Personality Traits and Their Impact on Entrepreneurial Success: a Study of Self-Made Millionaires

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Title (english):: Personality Traits and Their Impact on Entrepreneurial Success: a Study of Self-Made Millionaires
Alternative title (latvian):: Personības iezīmes un to ietekme uz uzņēmējdarbības panākumiem pašveidotiem miljonāriem
Scientific work type:: Bakalaura darbs
Creator:: Diāna Kukore
Contributor:: Āris Birze, 1989- , zinātniskais vadītājs
Contributor:: Štefenberga, Dace, 1977- , recenzents
Format extent (latvian):: 36 lp.
Publisher:: Ventspils: Ventspils Augstskola
Date created:: 2025
Format medium:: Paper
Language:: english
Abstract (english):: This Bachelor's thesis explores the relationship between personality traits and entrepreneurial success among Latvian entrepreneurs and executives. The study is inspired by Rainer Zitelmann’s (2018) The Wealth Elite and adapts its conceptual framework to the Latvian context—a post-Soviet economy with distinct challenges and cultural dynamics. The research problem centers on whether consistent patterns of personality traits emerge among individuals who have achieved sustained business success. The aim of the research is to identify which traits, as defined by the HEXACO personality model (Honesty-Humility, Emotionality, Extraversion, Agreeableness, Conscientiousness, and Openness to Experience), are most frequently expressed among leaders of businesses generating €1 million+ in annual revenue over at least three consecutive years. Objectives include comparing trait expression across revenue tiers and leadership roles, and aligning results with previous findings from Germany. The study used a validated Latvian-language version of the 100-item HEXACO-PI-R questionnaire. Data from 17 respondents were analyzed using descriptive statistics and visual comparisons. While no statistically significant correlations were established due to sample size, the results reveal that Conscientiousness, Agreeableness, and Honesty-Humility were most consistently expressed, forming a shared psychological foundation for long-term success. Emotionality, Extraversion, and Openness varied more widely, suggesting adaptive leadership styles depending on business stage and role. The thesis includes 14 figures. Its findings may inform entrepreneurship education, leadership development programs, and startup team-building practices. The work contributes to the cross-cultural understanding of psychological traits in post-transition economies and adds to existing literature by offering a revenue-tiered, role-based HEXACO profile of Latvian high-performing entrepreneurs. Keywords: entrepreneurship, personality traits, HEXACO, Latvia, leadership, business success, psychological profiles, Zitelmann
Is part of collection:: Academia (Kolekcija)
Subject:: Bakalaura darbi
Subject:: Ventspils Augstskola. Ekonomikas un pārvaldības fakultāte
Subject:: Jaunuzņēmumu vadība
URL:: https://ventspils.biblioteka.lv/AlisePAC/SimpleSearch?SearchValue=Personality%20Traits%20and%20Impact%20on%20Enterpreneurial%20Sucess%20%3A%20a%20Study%20on%20Self-Made%20Millionaires&SortBy=0&ResultPage=1&libraryUnitId=0
Geographic name:: Ventspils (Latvija)
Object location (*):: Ventspils Augstskola
Date captured:: 19.02.2026
Date modified:: 19.02.2026
APLIS copyright status:: Protected by rights
APLIS access rights:: This work is protected by copyright and/or neighboring rights. It can be freely used for personal use, scientific research, or self-education. Other uses require permission from the right holder(s).
APLIS statement of rights:: Protected by copyrights - not in commercial circulation
APLIS access notice:: Accessible online (without the ability to download)
Blocked:: Nē
Type group:: Text
Type:: Scientific Work
URI:: https://dom.lndb.lv/data/obj/1659840
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