More than money:developing an integrative multi-factorial measure of entrepreneurial success


This article conceptualises and operationalizes ‘subjective entrepreneurial success’ in a manner which reflects the criteria employed by entrepreneurs, rather than those imposed by researchers. Using two studies, a first qualitative enquiry investigated success definitions using interviews with 185 German entrepreneurs; five factors emerged from their reports: firm performance, workplace relationships, personal fulfilment, community impact, and personal financial rewards. The second study developed a questionnaire, the Subjective Entrepreneurial Success–Importance Scale (SES-IS), to measure these five factors using a sample of 184 entrepreneurs. We provide evidence for the validity of the SES-IS, including establishing systematic relationships of SES-IS with objective indicators of firm success, annual income and entrepreneur satisfaction with life and financial situation. We also provide evidence for the cross-cultural invariance of SES-IS using a sample of Polish entrepreneurs. The quintessence of our studies being that subjective entrepreneurial success is a multi-factorial construct, i.e. entrepreneurs value various indicators of success with money as only one possible option.

Publication DOI:
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
Uncontrolled Keywords: entrepreneurship,success of entrepreneurs,firm performance,scale development,subjective sucess,Motivation,Business and International Management
Publication ISSN: 1741-2870
Last Modified: 21 Jun 2024 07:12
Date Deposited: 19 Aug 2015 13:50
Full Text Link: http://isb.sage ... ntent/34/8/1098
Related URLs: http://www.scop ... tnerID=8YFLogxK (Scopus URL)
PURE Output Type: Article
Published Date: 2016-12-01
Published Online Date: 2015-10-12
Accepted Date: 2015-10-11
Authors: Wach, Dominika
Stephan, Ute (ORCID Profile 0000-0003-4514-6057)
Gorgievski, Marjan J.



Version: Accepted Version

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