A Psychological Typology of Successful Entrepreneurs

Can psychological factors effectively predict entrepreneurial performance? Drawing upon studies of over 700 entrepreneurial subjects in 10 different samples, Miner settles the issue: yes, they can. He identifies four kinds of people who are capable of achieving entrepreneurial success—but notes that to actually achieve success, they must follow a career route that fits their personalities. Miner's new book is thus a detailed scholarly report on an extensive 20-year research program that focuses on psychological predictors of entrepreneurial activity and success, and a carefully devised, solidly grounded theory to explain why his observations are true. He also discusses the implications for personal career development, entrepreneur selection, entrepreneurship development programs, the assessment of entrepreneurial talent, and related topics crucial not only to entrepreneurs and would-be entrepreneurs themselves, but to their various stakeholders including those with investments in them. Part I of the book reviews the typologies used in the entrepreneurship literature and the various opinions on the value of psychological factors in predicting entrepreneurial success. It then sets forth the four-way psychological typology underpinning Miner's research and the various theoretical extensions of that typology. This section of the book closes with a chapter presenting case examples of the various types, and the ways they can achieve or fail to achieve success. Part II deals with measurement and design considerations, and with the two primary research tests of the theory—a seven-year predictive study of established entrepreneurs and a six-year predictive study of graduate business students enrolled in entrepreneurship classes. Part III reports on three studies dealing with women entrepreneurs, in contrast to men. It also describes an extensive, six-year predictive study of high-technology entrepreneurs and international research dealing with entrepreneurs in Italy, Israel, Sweden, and post-communist Poland. Part IV considers ways the typology may be used to create entrepreneurship development programs and describes a comprehensive regional development effort extending over seven years. Particular attention is given to methods of assessing entrepreneurial talent, in existing as well as in prospective entrepreneurs, not only to help select them, but also to aid in the investment decision. The book closes with predictions for the future for entrepreneurial practice and for entrepreneurship theory and research.