Exploring the role of luck and perceptions of success in entrepreneurship: A study on motivation, identity, and efficacy

Abstract

Entrepreneurship, a profession often associated with innovation and individualism, has been a subject of interest for researchers since the beginning of the 20th century, when attempts were first made to grasp the significance of entrepreneurship using theory (Wadhwani & Jones, 2014). The purpose of this paper is to contribute further insight into the field of entrepreneurial psychology by studying entrepreneurial motivation, identity, and sense of efficacy using qualitative research methods. By combining empirical and theoretical approaches, findings gathered from interviews with entrepreneurs were interpreted through the lens of relevant literature within the field of entrepreneurial and behavioral psychology. With a specific focus on entrepreneurial perceptions concerning success and the role of luck in business outcomes, this paper probes into the beliefs and assumptions of entrepreneurs through an analysis of their responses using theoretical and empirical tools. The results of this research revealed potential factors influential to the decision-making processes of individuals with entrepreneurial intentions, as well as potential assumptions related to expectations, results, and their causes, such as agency and meritocracy. By comparing entrepreneurial perceptions regarding efficacy in light of objective research on cognition and motivation, this paper seeks to explore potential disparities that exist between inner and outer perceptions of entrepreneurial efficacy, their implications, as well as potential remedies. The findings of this paper seek to contribute to the field of entrepreneurial psychology by providing insight into the role of assumptions and perception in entrepreneurial motivation and risk-taking.