mental models to think; the entrepreneurial behavioral aspect—how entrepreneurs engage or act for opportunities; and the entrepreneurial emotional aspects—what entrepreneurs feel in entrepreneurship. Using those as a basis for our work, we unravel the entrepreneurial mindset by examining deeper into the perspectives and discuss the challenges for implementing it.
... Hofstede (2001) argues that the differences in applying leadership behaviours all over the world can be traced to individuals' differences in national culture, so it may be argued that organisational culture is a mirror of its national culture; therefore, when a national culture is deeply ingrained in individuals, it may be reflected in organisational culture (Naor and Schroeder, 2010;Van Oudenhoven, 2001). The results of gendered leadership research have demonstrated that this topic is controversial across different national cultures (Ayman and Korabik, 2010;Eagly et al., 1995;Gibson, 1995), and Hofstede's model of cultural dimensions may provide a resource to explain entrepreneurial leadership. The first dimension is power distance. ...
Purpose
The purpose of this study is to understand the impact of gender in the sport business by investigating gender differences in entrepreneurial leadership and cultural values using quantitative methods.
Design/methodology/approach
In total, 241 surveys were completed by sport business owners in 4 countries in the Middle East.
Findings
The results revealed that gender differences and similarities are not only widely affected by national cultural values but also the effects of national cultural values vary between countries in the Middle East, despite these countries being similar in terms of habits, traditions, history, language and institutional systems. Additionally, it was found that entrepreneurial leadership is a role, task or responsibility that is related to both men and women in the sport business in the Middle East.
Research limitations/implications
Theoretical and practical implications of the findings are discussed, together with limitations and suggestions for future research.
Originality/value
This is the only study in the field of entrepreneurial leadership that examined the concept of entrepreneurial leadership in Middle East sport businesses.
... To end with our initial example of a highly successful entrepreneur, Richard Branson makes sure he starts the day with some enlivening activity and also gets enough sleep (McGrath, 2018): "I rise early at 5.30am after seven hours sleep (…) I generally spend from 6am until 9am doing fun things to benefit my body such as tennis and kite-surfing." Branson believes prioritizing physical activity makes him more productive (Branson, 2017a)-a view supported by research indicating that physical activity is relevant to entrepreneurial success (Goldsby, Kuratko, & Bishop, 2005), as further exemplified by Branson's case, "I'm not a fan of formal meetings and would much prefer (…) a walking meeting" (Branson, 2017b). In addition, before getting down to business, Richard Branson shares a healthy breakfast with his wife and family (McGrath, 2018), putting him in a "great mind frame" (Branson, 2017b). ...
This study investigates how entrepreneurial health and spousal health influence monetary and non-monetary entrepreneurial success. Drawing on human capital theory in combination with a family embeddedness perspective on entrepreneurship and applying actor-partner interdependence models to longitudinal data, we conclude that overall spousal health constitutes an important extension of entrepreneurs' human capital influencing entrepreneurial success. This study further contributes to human capital research by offering interesting insights and novel theorizing on substitution effects for different types of entrepreneurial human capital, and adds to a biological perspective on entrepreneurship by considering the differential role of biological sex in the health-success relationship.
... The heterogeneity amongst entrepreneurs and their ventures could add to the variance that individuals experience throughout the entrepreneurial process. Thus, it is likely that entrepreneurs differ in terms of the affect-eliciting events that they are exposed to (i.e., gaining funding) and in their resources for coping with negative affective triggers (Shepherd, Covin, et al., 2009 (Thurik et al., 2016), chronic disease (Vessal et al., 2021), and poor self-care (Goldsby et al., 2005), we can better understand episodes of self-driven discrete negative emotions in entrepreneurship, such as shame and regret. Leveraging these similar episodic perspectives can help to guide future research into how transient shifts in entrepreneurs' emotional states can influence a variety of important outcomes. ...
... As an example, researchers Michael G. Goldsby, Donald F. Kuratko, and James W. Bishop examined the relationship between exercise and the attainment of personal and professional goals for entrepreneurs. 37 The study addressed the issue by examining the exercise regimens of 366 entrepreneurs and the relationship of exercise frequency with the company's sales and the entrepreneur's personal goals. Specifically, the study examined the relationship that two types of exercise-running and weightlifting-had with sales volume, extrinsic rewards, and intrinsic rewards. ...
... Self-employment can also affect well-being through furnishing more room for health-enhancing behaviors. The entrepreneurial lifestyle may allow for flexible time organization and thus the ability to engage in physical exercise (Goldsby et al., 2005;Shepherd and Patzelt, 2017). Specifically, while entrepreneurs have a busy schedule, they may have control over the daily agenda and shift appointments or tasks around to allow for workouts, doctor visits, or healthy eating habits. ...
Relying on theoretical insights from the Job Demand-Control model, which links occupational characteristics to health, this paper provides the first causal evidence of the physical and mental health consequences of self-employment. I utilize German longitudinal data for the period 2002–2014 and difference-in-differences estimations to study switches from unemployment to self-employment (necessity entrepreneurship) and transitions from regular- to self-employment (opportunity entrepreneurship). I find that necessity entrepreneurs experience improvements in their mental but not physical health, while opportunity entrepreneurship leads to both physical and mental health gains. Importantly, the health improvements cannot be explained by changes in income or working conditions and are not driven by personality and risk preferences or the local unemployment conditions. As such, the findings highlight an additional non-monetary benefit of self-employment and have implications for entrepreneurship theory and practice, current and would-be entrepreneurs, as well as policy-makers.
... & Poutziouris, 2010). Hence, we argue that aspiring entrepreneurs' family motivation(Goldsby et al., 2005;Jack & Anderson, 2002) and risk preference(Antoncic, 2003;Shane, 2003) can influence their entrepreneurial opportunity recognition.Second, based on McGee, Peterson, Mueller, and Sequeira's (2009) conceptualization of entrepreneurial self-efficacy, we argue that entrepreneurial searching self-efficacy and entrepreneurial planning self-efficacy sequentially mediate the positive relationships of family motivation and risk-taking propensity on aspiring entrepreneurs' opportunity recognition. McGee et al. (2009) conceptualized entrepreneurial self-efficacy into five ...
... Entrepreneurs' recovery has rarely been researched. So far, two studies examine entrepreneurs' leisure activities (Goldsby et al., 2005;Gunnarsson and Josephson, 2011), and one study examines holiday time (Rau et al., 2008). Nevertheless, there is reason Fig. 1. ...
Prior research has shown that trait creativity is important for becoming an entrepreneur and successful in business. We explore a new perspective by investigating how recovery from work stress influences entrepreneurs' daily idea generation, a key aspect of creativity. Physiological and mental recovery enables the cognitive processes of creative problem-solving. Moreover, differences in mental recovery processes help to explain age-related changes in entrepreneurs' creativity. Multilevel analyses based on 415 daily data from 62 entrepreneurs support our predictions. Our study introduces a new “state” perspective to understanding entrepreneurs' creativity, and highlights the critical role of recovery processes for idea generation.
... For example, Parks and Steelman's (2008) meta-analysis of workplace wellness programs indicated that employees who participated in wellness programs were more likely to be satisfied with their job and have lower absenteeism rates. In another study, small business owners who engaged in exercise were shown to have better sales figures than those small business owners who were sedentary (Goldsby, Kuratko, & Bishop, 2005). ...
Purpose
Recent research along with anecdotal evidence suggests that exercise may play a role in mitigating perceptions of work-family conflict. However, the temporal effects related to this relationship have been ignored. The authors sought to address this issue by testing for the effects of acute and long-term exercise on the work-family interface.
Design/methodology/approach
Employed females (N=46) were randomly assigned to a treatment (exercise) or control group (no exercise) and data were gathered at three points in time, over four weeks. Linear Mixed Model processes were conducted.
Findings
The authors found that there is a statistically significant long-term exercise effect on strain-based work interference with family and family interference with work.
Research limitations/implications
The sample was restricted to sedentary females, was predominantly White/Caucasian, and held white-collar jobs, limiting the generalizability of our findings.
Practical implications
Results from the current study suggest that exercise assists individuals in managing the work-family interface. While this is not a broad-sweeping call for all employers to offer on-site exercise facilities, the authors suggest that employers consider offering accommodations to individuals seeking to utilize exercise as a way to reduce work-family conflict and general stress.
Originality/value
This is the first empirical study that examines the temporal impact of exercise on the work-family interface.
... Perhaps the flexibility of an entrepreneurial career enables individuals to pursue their sporting or recreational activities. For example, Goldsby, Kuratko, and Bishop (2005) showed how small business owners' engagement in physical activities (e.g., running and weight-lifting) is positively associated with the intrinsic and extrinsic rewards from entrepreneurship as well as increased firm sales. How do entrepreneurs use flexibility to enhance personal health? ...
Health is inarguably a significant topic in people’s everyday lives, and unsurprisingly, scholars have taken great interest in exploring this issue. For example, marketing scholars have explored the health implications of “supersizing” food purchases (Haws & Winterich, 2013), the impact of health claims on product preference (Aschemann-Witzel & Hamm, 2010), and price sensitivity to healthy versus unhealthy food (Talukdar & Lindsey, 2013); operations scholars have explored capacity expansion in outpatient clinics (LaGanga, 2011), quality management practices and processes in hospitals (Goldstein & Iossifova, 2012), and the performance of health information technology (Queenan, Angst, & Devaraj, 2011); management scholars have explored the relationship between employee stress and health (Bono et al., 2012), the effects of sleep deprivation on workplace deviance (Christian & Ellis, 2011), and learning by surgical teams (Vashdi, Bamberger, & Erez, 2012); and strategy scholars have explored multi-national firms’ responses to disasters (Oh & Oetzel, 2011), the effects of diversification in the medical-device industry (Wu, 2013), and the effect of board characteristics on firms’ strategic change in the healthcare industry (Goodstein, Gautam, & Boeker, 1994).
... The authors believe that the number of hours the entrepreneur works within his or her organization increases the amount of interaction he or she has with customers. Because entrepreneurs often occupy the role of spokesperson (Goldsby, Kuratko, & Bishop, 2005) and managers of small firms often act as the figurehead of their organization (Paolillo, 1984; also see, Mintzberg, 1975;D'Amboise & Muldowney, 1988), increased interaction with customers by these highly influential members should increase customer legitimacy by conveying a positive image of the firm. Legal status was obtained by asking the primary owner to choose between the following seven options: (1) Sole Proprietorship (2) Limited Liability Company (3) Subchapter S-Corporation (4) C-Corporation (5) General Partnership (6) Limited Partnership (7) Something Else. ...
... Yet, over the years, there has been a lack of attention devoted to people who elect to participate in formal but relatively unstructured recreation, despite the importance associated with physical activity and sport (Mahoney, Stattin & Lord, 2004). Encouraging is that this trend appears to be changing positively as health and fitness are given much publicity through advertisements showing the benefits of physical activity (Goldsby, Kuratko & Bishop, 2005). There is also a noticeable research regarding community sport as manifested by an increase in community physical activity interventions (Mummery & Brown, 2009;Finch & Donaldson, 2010). ...
Research concerning leisure activity, recreation and sport for the youth has attracted increasing attention. This is especially true for community sport. Community sport is pivotal because community sport organisations can provide opportunities for members to participate actively, thereby enhancing social engagement and community cohesion. The purpose of the study was to identify possible factors and challenges that may influence participation in community sport in Eldorado Park. A qualitative research approach utilising semi-structured interviews was adopted for the study. The sample of the study comprised key community members of Eldorado Park, a suburb south of Johannesburg in the Gauteng province of South Africa. Key members in the context of this study are those individuals who played a significant role in uplifting the community through organising and supporting community sport. Snowball sampling was used to recruit participants who were resident in the community for at least ten years. An interview schedule, which focused on opportunities and constraints of participating in community sport, was developed for the study. Two researchers who were experienced in qualitative research were requested to pre-test the interview schedule. Interviews were recorded and transcribed. The transcripts were subjected to content analysis with the aim of developing themes emanating from the analysis. The findings from the in depth interviews revealed several factors and challenges associated with participation in community sport in Eldorado Park. Five broad themes, namely facilities, undesirable behaviour, stakeholder involvement, social factors and resources were identified through the analysis of the transcripts. A multilateral intervention involving community members, the municipality and businesses is therefore necessary to attract community members and especially the youth, to participate in community sport. This will be helpful in curbing undesirable risk behaviours in the community such as alcohol, illicit drug abuse and gangsterism.
DOI: 10.5901/mjss.2014.v5n20p30
... Based on Caspersen and colleagues' definition above, we refer to exercise as those physical activities done on a regular basis. As noted earlier, the attained more personal goals and had better sales figures than those who did not (Goldsby, Kuratko, & Bishop, 2005). Prescriptions to executives have suggested that they work out with weight training at least twice per week in order to become a "corporate athlete" (Loehr & Schwartz, 2001). ...
Prior research suggests that exercise has positive benefits for individuals and the organizations they work for. Using the literature related to social cognitive theory and exercise, the present study hypothesizes and tests the effects of exercise on two directions of work-family conflict: work interference with family (WIF) and family interference with work (FIW). Using a sample of 476 working adults, we found that exercise was both positively related to self-efficacy for managing work-family conflict and negatively related to reported psychological strain, which in turn were related to reductions in work-family conflict. Model fit for the data support our contention that exercise indirectly influences work-family conflict via its direct impact on increased self-efficacy and reduced psychological strain. © 2014 Wiley Periodicals, Inc.
... A number of previous studies have examined some aspects of what this paper refers to as the so-called mature entrepreneur (ME) (Barclays Economic Reports, 2001;Blackburn, Mackintosh, & North, 1998;Carnegie UK Trust, 1993;Curran & Blackburn, 2001a;Seymour, 2002). Issues such as changing work patterns (Quinn, 1996), shifts in personal values (Burroughs & Rindfleisch, 2002;King, 2002); attitudes towards self-employment (Curran & Blackburn, 2001a); lack of alternative employment options (Platman, 2003); changing patterns of wealth distribution (Parker, 2001); health (Goldsby, Kuratko, & Bishop, 2005); or lifestyle decisions (Ateljevic & Doorne, 2000) are all areas that have been the focus of some preliminary studies into mature-aged entrepreneurship. ...
Recent studies of mature entrepreneurs in Europe, the United Kingdom and North America suggest that, contrary to popular perception, the growing number of small businesses created and operated by mature entrepreneurs have a longer life span, and are generally more successful, than ventures managed by their younger counterparts. This is a phenomenon that the literature primarily attributes to various age-related advantages, such as the ability to accrue greater commercial experience, more personal networks and experience, and greater personal financial resources that can be used to fund the venture. Does this trend also hold true in the Australian context? This paper draws on the responses of mail questionnaires from 167 hosted accommodation owner-operators in Western Australia. The relative success of each business venture was evaluated using a number of criteria: longevity of the enterprise, consumer demand (measured via occupancy rate) and two measures of self-perceived levels of success. The results show that whilst businesses operated by mature entrepreneurs have a longer lifespan, every other indicator of success - both objective and subjective - suggests that these owner-operators are actually less successful than their younger counterparts. These results contradict the emerging body of evidence elsewhere, and suggest that firms run by older entrepreneurs may in fact be more marginal than has previously been supposed.
... Physical activity plays an important role in physical and psychological health ͑e.g., McAuley and Blissmer 2000͒ and also influences job outcomes such as job satisfaction, job performance, and turnover intentions ͑e.g., Goldsby et al. 2005;Elavsky et al. 2005;Pronk et al. 2004͒. Therefore, to test the relationship of healthy lifestyle as a coping mechanism to counter the negative effects of job burnout on psychological well-being and job outcomes, we propose the following: ...
In this study, we examine the effects of healthy lifestyle for professionals in public accounting as a coping mechanism for role stress and resultant job outcomes. Prior research indicates that professionals in public accounting endure considerable stress, particularly during busy season, and as a result, many capable professionals leave public accounting. We collected data from accounting professionals in a large U.S. national public accounting firm and analyzed the causal relationships of role stressors and healthy lifestyle on job outcomes using a multidisciplinary research model. We found that role stress, mediated by job burnout and its effect on psychological wellbeing, has a negative impact on job outcomes. However, the negative effects of role stress and job burnout can be mitigated by a healthy lifestyle, mediated by its effect on vitality and psychological well-being.
... Exercise. Another frequently recommended coping strategy is exercise, which has also frequently been recommended for the entrepreneur (Goldsby et al, 2005, p 79). The impact of physical fitness on reducing sickness, stress and lowering mortality rates is well documented. ...
The family firm organizational form is an important element of even the most modern industrial landscape. The implications of family ownership and management of business enterprises for health and safety at work remain, perhaps surprisingly, unexplored. This study presents and illustrates several key organizational health and safety factors that are likely to be influenced by the family firm form. Special dangers include heightened risk of accident and poor physiological health. Special benefits are found to be higher task control, social support, evolutionary fitness and a richer accumulation of experiences. Additional research is recommended for this relatively unexplored area.
... We sought to identify those individuals who were bona fide entrepreneurs engaged in ongoing entrepreneurial activities. Thus, we screened out those entrepreneurs who did not meet the following generally accepted criteria of entrepreneurial activity: three or more consecutive years of profitability and development of business innovations that led to three or more years of business growth (e.g., Brüdel, Preisendörfer, and Ziegler 1992;Cooper, Gimeno-Gascon, and Woo 1994;Goldsby, Kuratko, and Bishop 2005;Kirchhoff 1994). Of the full sample of 48 entrepreneurs, 81 percent (n = 39) met both criteria and were retained for the present study. ...
This empirical study advances entrepreneurial cognition research by examining whether entrepreneurs possess a high nonlinear (e.g., intuitive, creative, emotional) thinking style, as some studies and a common stereotype of entrepreneurs would suggest, or whether they possess a more versatile balance in both nonlinear and linear (e.g., analytic, rational, logical) thinking styles. As predicted, 39 entrepreneurs demonstrated greater balance in linear and nonlinear thinking styles than their professional actor (n=33), accountant (n=31), and frontline manager (n=77) counterparts, though they did not significantly differ in thinking style balance from senior executives (n=39). Unexpectedly, educational background was associated with thinking style balance, suggesting that years of formal education may contribute to one's versatility in utilizing both linear and nonlinear thinking styles. For the entrepreneur sample, linear and nonlinear thinking styles balance predicted years in current business after controlling for industry, number of employees, and demographic variables. Implications for future entrepreneurial cognition research and entrepreneurship education are discussed.
... Further, cross-functional collaboration induced by trust relies on functional managers' intrinsic motivations rather than external sanctions to collaborate with colleagues (Zaheer et al., 1998). Driven by such motivations, managers are more likely to do everything it takes-including extensive resource sharing and intensive championing of their own or others' projects-to see entrepreneurial opportunities through and support their implementation in day-to-day operations (Goldsby et al., 2005). ...
This paper applies a social exchange perspective to understand the internal contingencies of the relationship between entrepreneurial orientation (EO) and performance. It focuses on two aspects of social interactions among functional managers (procedural justice and trust), as well as on their organizational commitment, as potential enhancements to the firm's successful exploitation of entrepreneurial opportunities. A study of 232 Canadian-based firms finds several positive moderating effects: The EO-performance link is stronger for higher levels of procedural justice, trust, and organizational commitment. In addition, consistent with a systems approach to organizational contingencies, the EO-performance relationship is stronger when the organization's social context comes closer to an "ideal" configuration of procedural justice, trust, and organizational commitment that is most conducive to knowledge exchange within the organization. The study's implications and future research directions are discussed.
... Lee, Park and the other KUMF organizers' early success motivated them for additional challenges. The link between individuals' fitness and various measures of entrepreneurs' and business owners' performance is well established (Goldsby, Kuratko and Bishop, 2005;Neck and Cooper, 2000), suggesting a virtuous cycle of entrepreneurial activity. ...
In October 2006, Misari, South Korea, takes the world stage in athletics, hosting the International Association of Ultrarunners (IAU) 100km World Cup [hereinafter IAU World Cup]. The IAU World Cup is the leading global ultrarunning championship and is sanctioned by the International Association of Athletics Federations (IAAF), the international governing body for the sport of athletics, and is expected to attract over 300 athletes and managers from 40 countries and another 10,000 local runners, spectators and volunteers are expected to participate.
Ultrarunning, also termed ''ultradistance'' or ''ultramarathoning,'' describes any event longer than the traditional 42.2 kilometers marathon distance, and is one of the fastest growing sports in the world, particularly in Asia. Each year, over 100,000 people around the world complete an ultramarathon, including an estimated 2,000 in South Korea's twenty ultramarathons. The IAU World Cup is an example of a truly entrepreneurial endeavor in the Asian sports industry. As yet, however, there has been little research on ultrarunning (outside kinesiology journals), and entrepreneurship in the sports industry, particularly in Asian environments.
This article proceeds as follows. First, the context of Korea, mega-sporting events and ultrarunning is reviewed. A theoretical framework for new venture development, based on entrepreneurial behaviour, opportunity recognition and resource accumulation is put forward. Based on a longitudinal case study and interviews with key IAU World Cup organizers and stakeholders and observation at the World Cup, this paper details the entrepreneurial development and professionalism of ultrarunning in Korea, culminating with the 2006 hosting of the IAU World Cup. We conclude with implications for the future of mega-sporting events in Asia and future research directions.
Although entrepreneurs' work tends to be highly stressful, it is unclear how specific work stressors influence entrepreneurs' work outcomes. Drawing on the challenge-hindrance stressor framework (CHSF), we examine how both challenge and hindrance stressors influence entrepreneurs' creativity. Additionally, to investigate a more complete view of the entrepreneurial stress process, we integrate the CHSF with theory on leisure crafting to examine how proactively structuring one's leisure might help entrepreneurs deal with stress and maintain creativity. Results from a time-lagged study of 258 entrepreneurs showed that challenge stressors were positively and directly related to entrepreneurs' creativity, whereas hindrance stressors were not. Hindrance stressors increased engagement in leisure crafting, which enhanced creativity, highlighting a positive indirect effect of hindrance stressors on entrepreneurs' creativity. These findings provide generative insights into the nature of stressors and the micro-foundational mechanisms of stress and leisure within entrepreneurship.
Building upon athletes’ positive attributes recognized by the theory of deliberate practice and research in sports psychology, this study examines the relationship between a person’s participation in competitive sports during formative years and the propensity for creating a new venture later in life. The analysis of the biographies of 2,084 American executives reveals that individuals who participated in competitive sports in their youth are more likely to become entrepreneurs. Our research indicates that participation in individual sports (such as tennis, running, and swimming), but not in team sports, drives the results. Moreover, being a star youth athlete further enhances the likelihood of entrepreneurial action. Thus, we contribute to research on personal characteristics in entrepreneurship by shedding light on the relevance and importance of an athletic background and qualities developed through sports to entrepreneurs. We discuss the practical policy implications of our findings.
The association between personality traits, life balance domains, and work addiction among entrepreneurs was investigated. Multiple regression and canonical correlation analysis of 106 participants indicate a significant relationship between personality traits, life balance domains, and work addiction. In particular, neuroticism was positively related to work addiction, as suggested in earlier studies. Among all the life balance domains five of the 10 life balance domains had a significant positive relationship with work addiction: positive orientation, substance use, sleep disturbance, stress/anxiety, and friendship. Results obtained from this study will help career and mental health counselors better understand entrepreneurs’ needs and life balance domains. By identifying neuroticism and stress levels among entrepreneurs, career counselors can better understand work addiction tendencies and use appropriate interventions accordingly.
Rural-to-urban migrant workers are at high risk of health inequalities in cities. Since labor is a central social determinant of health, this paper provided evidence on the health consequences of self-employment among mobile populations in developing countries. The cross-sectional data from the 2017 data of the China Migrants Dynamic Survey (CMDS) and the IV-Oprobit model are used to examine the effects of self-employment on health. The results showed that: (1) Self-employment was positively related to health; (2) among the self-employed, the health effects of opportunity self-employed are larger than those of necessity self-employed; (3) in the subsample analysis, the health effect of self-employment was greater for male and Han nationality migrant workers; (4) self-employment promotes health primarily through reducing manual labor, increasing flexibility time, job stability, financial rewards, and social integration directly or indirectly. Thus, focusing on improving the social security system, granting entrepreneurial subsidies, and optimizing the business environment mean boosting the positive effect of self-employment on economic development.
Conventional mechanisms of strategic control, as a key step in the strategic management process, is directed towards well-established and large firms. However, it seems that based on the goals and implications of using strategic control mechanisms, newborn startup companies, especially in their early years, have an ultimate need to use strategic control in order to survive and reach the growth stage in their life cycle. Nevertheless, there is no conceptual framework with which startups can deploy strategic control, as due to the specific features of startup companies, it is almost impossible to utilize existing mechanisms and systems. Based on the recent findings in the entrepreneurial cognition and strategic management literature, this paper aims to introduce a conceptual model to implement strategic control in startup companies, highlighting the role of entrepreneur. Moreover, some considerations for operationalizing of the model is also provided in three domains of epistemology, methodology and ethics. We hope this model can help scholars to further investigate strategic control in startup companies.
Innovation plays a vital role in sport. Through new ideas, change and renewal, innovation shapes how sport is played, viewed and organized. In other words, innovation affects the role of sport in society. Despite its importance for the development of sport, innovation has not received the scholarly attention it deserves. However, during the last ten years, sport innovation has started to emerge as a research field of its own. This article seeks to synthesise current knowledge on sport innovation by reviewing previous and current research on innovation and sport. Based on the reviewed literature, a typology of sport innovation is developed. In the typology presented in this article, it is proposed that there are at least five types of innovation that occurs in sport: social innovation, technological innovation, commercial innovation, community-based innovation and organizational innovation. Each sport innovation type is discussed and some directions for future research on sport innovation is suggested.
Research Summary: This article addresses opportunity creation, with particular focus on the interplay between social context and individual agency. Using ideas grounded in contemporary micro‐sociology, we offer a conceptual framework that articulates opportunity‐creating agency as the outcome of socially situated subjectivity, supportive or challenging interactions, and the circulation of emotional energy. This dynamic process is illustrated with references to entrepreneur Sir Richard Branson (founder of Virgin). Our article contributes to opportunity creation research by: offering a conception of individual opportunity‐creating propensities rooted in social situations and consistent with constructionist assumptions; specifying the role played by affect/emotion in opportunity creation and positing a novel creative role for negative affect; and connecting opportunity creation with other areas of theoretical interest in entrepreneurship, such as creativity, frustration, and hubris.
Managerial summary: This article examines how social relationships and emotions can together influence the ways entrepreneurs initiate and shape opportunities. Using examples from the career of Sir Richard Branson (founder of Virgin), we suggest ways in which the emotional intensity of social interactions can motivate entrepreneurs to act decisively to initiate opportunities for business formation and development. We suggest how this may help us understand not just opportunity creation, but also key entrepreneurial issues, such as creativity, frustration, and hubris.
Sport organizations adapt, renew and develop through creative and novel ideas. The various strategies for innovation applied by sport organizations hold the potential to radically change how we play, view and organize sport. In other words, through strategy, strategic management and innovation modern sport is shaped and improved. To date, limited scholarly attention has been given to strategy, strategic management and innovation in sport. However as the present review will demonstrate, sport innovation and strategic management of sports innovations are crucial for improvement of athletic performance. Furthermore, current research indicates that sport innovation can be a valuable tool to combat demanding challenges in modern sport, such as social exclusion. Therefore, innovation and strategic management needs specific attention within the sport sciences. The present paper attempts to provide more insight in the current body of research on sport innovation and strategic management. Finally, some recommendations for further research in this field is formulated.
Entrepreneurship is an integral part of sport but less is known about how different types of entrepreneurship facilitate innovation. The aim of this paper is to develop a theory of sports-based entrepreneurship that incorporates different sub-categories of entrepreneurship such as social, technological and international. Specifically, the article connects the entrepreneurship and sport management literatures by proposing a theory of sport-based entrepreneurship, which can be used as a theoretical framework for future research. In addition, the paper provides a unique insight for sports practitioners and public policy planners wanting to focus on entrepreneurial ways to manage sport-based organizations.
When starting-up, entrepreneurs venture into the unknown as they take decisions on critically uncertain issues such as investment, market analysis, and partnership formation. Does their past – a mosaic juncture of accumulated career experiences – change the ways in which they reason and act? Can it also condition their futures, taking their newly-born ventures on a path towards success or failure? What are some of the mechanisms that may enable entrepreneurs to better deal with uncertainty as it arises on their journey? Given the immense potential of entrepreneurship to create value for individuals, organizations and society, these aspects of the entrepreneurial journey demand investigation and call for more research attention. Hence, the four studies that make up this dissertation examine how entrepreneurs use their careers when engaging in decision-making and action under uncertainty, thus shaping the performance of their ventures. Taken together, these studies make several contributions that speak to current discussions on careers, uncertainty, entrepreneurship, and the relationship between them. Indeed, the findings demonstrate that careers have an impact on venture performance and even more so on the entrepreneurial mechanisms that herald it. The results further reveal important mechanisms linking experience to decision-making and make some conceptual headway in better understanding how uncertainty shapes entrepreneurial action.
This paper examines long-run and short-run relationships between industrial production index, producer price index, consumer price index, exchange rates, narrow money supply, broad money supply, and Malaysian equity market index. To accomplish these goals, it utilizes Augmented-Dickey Fuller and Phillips-Perron stationary tests. The paper then uses Pesaran bounds F-statistic for testing co-integrating relationship among variables. However, the study’s findings are of particular interest and importance to policy makers, financial economists, and investors dealing with Malaysian economy and its equity market.
Family business (FB) scholars often criticize the fact that FB research has not yet developed a commonly accepted definition of what constitutes an FB. At the same time, the literature lacks empirical evidence for this claim. Hence, we collected all empirical FB research articles published between 2002 and 2011 in the five leading FB research journals to examine the types of FB definitions used in the literature and to determine how their usage relates to bibliographical and methodological contextual factors. The resulting 238 articles were analyzed in terms of their underlying approaches to defining FBs. Our paper provides empirical support for the notion that FB research has not yet found a commonly accepted definition of FB. Most definitions can be classified as being rooted in the components-of-involvement approach (44% of all evaluated articles), in the essence approach (21%), or in a combination of the two (33%). We also find that the type of FB definition used in empirical research in our sample is significantly * A previous version of this paper was presented at the 3 rd conference of German centers of family business research. The authors would like to thank Birgit Feldbauer-Durstmüller and Sabine Rau for helpful comments and suggestions on earlier versions of the paper. They are also grateful to Ingrid Abfalter for support in language editing. 2 associated with the publication outlet, the continent of data collection, the number of authors and the stock market listing status of analyzed firms.
Recent studies of mature entrepreneurs in Europe, the UK, and North America suggest that, contrary to popular perception, the growing number of small businesses created and operated by mature entrepreneurs have a longer life span and are generally more successful. The literature primarily
attributes this perceived success to various age-related advantages, such as the ability to accrue greater commercial experience, more personal networks and experience, and greater personal financial resources that can be used to fund the venture. In order to investigate the age-related success
of small tourism businesses, this study analyzes 167 responses from a survey of 655 hosted accommodation owner-operators in Western Australia. The relative success of each business venture was evaluated using a number of criteria: longevity of the enterprise, consumer demand (measured via
occupancy rate), and two measures of self-perceived levels of success. The results show that while businesses operated by mature entrepreneurs have a longer life span, every other indicator of success—both objective and subjective—suggests that these owner-operators are actually
less successful than expected. These results contradict the emerging body of evidence elsewhere, and suggest that firms run by older entrepreneurs may in fact be more marginal than has previously been supposed.
Entrepreneurship is an integral part of sport but less is known about how different types of entrepreneurship facilitate innovation. The aim of this paper is to develop a theory of sports-based entrepreneurship that incorporates different sub-categories of entrepreneurship such as social, technological and international. Specifically, the article connects the entrepreneurship and sport management literatures by proposing a theory of sport-based entrepreneurship, which can be used as a theoretical framework for future research. In addition, the paper provides a unique insight for sports practitioners and public policy planners wanting to focus on entrepreneurial ways to manage sport-based organizations.
In taking an economic and behavioral approach, Kaish and Gilad (1991) recently tested Kirzner's (1973) theory of alertness which asserts that entrepreneurs are more alert to new opportunities and use information differently. Because of the lack of generalizable samples and the exploratory nature of the Kaish and Gilad study, this research replicated and further developed some of the scales originally developed by them. The results indicate that little empirical support exists for this theoretical framework, but the measures of entrepreneurial alertness need further development. Empirical and theoretical implications are discussed along with the roles of exploratory and replication research in a vibrant discipline like entrepreneurship.
Psychology can be distinguished from other behavioral sciences by its emphasis on the behavior of the individual person. Behavior, in turn, is influenced by the way in which the external world is represented in the mind, and by the individual's exercise of choice. The article examines the possibility that relatively enduring attributes of the person might affect entrepreneurial activity, describes the social cognitive processes Involved in constructing representations of the external environment, and suggests which motivational variables affect behavioral choices. Although past research on “the psychology of the entrepreneur” has not been productive, a psychological approach based on persons, process, and choice holds promise for the future.
Health and well-being in the workplace have become common topics in the mainstream media, in practitioner-oriented magazines and journals and, increasingly, in scholarly research journals. In this article, we first review the literature that serves to define health and well-being. We then discuss the primary factors associated with health and well-being, the consequences of low levels of health and well-being, and common methods for improving health and well-being in the workplace. Finally, we highlight important future directions for future theory, research, and practice regarding health and well-being from an organizational perspective.
Although entrepreneurial ideas begin with inspiration, intention and attention are needed to realize the ideas. This analysis focuses on the conscious and intended act of creating a firm, but less on the action than the psychological precursors to that act. Entrepreneurial intentions are directed at creating a new venture or new values in existing ones. Studying intention directs theory toward the complex relationships among entrepreneurial ideas and their consequences. Intention is structured by rational, analytic, and causal processes, and is framed and structured by intuitive, holistic, and contextual thinking. A behavioral, not an institutional, model is presented that guides attention to how entrepreneurs create, sustain, and transform organizations. The model thus distinguishes entrepreneurship from strategic management. The model is based on interviews with 20 entrepreneurs using a discovery-oriented inquiry Five antecedent and three intrapsychic processes are identified. Intention sustains temporal tension and strategic focus; developing an intentional posture requires alignment to a single purpose and direction, and attunement to the entrepreneurial environment. Entrepreneurial intentions impact organizational direction, survival, growth, and form. The model allows deeper insight into the creative process of venture development; and it allows entrepreneurship to be studied consistent with theories of leadership, organizational development, and organizational theory. The model moves research beyond description and statistical analysis. An entrepreneur's actions create organizational theories that may be discovered and analyzed. (TNM)
Many entrepreneurs have personality traits and behaviors that allow them to succeed in their businesses; however, these same traits can often prove detrimental in their roles as managers or co-workers. The energy necessary for achieving a business dream may have origins in desires and needs that can be dysfunctional in the business setting. This is the dark side of entrepreneurship. Report is based on observance and interviews of 38 entrepreneurs in a wide range of industries in the United States and Canada. Many entrepreneurs have a need for control and are suspicious about authority. Hence, they can find it difficult to work with others in structured situation where they are not in control (unless they created the structures and work is done on their own terms). Offering the deference needed of a subordinate is difficult. Obsessive concern with detail, for example, can stifle an organization, inhibit managers, and prevent accountability. They can be poor collaborators. Many entrepreneurs distrust the world around them and fear being a victim; they scan the environment anticipating the worst; they can lose sight of the reality of situations. Ill consequences can be augmented when joined with a need for control. Many entrepreneurs have an overriding need for applause and recognition. This drive can be jeopardize a company's financial position. Many entrepreneurial behaviors are a result of the psychological defenses people use: they idealize then vilify to extremes, project problems onto others, deny responsibility, or flee into action. Venture capitalists and corporate CEOs can adopt some strategies to avoid pitfalls in working with these entrepreneurs. They should respect the entrepreneur's need for independence, design control and information systems accordingly, and find ways to ensure the autonomy of acquired companies. In acquisitions attention should be paid to the quality of management that will come with the deal, and consider how the two company cultures will fit together. Instead of fighting the entrepreneur's idiosyncracies, managers should adapt to them and regard developing them as a challenge. (TNM)
An integrated model of venture growth isdeveloped based on management theory, organizational behavior theory,organization theory, and entrepreneurship models. The model is tested by gathering responses from 307 companies from the architectural wood working industry. Five research domains are identified as antecedents to venture performance: personality traits and general motives, personal competencies, situationally specific motivation, competitive strategies, and the business environment. Goals of the research are: (1) to test whether a multi-level model that sampled relevant concepts from individual, organizational, and environmental domains would predict firm performance successfully; (2) to test whether each domainwould contribute something to the prediction, and (3) to explore alternativeforms of the relationship among the domains and performance. Findings indicate that individual, organizational, and environmental research domains predict venture growth better when the connection of complex indirect relationships among them is included than when only multiple simultaneous direct effects are studied. In addition, it is found that all the domains enter into the prediction of venture growth when these total effects are considered, indicating that venture growth cannot be adequately explained from a single perspective. (JSD)
A study of 188 small businesses was conducted to examine three distinct relationships in the planning process ¿ planning formality in relation to strategic decision processes, planning formality in relation to the strategies adopted, and planning formality in relation to firm performance. The results demonstrated that firms with formal planning emphasized more aspects of the strategic choice process, adopted a wider range of competitive and cooperative strategies, and grew more rapidly than did non-formal planners. Note: Link is to the article in a subscription database available to users affiliated with Butler University. Appropriate login information will be required for access. Users not affiliated with Butler University should contact their local librarian for assistance in locating a copy of this article.
In considering the problem of work-related stress, we became convenced that many organizations would benefit from organized fitness and exercise programs for employees. In addition, our experience and research suggested that organizations in the midst of change would be prime candidates for using exercise as a stress intervention. This suggested to us that the health care industry in general and the hospital as an organizaiton in particular would be prime candidates for testing our theory about exercise training. It was our goal to demonstrate that a simple and inexpensive employee fitness program could lead to important improvements in both work productivity and job satisfaction. It was also our goal to design an exercise program that would be relatively easy for employees to learn, so they would continue exercising, and that could be completed during nonworking hours, so employers would be willing to sponsor it.
Entrepreneurial intentions, entrepreneurs' states of mind that direct attention, experience, and action toward a business concept, set the form and direction of organizations at their inception. Subsequent organizational outcomes such as survival, development (including written plans), growth, and change are based on these intentions. The study of entrepreneurial intentions provides a way of advancing entrepreneurship research beyond descriptive studies and helps to distinguish entrepreneurial activity from strategic management.
The results of studies attempting to link achievement motivation and entrepreneurship are reviewed. Despite variability among the studies regarding samples, operationalization of achievement motivation, and its measurement, a fairly consistent relationship between achievement motivation and entrepreneurship was found. This review of the research suggests that the study of psychological traits and motives should be continued, but that these variables should be more precisely operationalized, measured with valid instruments, and included as one dimension in theory-driven, multidimensional research models of entrepreneurship.
This study tested three main effects: (1) the effect of job stressors (role conflict, role ambiguity, role overload, and role insufficiency) on strain (depression, anxiety, cognitive disturbance, and anger); (2) the effects of locus of control and social support on job stress and strain; and (3) the moderating (interaction) effects of locus of control and social support on the relationship between stress and strain. These relationships were tested with questionnaire data from two random samples of 238 entrepreneurs and 288 managers. Results from a multivariate analysis of variance showed that the entrepreneurs and managers differed significantly on stress, locus of control, and social support. Results from hierarchical regression analyses, after controlling for the demographic variables, found support for all ten main effects and one of the four moderating effects.
Why is fitness so important? A good word to describe the job of executives today is intense. Many demands confront them-including physical ones. The international economic thrust of many businesses today has increased the amount of travel required by CEOs to develop and maintain a global presence for their companies. Another major physical demand is created by the stress related to being responsible for many people, their welfare, and the success of the company. Endless meetings, and extremely long working hours are par for the course for executives. We provide evidence that those executives who enjoy optimal fitness can handle these demands more effectively and thus perform better in their daily tasks. While many executives do take fitness seriously, what exactly constitutes optimal fitness behaviors is confusing. Given the numerous diet and exercise books on the bestseller lists today, it is easy to understand why such a quandary exists. We will attempt to provide clarity as we discuss prescriptions related to two primary components that are key to an executive's optimal fitness level-exercise and diet.
Risk and risk behavior form an important segment of the entrepreneurship literature. Entrepreneurial risk behavior has been studied with both trait and cognitive approaches, but the findings do not adequately explain either how entrepreneurs differ from non-entrepreneurs, or how different types of entrepreneurs can be specified in terms of their risk behavior. This paper is an attempt to address these issues by introducing two temporal attributes that we consider significant for understanding risk behavior, given that risk is inherently embedded in time. First, we suggest the notion of risk horizon, differentiating short-range risk from long-range risk. Second, we examine the risk behavior of entrepreneurs in terms of their individual future orientation, in tandem with their risk propensity. We propose a temporal framework that seeks to explain, at once, the different types of risk behavior among entrepreneurs as well as the distinction between entrepreneurs and non-entrepreneurs. The framework is also applied to networking and alliancing activities of entrepreneurs. Finally, a number of propositions are developed to facilitate empirical testing of the insights implicit in the temporal framework of entrepreneurial risk behavior.
Understanding what motivates entrepreneurs to start and sustain their ventures has been a critical factor in understanding the complete entrepreneurial process. Since goal-directed behavior is a vital element in the research on entrepreneurial motivation, this study attempted to investigate the existence of a set of goals which motivate entrepreneurs to sustain their business development efforts. To accomplish this effort, auestionnaire developed from the literature was utilized to identify the existence of 16 possible goals. A four-factor structure of goal statements was identified on the basis of the responses from 234 entrepreneurs. Factors included Extrinsic Rewards, Independence/Autonomy, Intrinsic Rewards, and Family Security. The implications of the existence of these factors as motivators for sustained ownership are discussed.
This study examines a sample of 225 entrepreneurs who have graduated from the Western Business School. Issues examined include characteristics such as whether family members were entrepreneurs, the type of company which employed them before their entrepreneurial career and reasons why they left that employment. The influence of mentors, entrepreneurial ventures in university and reasons contributing to their decision to become entrepreneurs are also investigated, as well as the influence of various courses on their decision, especially entrepreneurship courses. Information on their type of venture, sources of financing, and educational background completed the survey while suggestions to encourage entrepreneurial careers for business school students were also sought.
In the past decade interest in teaching and research on entrepreneurship has grown dramatically. More than one hundred universities now offer new venture creation and entrepreneurship courses that did not previously. Since 1973 we have seen nearly a dozen new books designed for college courses on the subject, the birth of the American Journal of Small Business, an International Symposium on Entrepreneurship and Enterprise Development (ISEED) and the emergence of numerous other activities, such as the Academy of Management Entrepreneurship Interest Group.
A continuing area of research and practical interest is the personality and make-up of the entrepreneur: who are they? what are they like? how do they differ? This article attempts to summarize much of the research done on the personal characteristics and role demands of entrepreneurship.
Clarifies the confusions and inconsistencies in managing your own
business which is not an easy task, involving facing endless events of
emotional peaks and valleys. Based on interviews with 198 Nigerian-based
business owners. Suggests that entrepreneurship brings not only fat
earnings and psychic satisfaction but also stress, and outlines ways of
managing stress when it becomes a health hazard.
This paper seeks to develop an exploratory model illustrating the critical elements needed for a sustained corporate entrepreneurship. Specifically, the model integrates and extends previous models that have examined the organizational or individual components of entrepreneurial activity. The proposed model provides additional theoretical foundation emphasizing the importance of perceived implementation/output relationships at both the individual and organizational level. The perceived satisfaction of these relationships provides the basis for whether or not a corporate entrepreneurial activity will be sustained.
The entrepreneurial literature traditionally considers risk taking an important distinguishing element in entrepreneurship. This study examines the risk taking propensity of the founders or managers of new ventures. Upon examination of competing definitions of the entrepreneur, this analysis defines an entrepreneur as "a major owner and manager of a business venture who is not employed elsewhere." Risk taking is considered "the perceived probability of receiving the rewards associated with success of a proposed situation" required before embarking on a venture. Three levels of risk taking (low, intermediate or moderate, and high) could affect the decision to start a business venture. Risk taking was measured using the Wallach and Kogan choice dilemmas questionnaire (CDQ). Studied were entrepreneurs, promoted managers, and new (or transferred) managers of firms located in St. Louis in 1975; 31 questionnaires were used for each group. The results are not statistically different. Entrepreneurs and managers are found to have the same risk taking propensity. Because previous studies of risk preferences examined limited samples, CDQ scores were also compared against a sample representing the general population. Found that risk taking propensity of entrepreneurs is same as that for the general population. Results also show that entrepreneurs, managers, and the general population all have a propensity for moderate risk. Overall, general risk taking does not distinguish entrepreneurs from non-entrepreneurs. (TNM)
The process model of entrepreneurial venture creation developed in this paper is based on interviews with entrepreneurs who started twenty-seven business in a range of industries in upstate New York. The venture creation process described here is an iterative, nonlinear, feedback-driven, conceptual, and physical process.The model includes internally and externally stimulated opportunity recognition, commitment to physical creation, set-up of production technology, organization creation, product creation, linking with markets, and customer feedback. For analytical convenience, the process has been divided into the opportunity stage, the technology set-up and organization-creation stage, and the exchange stage. Business concept, production technology, and product are respectively the core variables representing the three stages.Entrepreneurs introduce differing amounts of novelty at each core variable during venture creation, and the varying amounts of novelty qualitatively distinguish one kind of entrepreneurship from another.For the researcher, the model suggests a better method for specifying samples of entrepreneurial firms. It shows how studies on the context of venture creation can be more specific, and proposes that novelty at the core variables be operationalized as a step toward defining the entrepreneurial content of ventures.For the prospective entrepreneur, the model will serve as a useful road map. It will alert the entrepreneur to the strategic issues at each stage in the venture creation process, particularly when introducing significant novelty at any of the core variables.
Aerobic forms of exercise have been suggested as one approach to reducing the costly effects of excessive or chronic stress, yet the results of some studies related to this assumption have been mixed. The purpose of this study was to estimate the correlation between emotional states and fitness level among 8 women and 9 men who were recreational cyclists. Fitness was determined by cycle ergometric testing (VO2 max). Psychometric measures included the short version of the Beck Depression Inventory, the internal portion of the Multidimensional Health Locus of Control Scale, Spielberger's State-Trait Anxiety Inventory, and the Self-control Questionnaire. Significant correlations were observed between fitness and the depression scores, internal locus of control, and self-control measures. These results tend to support previous findings regarding the possible link between physical fitness and improved emotionality.
University professors (N = 56), divided into two age groups (< 50 years and > 50 years) and two physical activity level groups (high and low), were tested on three tasks requiring increasingly complex cognitive processing--simple reaction time (SRT), choice reaction time (CRT), and on a digit symbol substitution test (DSST). A significant main effect for exercise, with high active subjects performing better than low active subjects, was found for SRT (p < .001) and CRT (p < .01) but not for DSST (p < .09). Significant main effects for age, with younger subjects performing better than older subjects, were found on DSST (p < .01) and CRT (p < .05) but not for SRT (p < .09). The observation that the effect of age was more pronounced with increasing task complexity is consistent with previous research. However, the tendency for exercise effects to decrease with increasing task complexity is not consistent with former findings, suggesting that perhaps the controlled high level of cognitive activity of subjects in this study may have offset the usual effects of exercise on information processing speed. No significant Age x Activity Level interactions were found on any of the dependent raw score data. However, compared to normative scores of the population at large, there was a slight increase in DSST percentile ranks with age for the older aerobically active professors, whereas a decrease occurred for the inactive subjects.
Body-mass index (the weight in kilograms divided by the square of the height in meters) is known to be associated with overall mortality. We investigated the effects of age, race, sex, smoking status, and history of disease on the relation between body-mass index and mortality.
In a prospective study of more than 1 million adults in the United States (457,785 men and 588,369 women), 201,622 deaths occurred during 14 years of follow-up. We examined the relation between body-mass index and the risk of death from all causes in four subgroups categorized according to smoking status and history of disease. In healthy people who had never smoked, we further examined whether the relation varied according to race, cause of death, or age. The relative risk was used to assess the relation between mortality and body-mass index.
The association between body-mass index and the risk of death was substantially modified by smoking status and the presence of disease. In healthy people who had never smoked, the nadir of the curve for body-mass index and mortality was found at a body-mass index of 23.5 to 24.9 in men and 22.0 to 23.4 in women. Among subjects with the highest body-mass indexes, white men and women had a relative risk of death of 2.58 and 2.00, respectively, as compared with those with a body-mass index of 23.5 to 24.9. Black men and women with the highest body-mass indexes had much lower risks of death (1.35 and 1.21), which did not differ significantly from 1.00. A high body-mass index was most predictive of death from cardiovascular disease, especially in men (relative risk, 2.90; 95 percent confidence interval, 2.37 to 3.56). Heavier men and women in all age groups had an increased risk of death.
The risk of death from all causes, cardiovascular disease, cancer, or other diseases increases throughout the range of moderate and severe overweight for both men and women in all age groups. The risk associated with a high body-mass index is greater for whites than for blacks.
Explores the expectations of entrepreneurs in newlyestablished businesses regarding their own chances of success and theirpredictionsregarding the chances for success of others with similarstartup ideas, in one of the first such studies. Past research suggests that,at best, fewer than 50% of firms survive for more than five years with a givenowner/manager. Based on this past research, three hypotheses are posited:entrepreneurs will perceive their odds of success at less than or equal to 50%,entrepreneurs' prediction of others' success will not differ significantly fromtheir prediction of their own success, and entrepreneurs' expectations ofsuccess will be related to a number of personal factors including theirbusiness experience, prior ownership, and educational level. Data were gathered from surveys sent in 1985 to members of the NationalFederation of Independent Business (NFIB) who reported that they had openedtheir own businesses in the United States. Of those responding, 2994entrepreneurs were selected from the original sample. Findings did not support any of the three original hypotheses of cautiousoptimism (as prior research predicted). In fact, the results show thatentrepreneurs' perceptions of their own odds for success display a noteworthydegree of optimism. In addition, entrepreneurs believe their own odds ofsuccess to be greater than other new business owners with similar ideas.Furthermore, an analysis of the predicted factors for success showed aremarkable lack of relationship between an entrepreneur's belief of their ownpotential and the objective predictors. In fact, those who were poorly preparedseemed just as optimistic as those who were well prepared. One implication isthat business founders should seek advice from more objective outsiders.(SFL)
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