Entrepreneurs’ psychological capital, innovativeness and business performance<br />MarjanGorgievski, Ph.D.Erasmus Universi...
Theoretical background 1<br />Business and entrepreneurship literature:<br />What predicts good entrepreneurial performanc...
Theoretical background 2<br />Positive Work and Organisational Psychology<br />What elements are part of the positive spir...
Ex role performance
Creativity
Financial turnover</li></ul>Job resources<br />Personal resources<br />(Personal characteristics)<br />Work engagement<br ...
EmpiricalEvidence<br />Ample evidence for a positive gain spiral of resources and work engagement (Salanova, Schaufeli, Xa...
Theoretical background 3<br />Positive Work and Organizational Psychology<br />Health is more than the absence of complain...
Reasearch Question<br />Is thriving part of the positive spiral of personal resources, performance and well-being, similar...
Method<br />N=102 business owners (response rate 29%)<br />Invited by telephone, web based survey <br />Mean age 47 years ...
Measurements<br />Individual level variables: <br />psychological capital (Luthans et al, 2007; translated by Bakker, unpu...
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Gorgievski Flourishing, entrepreneurs' innovative behavior, innovative strategies and business growth

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Presented at the 27th International Congress of Applied Psychology, Melbourne, Australia July 11th-16th, 2010

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Gorgievski Flourishing, entrepreneurs' innovative behavior, innovative strategies and business growth

  1. 1. Entrepreneurs’ psychological capital, innovativeness and business performance<br />MarjanGorgievski, Ph.D.Erasmus University Rotterdam<br />The Netherlands<br />27th International Congress of Applied Psychology, Melbourne, Australia July 11th-16th, 2010<br />
  2. 2. Theoretical background 1<br />Business and entrepreneurship literature:<br />What predicts good entrepreneurial performance?<br />Personality (e.g., Rauch & Frese, 2007; Zhao & Seibert, 2006)?<br />Competencies (e.g. Markman, 2007)?<br />
  3. 3. Theoretical background 2<br />Positive Work and Organisational Psychology<br />What elements are part of the positive spiral of performance, personal resources and well-being?<br />Job Demands<br />Performance<br /><ul><li>in role performance
  4. 4. Ex role performance
  5. 5. Creativity
  6. 6. Financial turnover</li></ul>Job resources<br />Personal resources<br />(Personal characteristics)<br />Work engagement<br />e.g. Bakker & Demerouti, 2007<br />
  7. 7. EmpiricalEvidence<br />Ample evidence for a positive gain spiral of resources and work engagement (Salanova, Schaufeli, Xanthopoulou & Bakker, 2010)<br />Ampleevidenceforthe positive relationship between work engagement and performance, also for entrepreneurs (E.g. Gorgievski, Bakker & Schaufeli, 2010)<br />Concerning business performance: General well-being (defined as absence of health complaints) predicts farmers’ business success in a 10-year follow- up study (Gorgievski, Bakker & Giesen, 2000) and a 3 wave longitudinal study spanning 2 years (Gorgievski, Bakker, Schaufeli, Van der Heijden, 2005; Gorgievski, Bakker, Schaufeli, Van der Veen & Giesen, 2010) <br />
  8. 8. Theoretical background 3<br />Positive Work and Organizational Psychology<br />Health is more than the absence of complaints<br />Construed positively, health encompasses diverse aspects of flourishing (Ryff & Singer, 2000):<br />leading a meaningful and purposeful life<br />having quality ties to others <br />how these core features of the well-lived life affect biology<br />Flourishing: thrive under challenge <br />
  9. 9. Reasearch Question<br />Is thriving part of the positive spiral of personal resources, performance and well-being, similar to work engagement and mental health complaints?<br />Concerning personal resources, we looked at psychological capital: Optimism, Hope, Self-efficacy & Resilience (Luthans, Youssef & Avolio, 2007)<br />Concerning performance we looked at entrepreneurs’ innovativebehavior, business innovationand business growth<br />
  10. 10. Method<br />N=102 business owners (response rate 29%)<br />Invited by telephone, web based survey <br />Mean age 47 years (sd 8.73)<br />On average 14 years in business (sd 8.96)<br />84% males<br />29% from entrepreneurial family<br />83% had started their businesses<br />Acknowledgements: the presenter likestothankDominiqueYntemafor her help collecting the data. <br />
  11. 11. Measurements<br />Individual level variables: <br />psychological capital (Luthans et al, 2007; translated by Bakker, unpublished): <br />self-efficacy (4 items, alpha = .93), <br />optimism (3 items, alpha = .69), <br />self-esteem (5 items, alpha = .67) <br />resilience (5 items, alpha = .80); <br />work-engagement (UWES; 9 items, alpha = .92); <br />flourishing (Diener, Wirtz, Tov, Kim-Prieto, Choi, Oishi, & Biswas-Diener, 2009; 11 items, alpha = .77); <br />business owners’ innovative behaviour (Janssen, 2003; 6 items, alpha = .90); <br />Firm level variables: <br />company level innovative strategy and resources (Analysis of Balanced Innovation; Plompen, 2003; 7 items, alpha = .91) andpercentage of profit derived from new products (1 item) <br />entrepreneurs’ reports of firm financial growth (Stephan, Dej, Lukes & Richter, 2007; 4 items, alpha = .89); <br />
  12. 12. Final Model<br />Flourishing<br />versus <br />work engagement<br />Performance measures<br />Personal Resources<br />Flourishing<br />.56<br />.74<br />PsyCap<br />Selfefficacy<br />Optimism<br />Hope<br />Resilience<br />.61<br />Business growth<br />Personal<br />Innovativeness<br />.60<br />Business<br />Innovativeness<br />.46<br />.ns<br />Work engagement<br />Model fit :  2 (130 df) = 257,60; TLI = .87; CFI = .85; RMSEA = .10<br />
  13. 13. FullMediationEffects<br />.60*<br />.36*<br />.61*<br />.40*<br />Business growth<br />Business<br />Innovativeness<br />Personal<br />Innovativeness<br />Flourishing<br />Work engagement<br />Mediation1<br />Mediation2<br />Mediation3<br />Mediation 1: Sobel: 2.01, p < .05; Betawithout mediator: .25* <br />Mediation 2: Sobel: 1.99, p < .05; Beta without mediator: .51*<br />Mediation 3: Sobel: 1.97, p < .05; Beta without mediator: .33*<br />
  14. 14. Conclusions<br />The findings once more underscore that a balanced and optimal well-being is key to entrepreneurial success.<br />flourishing is an important concept which is related to company performance. <br />

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