Entrepreneurs’ achieved success: developing a multi-faceted measure


Firm performance is typically measured via objective financial indicators. However, researchers increasingly acknowledge that entrepreneurs do not measure their success solely in financial terms but that a range of often subjective indicators matter to them. This article contributes to the debate on entrepreneurial performance by studying how entrepreneurs assess their achieved success. ‘Entrepreneurs’ achieved success’ was conceptualized as a multi-faceted construct that includes entrepreneurs’ self-reported achievement of firm performance, workplace relationships, personal fulfilment, community impact, and personal financial rewards. It was measured via the Subjective Entrepreneurial Success–Achievement Scale (SES-AS). Over the course of three studies (N = 390) the factorial structure of ‘entrepreneurs’ achieved success’ was established and largely replicated in two cultures. Based on a nomological network, we documented relationships among ‘entrepreneurs’ achieved success’, quasi-objective indicators of firm performance, and entrepreneurs’ financial satisfaction, creativity, and health. Based on our research, we propose a new conceptual framework to study performance in the context of entrepreneurship. This framework acknowledges both the success criteria that entrepreneurs wish to achieve and those that they actually achieve, and extends our understanding of firm performance.

Publication DOI: https://doi.org/10.1007/s11365-018-0532-5
Divisions: College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
College of Business and Social Sciences > Aston Business School
Additional Information: © Springer Science+Business Media, LLC, part of Springer Nature 2018. The final publication is available at Springer via http://dx.doi.org/10.1007/s11365-018-0532-5
Uncontrolled Keywords: entrepreneurial behaviour,entrepreneurship,entrepreneurial success,firm performance,community,well-being,health,creativity,Business and International Management,Organizational Behavior and Human Resource Management,Applied Psychology
Publication ISSN: 1555-1938
Last Modified: 18 Jul 2024 07:06
Date Deposited: 24 Jul 2018 11:03
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Related URLs: https://link.sp ... 1365-018-0532-5 (Publisher URL)
PURE Output Type: Article
Published Date: 2020-09-01
Published Online Date: 2018-07-18
Accepted Date: 2018-07-01
Authors: Wach, Dominika
Stephan, Ute (ORCID Profile 0000-0003-4514-6057)
Gorgievski, Marjan J.
Wegge, Jürgen



Version: Accepted Version

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