Personality Traits and Entrepreneurial Performance of Small Businesses

The need for entrepreneurs to achieve desirable results in their entrepreneurial acts cannot be over-emphasized. In achieving this, the personality factors of the entrepreneurs in planning and organising their business processes and activities play a crucial role. To this end, the study examined the role of personality traits in determining the entrepreneurial performance of small businesses in Lagos State. The study used a descriptive research design and a simple random sampling method. The primary source of data collection was through the use of a questionnaire, which was administered to 379 small business owners in Lagos State. The findings from the multiple regression analysis indicated that extraversion, conscientiousness, and openness to experience are personality traits that have a significant effect on business model innovation as well as the value creation of small businesses in Lagos State. It was concluded that personality traits determine small business performance in Lagos State. Based on this, the study recommended that small business owners in Lagos State should continue to exhibit more of their personality traits, especially extraversion and openness to experience the act of developing innovative models for business processes or activities. The study also recommended that small business owners focus on value creation by showing more personality traits, especially conscientiousness and openness to experience, than extraversion.