Sticking It Out: Individual Attributes and Persistence in Self-Employment

There is evidence that individual attributes play an important role in self-employment entrance decisions. Drawing on the personality, psychological well-being, and goal attainment literature, the authors ask, What individual attributes are associated with persistence in self-employment? First, they...

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Bibliographic Details
Published in:Journal of management 2014-11, Vol.40 (7), p.1932-1979
Main Authors: Patel, Pankaj C., Thatcher, Sherry M. B.
Format: Article
Language:English
Subjects:
Demographics
Entrepreneurs
Evaluation
Individuals
Personality
Personality traits
Psychological aspects
Psychology
Self employment
Self-employed workers
Studies
Success factors
Well-being
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Summary:There is evidence that individual attributes play an important role in self-employment entrance decisions. Drawing on the personality, psychological well-being, and goal attainment literature, the authors ask, What individual attributes are associated with persistence in self-employment? First, they theoretically develop the concept of self-employment persistence and then empirically assess the effects of individual attributes on self-employment persistence, while including the baseline effects of these individual attributes on self-employment entrance. They use a semiparametric, reduced-form, multiple-state transition model and control for demographic and social determinants. Using employment history data of a cohort of 2,839 individuals from 1957 to 2004, the authors find that openness to experience, autonomy, and tenacious goal pursuit increase persistence in self-employment, whereas neuroticism reduces persistence in self-employment. They discuss the theoretical and practical implications of the findings.
ISSN:0149-2063
1557-1211
DOI:10.1177/0149206312446643