Predicting Entrepreneurial Success: A Socio-psychological Study

Abstract

Predicting entrepreneurial success using psychological variables like individualism-collectivism, achievement value, locus of control and the sociocultural variable, for example the entrepreneurial status, had been the usual practice. These variables could identify the traits that differentiated a new entrepreneur from a traditional one. This article makes an attempt to expand the measurement of entrepreneurial success from two other angles. Using two regression equations, one can predict the future success of an entrepreneur. It has also been observed that the psychological variables have a fairly high correlation with entrepreneurial success, and all of them can also separately predict the success of an entrepreneur efficiently. However, the study establishes that the achievement value, along with entrepreneurial status, are the most efficient predictor variables in predicting entrepreneurial success.