Analyzing the impact of entrepreneurial traits on business growth: A study of start-ups in Elbasan, Albania

Abstract

The popularity of entrepreneurship is on the rise, attracting individuals interested in developing their business ideas. However, not everyone possesses the requisite entrepreneurial mindset. Among the myriad factors influencing business growth, having an entrepreneurial mindset stands out. This paper aims to investigate the relationship between an entrepreneurial mindset and start-up growth, along with discussing implications for the future development of entrepreneurial mindset traits. There is a clear need for new strategies to foster an entrepreneurial mindset and thereby enhance the likelihood of successful entrepreneurial endeavors. This research employs a comprehensive methodology, integrating both qualitative and quantitative data sourced from primary and secondary sources. Central to the methodology is the Entrepreneurship Competence Framework, which underpins the questionnaire utilized in this study. Participants in the questionnaire were start-ups in Elbasan city, Albania. The findings affirm the positive impact of planning, coping with uncertainty, collaborating with others, and learning through experience on business growth. Making decisions in the middle of uncertainty, ambiguity, and risk involves navigating decisions when outcomes are uncertain or information is limited and employing structured methods to test ideas and prototypes to mitigate risks of failure in the value creation process.