ENTREPRENEURIAL PSYCHOLOGICAL TRAIT AND BUSINESS SUCCESS OF SMEs IN PORT HARCOURT

By

Priscilla S. Nwachukwu¹ and  B. Chima Onuoha²

1. Doctoral Student, Department of Management, University of Port Harcourt.
2. Professor of Management, Department of Management, University of Port Harcourt

Abstract

This work inquired into the relationship between entrepreneurial psychological traits and business success of SMES in Port Harcourt. A survey design was adopted and the study covered a population of 1200 SMEs in Port Harcourt. A sample of 291 respondents was drawn from the population and the systematic sampling technique was utilized. Data was collected using copies of questionnaire. The Spearman Rank Order correlation was used in analyzing the data so as to ascertain the relationship between the dimensions of entrepreneurial psychological trait (conscientiousness and extraversion) with the measures of business success (profitability and survival). The outcome of the analysis revealed that a significant and positive relationship exists between the dimensions of entrepreneurial psychological traits and the measures of business success. It was concluded that the psychological traits of the entrepreneurs in terms of conscientiousness and extraversion are important factors in boosting the business success of SMEs in Port Harcourt. Among others, it was recommended that the owners of the SME should ensure diligence in carrying out their task in the workplace as such will help enhance their profitability.

Keywords: Entrepreneurial Psychological Traits, Business Success, Conscientiousness, Extraversion, Profitability and Survival.