Entrepreneurship: Tenacity, Future Self-Continuity, and Inter-Temporal Risky Choice

Area of Science:

• Behavioral Economics
• Entrepreneurship Studies
• Psychology

Background:

• Entrepreneurship involves complex decision-making under uncertainty.
• Understanding personality traits like tenacity and future orientation is crucial for explaining entrepreneurial choices.
• Inter-temporal risky choice, balancing immediate rewards with future outcomes, is a key aspect of entrepreneurial behavior.

Purpose of the Study:

• To investigate the impact of tenacity and future self-continuity (FSC) on inter-temporal risky choices in entrepreneurs.
• To examine the individual and combined effects of tenacity and FSC on risk-return preferences and time-delay tolerance.
• To provide insights into the psychological drivers of entrepreneurial decision-making.

Main Methods:

• Survey methodology involving 129 Chinese undergraduate participants.
• Statistical analysis, including correlation and multivariable regression, to assess relationships between variables.
• Measurement of tenacity (commitment, endurance, challenge) and future self-continuity (FSC).

Main Results:

• Tenacity positively correlates with both general and inter-temporal risky choices.
• Future self-continuity (FSC) positively predicts the expected inter-temporal risk-return.
• A reciprocal effect was observed: high tenacity and FSC together led to a mitigation of extreme risk-seeking and time-delay tolerance, favoring smoother income streams.

Conclusions:

• Tenacity and FSC are significant predictors of entrepreneurial inter-temporal risky choices.
• The interplay between tenacity and FSC shapes risk preferences, suggesting a strategic approach to risk management in entrepreneurship.
• Findings offer practical guidance for understanding and supporting startup decision-making processes.