Female entrepreneurs need to be self-efficient and not risk-taking: personality and perceived success throughout the entrepreneurial journey

Abstract

This study addresses the underrepresentation of women and the so-far neglected process perspective in empirical entrepreneurial research. It aims to identify the personality traits that differentiate successful female entrepreneurs from their less successful peers and to determine which traits are crucial for pre-launch, launch, and post-launch success. Independent t-tests on 305 female entrepreneurs (and 476 male entrepreneurs) from the DACH region highlight the role of self-efficacy, proactivity, locus of control, and need for achievement for female entrepreneurs. Multiple regression analyses further reveal the importance of self-efficacy for every phase of women’s entrepreneurial journey. While the need for autonomy was critical during pre-launch and launch, locus of control significantly predicted female entrepreneurial success in the pre-launch and post-launch phases. Contrary to previous research, risk-taking was not a crucial trait for female entrepreneurs when compared to their male counterparts, while both showed similar levels of need for autonomy, proactivity, need for achievement, perseverance, self-control, and locus of control. The study offers valuable insights into successful entrepreneurship and highlights the need for female- and phase-specific support programs to enhance self-efficacy among female entrepreneurs.