Personality Attributes of Self Employed and Managers: An Empirical Study

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1 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: Prsonality Attributs of Slf Employd and Managrs: An Empirical Study *Dr. Navita Nathani **Dr. Garima Mathur ***Dr. Ravindra Pathak Prstig Institut of Managmnt, Gwalior (M.P.) India I. INTRODUCTION Rcnt lvl of rsarch in ntrprnurs mainly focuss on xtrnal or intrnal nvironmnt forcs. But now days it is rquird to undrstand th prsonal attributs as wll. It is oftn say that th prson cannot win who do not play. To play, popl s willingnss is a ky to succss and human motivation influncs ths dcisions. Popl with a high nd for achivmnt sk to xcl and thus tnd to avoid both low-risk and high-risk situations. Achivrs avoid low-risk situations bcaus th asily attaind succss is not a gnuin achivmnt. In high-risk projcts, achivrs s th outcom as on of chanc rathr than on's own ffort. High individuals prfr work that has a modrat probability of succss, idally a 50% chanc. Achivrs nd rgular fdback in ordr to monitor th progrss of thir achivmnts. Thy prfr ithr to work alon or with othr high achivrs. II. VARIABLES OF THE STUDY (a) Achivmnt Motivation: Motivation is a kind of intrnal nrgy, which drivs a prson to do somthing in ordr to achiv somthing. It is a tmporal or dynamic stat within a prson, which is not, concrnd with his/hr prsonality. Thr ar diffrnt typs of motivation such as achivmnt motivation, affiliation motivation, comptnc motivation, powr motivation, and attitud motivation. Motivation is basd on thr spcific aspcts such as th arousal of bhavior, th dirction of bhavior, and prsistnc of bhavior. Arousal of bhavior involvs what activats human bhavior and dirction of bhavior is concrnd with what dircts bhavior towards a spcific goal. Prsistnc of bhavior is concrnd with how th bhavior is sustaind. (b) Risk taking propnsity: It can b dfind as a tndncy to tak or avoid risk. it is a rlativly stabl charactristic but can b modifid through xprinc. Although it is viwd as an individual charactristic, th positiv association btwn risk propnsity and risky dcision-making by individuals is xpctd to translat to organizations through top managmnt tams (Panzano and Billings 2005). Risk prcption is prcivd dgr of risk inhrnt in a crtain situation. Risk taking is dfind as on of th thr dimnsions of ntrprnurial orintation of a company and rfrs to th willingnss of th managmnt commit significant rsourcs to opportunitis that might b uncrtain (Junhd and Davidsson 998). Risk taking dpnds on risk propnsity and risk prcption. Th highr th risk propnsity and th lowr risk prcption, th mor likly it is that risky dcisions will b mad. Hostil nvironmnts ar most intrnational markts in comparison to th domstic on; spak in favor of using th ntrprnurial stratgy (involving highr risk-taking willingnss). Thrfor, risk-taking initiativs should b mor ncssary in ordr to achiv good rsults in hostil markts. Or, in othr words managrs who dar to tak mor risks tak actions that ar mor suitabl and prform bttr. Abby and Saltr (989) found that managmnt which has an intrnational vision, favorabl prcption and attituds toward xports, is willing to tak risk and has th capacity to ngag positivly in xport activitis is likly to lad a company to xport succss. In ordr to rduc risks, managrs nd to know which variabls influnc thir xport prformanc. If thy hav a highr risk-taking propnsity, thy positivly affct xport prformanc. Risk taking propnsitis of ntrprnurs of nw vnturs wr objctivly obtaind using th KoganWallach choic dilmmas qustionnair and wr compard to thos managrs and to normativ data dvlopd for th masurmnt instrumnt. Th findings suggst that risktaking propnsity may not b distinguishing charactristic of ntrprnurs. Thy rfut assumptions basd on rsarch that has bn subjctiv and no comparativ and that usd stablishd ntrprnurs. III. OBJECTIVES AND METHODOLOGY FOR THE STUDY (a) Objctivs (i) To dvlop and standardiz a masur for analyzing achivmnt motivation and risk taking propnsity. (ii) To chck th rliability of Qustionnairs. (iii) To analyz th undrlying factors of Qustionnairs. (iv) To compar th achivmnt motivation and risk taking propnsity of Entrprnur and Managrs. (v) To analysis th impact of achivmnt motivation on risk taking propnsity. (vi) To opn nw vistas for furthr rsarch.

2 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: (b) Rsarch Mthodology: Th study was xploratory in natur. Th total population of th study was ntrprnur and managrs of Gwalior rgion. Th sampl siz was 00 which includd 50 ntrprnur and 50 managrs. Individual rspondnts wr th sampling lmnts. Purposiv (non-probability) sampling tchniqu was usd to slct th sampl for th study. Slf-dsignd Qustionnair was usd for taking th rsponss of th ntrprnurs and managrs. (c) Tools Usd For Data Analysis (i) Itm to total Corrlation was applid for chcking th intrnal consistncy. (ii) Cron batch alpha was applid for chcking th rliability of th Qustionnairs. (iii) Factor analysis was applid for analyzing th undrlying factors. (iv) Z-Tst was applid for finding th significanc diffrnc btwn both th variabls i.. achivmnt motivation and risk taking propnsity. (v) To dvlop th rlationship btwn achivmnt motivation and risk taking propnsity rgrssion tst was applid. IV. RESULT & ANALYSIS (a) Itm to Total Corrlation: Consistncy of all th factors in th qustionnairs was chckd through itm to total corrlation. Undr this co-rlation vry itm with total is masurd and th computd valu is compard with cut off valu (0.93). If th computd valu was found lss, thn whol factor/statmnt was droppd and trmd as inconsistnt. In all 2 itms wr droppd from th achivmnt motivation qustionnair and 4 itms wr droppd from th qustionnair of risk taking propnsity as thir valu was lss than th cutoff valu (Tabl & 2). (b) Rliability tsts: For chcking th rliability of qustionnair Cronbach Alpha mthod was applid in both th qustionnairs. Th rliability valu for Achivmnt Motivation through Cronbach Alpha is qual to 0.8 and th rliability valu for Risk Taking Propnsity through Cronbach Alpha is So th qustionnairs wr found highly rliabl (Tabl 3 & 4). (c) Factor Analysis: Factor Analysis using principal componnt Varimax rotation Kisr normalization was applid on th raw scors of 00 itms to find out th factors that contribut towards Achivmnt Motivation of Entrprnurs and Managrs. Aftr factor analysis factor wr idntifid: (d) Factors of Achivmnt Motivation: (i) Vigorous: This factor has mrgd as th most important dtrminant of rsarch with a total varianc of Major lmnt consisting this factor includ unruffld (0.877), nthusiastic (0.820), boorish (0.669), Daring (0.549), Intllignc (.526). During this rsarch w found that bing vigorous plays an important rol in achivmnt motivation of ntrprnurs and mangrs. (ii) Influnc: This factor has mrgd as th most important dtrminant of rsarch with a total varianc of.70. Major itms consisting this factors ar influnc of Dominanc (0.796), Targt-Orintd (0.745), Concrn (.623), Managing (0.463). W found that during this rsarch influnc plays a vital rol. (iii) Contstant: This factor has mrgd as on of th most important factor of rsarch with total varianc of.47. Major itms consisting ths factors ar influnc of Hadship (0.79), Ladrship (0.520), and Tolranc (0.509).During th rsarch w found that contstant is vry important for achivmnt motivation. (iv) Valiant: This factor has mrgd as on of th most important factor of rsarch with total varianc of.277. Major itms consisting ths factors ar influnc of Achivmnt (0.902), Vntursom (0.653).During this rsarch w found that valiant is vry important for achivmnt motivation. (v) Engross: This factor has mrgd as on of th most important factor of rsarch with total varianc of.208. A major itm consisting this factor is influnc of Hard work (0.924). W found that ngrossmnt is an ssntial for this rsarch. (vi) Tranquil: This factor has mrgd as on of th most important factor of rsarch with total varianc of.007. A major itm consisting this factor is influnc of Hassl fr (0.837). So it can b said that tranquility of ntrprnurs and managrs plays an important rol in thir achivmnt motivation. () Factors of Risk Taking Propnsity (i) Imprial: This factor has mrgd as th most important dtrminant of rsarch with a total varianc of Major lmnts consisting this factor includ Risk Taking (0.840), Lonr in Dcisions (0.837), Opportunist (0.797), Scurity (0.768), Advnturs (0.759), Scrutiniz (0.756), Carlss (0.754), Exploratory (0.737), Slfconfidnt (0.734), arrogant (0.659), Tim Managmnt (0.623), Risk Taking (0.527), Innovativ (0.505). During th rsarch w found that imprialnss plays th most important rol in risk taking propnsity of ntrprnurs and managrs. (ii) Conviction: This factor has mrgd as an important factor with total varianc of.926. Major itms consisting this factor ar influnc of Confidnt (0.798), Risk Taking (0.746), and

3 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: Bordom (0.745). W found it during my rsarch that whil risk taking propnsity it plays an important rol for ntrprnurs and managrs. (iii) Fidlity: This factor has mrgd as an important factor with total varianc of.829. Major itms which ar includ in that factor ar Ddication (0.757), Ambitious (0.560). W found that ambitious managr or ntrprnur has mor risk taking propnsity. (iv) Outcom: This factor is on of th most important factors with total varianc of.304. A major itm consist this factor is Rsult-orintd (0.775).So it can b said that rsult orintd managr or ntrprnur hav mor risk taking propnsity. (v) Firmnss: This factor is on of th most important factors with.7 of total varianc. A major itm which consist th factor is Indpndnt Dcision (0.649). So it can b said that th managr or ntrprnur who is indpndnt in thir dcision hav mor risk taking propnsity. (vi) Z-TEST: Z-tst was applid to s whthr thr is significant diffrnc btwn th achivmnt motivation and risk taking propnsity of ntrprnurs and managrs. If valu of Z is lss than standard valu, (.96) at 5% lvl of significanc, th null hypothsis is accptd. Z <.96, Ho is accptd. Tabl : valus of man and S.D. Achivmnt Risk Taking Propnsity Motivation Entrprn Manag Entrprnur Managrs urs rs s Man S.D Ho: Thr is no significant diffrnc btwn achivmnt motivation of ntrprnurs and managrs. Ho2: Thr is no significant diffrnc btwn risk taking propnsity of ntrprnurs and managrs. Tabl 2: Z Valu Achivmnt Risk Taking Motivation Propnsity SE Z (Tabl 5). Th bta valu (0.592) indicats significant positiv rlationship btwn achivmnt motivation and risk taking propnsity. Rsults of th rgrssion clarly show that risk taking propnsity of ntrprnurs affcts thir achivmnt motivation. Ho4: Thr is no ffct of risk taking propnsity on achivmnt motivation of managrs. Achivmnt Motivation = (Risk taking propnsity) ANOVA tabl summary indicats that th valu of F (0.3832) is significant at lvl of significanc and th F valu is significant almost at 5% lvl of significanc (t =.958) significant at (Tabl 6). Th bta valu (0.272) indicats significant positiv rlationship btwn achivmnt motivation and risk taking propnsity. Rsults of th rgrssion clarly show that risk taking propnsity of th managr affcts thir achivmnt motivation too but th dgr is lss as compard to th ntrprnurs. Ho5: Thr is no ovrall impact of risk taking propnsity on achivmnt motivation. Achivmnt Motivation = (Risk taking propnsity) ANOVA tabl summary indicats that th valu of F (5.036) is significant at 0% lvl of significanc and th F valu is significant at 5% lvl of significanc (t = 3.878) significant at 0% (Tabl 7). Th bta valu (0.365) indicats significant positiv rlationship btwn achivmnt motivation and risk taking propnsity. Rsults of th rgrssion clarly show that risk taking propnsity affcts achivmnt motivation. Implications of th Study: This study is a usful contribution towards th managrs to valuat th achivmnt motivation and risk taking propnsity which would hlp thm to incras thir fficincy. It is also hlpful for th ntrprnurs to find out factors affcting achivmnt motivation and risk taking propnsity and guid thm towards incras in fficincy and profitability. Th study will also b hlpful in taking innovativ dcisions. This study is also a usful contribution for th studnts to valuat th achivmnt motivation and risk taking propnsity of ntrprnurs and managrs. Furthr th studnts can also us th qustionnairs for rlatd rsarch work and rfrncs of th study can also b hlpful for th studnts in thir rsarch. Suggstions: Th study was basically don to valuat th impact of achivmnt motivation on risk taking propnsity of ntrprnurs and managrs. Th study was conductd through filling of th qustionnairs from 50 ntrprnurs and 50 managrs of Gwalior rgion. Yt th scop of th study could b widnd by taking larg sampl, so that th rsults could b gnralizd. It is suggstd to rplicat it by usingsom of th dmographic variabls, or th study could b conductd diffrntly in public and privat sctor companis, so that th diffrnc of th variabls could b judgd on grounds of ownrship. Showing consistncy of itms of Achivmnt Motivation Tabl 3 S. N O ITEMS CORR ELA- TION VALU E Hadship CONSISTE NCE/ INCONSIST ENCE DROPPED/ ACCEPTED

4 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: Targtorintd Dominanc Concrn Managing Ladrshi p 8 7 Daring Hard working Consistnc Consistnc Consistnc Accptd Accptd Accptd 9 Achivm Consistnc Accptd nt 9 0 Intllignc Consistnc Accptd 7 Unruffld Consistnc Accptd 6 2 Enthusiast Consistnc Accptd ic 6 3 Hassl Consistnc Accptd Fr 4 4 Boorish Vnturso Consistnc Accptd m 8 6 Tolranc Consistnc Accptd 8 7 Thrills sking Suprlativ Exprt Fulfillmnt Blamwort hinss 22 Popl orintd 23 Larnr Consistnc Accptd 24 Satisfaction Consistnc Accptd 25 Zalous Consistnc Accptd 26 Accptanc Consistnc Accptd 27 Motivation Consistnc Accptd 28 Financial Plannr Consistnc Accptd Both th hypothsis wr accptd bcaus th Z tst valu ( ) and (0.3095) ar blow th cut off valu (.96 at 5% lvl of significanc).thrfor w can say that thr is no significant diffrnc btwn achivmnt motivation of ntrprnurs and managrs as wll as th risk taking propnsity of ntrprnurs and managrs. Th sam rsults ar objctivly obtaind using th Robrt H. Braukhaus Sr (980) choic dilmmas qustionnair and wr compard to thos managrs for th masurmnt of risk taking, th findings suggstd that risk taking propnsity may not b distinguishing charactristic of ntrprnurs. Rgrssion Tst Rgrssion Equations for Achivmnt Motivation and Risk Taking Propnsity Ho3: Thr is no ffct of risk taking propnsity on achivmnt motivation of ntrprnurs. Achivmnt Motivation = (Risk taking propnsity) ANOVA tabl summary indicats that th valu of F (25.852) is significant at 0% lvl of significanc and th F valu is significant at 5% lvl of significanc (t = 5.084) significant at 0% Tabl 4consistncy of itms of Risk Taking Propnsity S. N O. ITEMS CORREL A-TION VALUE CONSISTE NCE/ INCONSIS TENCE DROPP ED/ ACCEP TED Risk taking Inconsistnc 2 Advnturs Consistnc Accptd 3 Innovativ Consistnc Accptd 4 Scurity Consistnc Accptd 5 Bordom Inconsistnc 6 Indpndnt Consistnc Accptd dcision 7 Risk taking Consistnc Accptd 8 Slf confidnt Consistnc Accptd 9 Rsult orintd Consistnc Accptd 0 Scrutiniz Consistnc Accptd Arrogant Consistnc Accptd 2 Carlss Inconsistnc 3 Lonr indcision Inconsistnc 4 Opportunist Consistnc Accptd 5 Ddication Consistnc Accptd 6 Tim Consistnc Accptd managmnt 7 Confidnt Consistnc Accptd 8 Ambitious Consistnc Accptd 9 Stubborn Consistnc Accptd 20 xploratory Consistnc Accptd 2 Risk taking Consistnc Accptd 22 Systmatic Consistnc Accptd 23 Snsitiv Consistnc Accptd 24 Dtrmind Consistnc Accptd 25 Initiator Consistnc Accptd Rliability for Achivmnt Motivation Tabl 5 Cronbach's Alpha N of Itms.8 6 Rliability for Risk Taking Propnsity Tabl 6

5 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: Cronbach's Alpha N of Itms Rgrssion of Entrprnurs Summary R R Squar Adjustd R Squar Std. Error of th Estimat.037 a Tabl7 Variabls Entrd/Rmovd b Variabls Variabls Entrd Rmovd Mthod VAR00002 a. Entr a. All rqustd variabls ntrd. b. Dpndnt Variabl: VAR0000 Rgrssion Rsidual Total b. Dpndnt Variabl: VAR0000 Tabl2 ANOVA b Sum of Squars df Man Squar F Sig a Tabl 8 Summary Adjustd Std. Error of R R Squar R Squar th Estimat.592 a Tabl 9 (Constant) VAR00002 Tabl3 Unstandardizd a. Dpndnt Variabl: VAR0000 a Standardizd B Std. Error Bta t Sig Rgrssion of Entrprnurs and Managrs Tabl 4 Rgrssion Rsidual Total b. Dpndnt Variabl: VAR0000 (Constant) VAR00002 ANOVA b Sum of Squars df Man Squar F Sig a Tabl0 Unstandardizd a. Dpndnt Variabl: VAR0000 a Standardizd B Std. Error Bta t Sig Rgrssion of Managrs Tabl Variabls Entrd/Rmovd b Variabls Variabls Entrd Rmovd Mthod VAR00002 a. Entr a. All rqustd variabls ntrd. b. Dpndnt Variabl: VAR0000 Summary Adjustd Std. Error of R R Squar R Squar th Estimat.365 a Rgrssion Rsidual Total b. Dpndnt Variabl: VAR0000 (Constant) VAR00002 ANOVA b Sum of Squars df Man Squar F Sig a Unstandardizd a. Dpndnt Variabl: VAR0000 a Standardizd B Std. Error Bta t Sig V. CONCLUSION Entrprnurs play a ky rol in any conomy. Ths ar th popl who hav high dgr of achivmnt motivation and mak th right dcisions to mak th ida profitabl. Th rward for th risk takn is th potntial conomic profits th ntrprnur could arn. Managrs, by dfinition, mbody th sam charactristics as th

6 - AISECT Univrsity Journal Vol. II/Issu IV Sp. 203 ISSN: ntrprnur lik, conviction, passion and driv. Th mor th managr xprsss himslf, th mor th company is forcd to confront its own ffctivnss. In our study, w concludd that thr is no significant diffrnc btwn risk taking propnsity of ntrprnurs and managrs. Th study also rvald that thr is no rlationship btwn ovrall achivmnt motivation and risk taking propnsity, and th positiv rlationship of achivmnt motivation and risk taking propnsity of managrs. This study has givn a fruitful rsult in dvloping a qustionnair rgarding achivmnt motivation and risk taking propnsity. To undrstand th factors contributing to achivmnt motivation and risk taking propnsity, factor analysis was applid. Th factors that contributd to achivmnt motivation ar Vigrous, Influntial, Contstant, Valiant, tc. and th factors that mrgd from th study rgarding risk taking propnsity ar Imprial, Conviction, Fidlity, tc. REFERENCES [] Hoslitz, B. F. (960), Th arly history of ntrprnurial thory. In Essays in Economic Thought: Aristotl to Marshall, Spnglr, J. J. and W. R. Alln (ds.). Chicago: Rand McNally, pp [2] Brockhaus, Robrt H. Sr (980). Risk Taking Propnsity of Entrprnurs. Th Acadmy of Managmnt Journal:Vol.23( 3). pp [3] Cochran, T.C. (965). Entrprnurship. Intrnational Encyclopdia of th Social Scincs.Nw York:Macmillan, pp [4] Douglas W..Naffzihgr (98). Entrprnurship Thory and practic:vol.8.pp [5] Collins,Christophr, J.(2004). Th rlationship of Achivmnt Motivation to ntrprnurial bhavior: A Mta- Analysis. Human Prformanc:(7),pp [6] Gartnr, William B. (988). Proprtis of Emrging Organizations. Acadmy of Managmnt Rviw:(3), pp [7] Hoskisson, Robrt E. (99). Th Markt for Corporat Control and Firm Innovation. Th Acadmy of Managmnt Journal:(39), pp [8] Jan l (997). Th motivation of womn ntrprnurs in Singapor. Intrnational Journal of Entrprnurial Bhaviour & Rsarch:(3), [9] Kamalanabhan, T.J. (99). Evaluation of Entrprnurial Risk-Taking using Magnitud of Loss Scal. Journal of Entrprnurship: (5), pp [0] Knnth, R. (2006). Motivation to Moroccans to b Entrprnurs. Journal of Dvlopmntal Entrprnurship: (3), [] McCllland, David C. (972). Motivating Economic achivmnt. Economic Dvlopmnt and Cultural Chang: (20), pp [2]Shavr (99). Finding th Entrprnur in Entrprnurship. Entrprnurship Thory and Practic, (8), pp [3] Vasant Dsai (990). Evolution and dvlopmnt of Entrprnurship, Himalaya publishing hous, Nw Dlhi.