Abstract
The taking propensities of entrepreneurs of new ventures were objectively obtained using KoganWallach choice dilemmas questionnaire and were compared to those of managers and to normative data developedfor measurement instrument. The findings suggest that taking propensity may not a distinguishing characteristic of entrepreneurs. They refute assumptions based on research that has been subjective and noncomparative and that used established entrepreneurs. Palmer has suggested that psychological testing of entrepreneurs be directed most toward measurement of an individual's perception and handling of a risk (1971, p. 38). The major purpose of present research is to determine whether founders of new ventures and newly hired managers or newly promoted managers differ in their taking propensities. In order for this study to understood completely, varied definitions of term must presented and a functional definition for use in this study must developed. Webster's Third New International Dictionary (1961) defines an entrepreneur as the organizer of an economic venture, especially who organizes, owns, manages, and assumes of a business. Funk and Wagnall's Standard Dictionary (1958) offers a similar definition. It states that an entrepreneur is one who undertakes to start and conduct an enterprise or business, assuming full control and risks. Schumpeter (1954) credits J. S. Mill with bringing term into general use among economists. Mill (1848) included as entrepreneurial functions direction, control, superintendence, and bearing. Mill appeared to believe that inclusion of bearing distinguished term from term manager.
Published Version
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