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Prior research has identified individual characteristics that distinguish business owners from non-business owners. The researchers tested their contention that not every successful business owner can be characterized by such typical ‘entrepreneurial’ characteristics. Multiple analysis of variance on a unique data set of 194 business owners in the hospitality industry revealed that several individual characteristics discriminated between entrepreneurs and small business owners. Entrepreneurs possessed higher levels of independence, tolerance of ambiguity, risk-taking propensity, innovativeness, and leadership qualities, but not of market orientation and self-efficacy. It is concluded that ‘entrepreneurial’ characteristics identified in the literature may be useful predicting a specific type of business ownership. However, other criteria need to be developed in order to describe other groups of business owners operating in the service industries.
Wagener et al. (2010) studied this question.