PSYCHOSOCIAL ATTRIBUTES AND ETHICAL QUALITIES NEEDED FOR SUCCESSFUL ENTREPRENEURSHIP IN THE TWENTY FIRST CENTURY

Abstract

The promotion of entrepreneurship culture, in contemporary Nigeria, has become the primary weapon of choice in the war against poverty and social economic malaise.  This study sought to identify psychosocial and ethical qualities which may be salutary to entrepreneurship prospects.  The idea was to obtain the views of entrepreneurs on the psychological, social and ethical qualities which should be promoted in potential entrepreneurs in the new century. The researcher employed descriptive survey design. The population consisted of the 3,622 small and medium scale enterprises registered with the Ministry of Commerce in Osun State of Nigeria, out of which a sample of 360 was drawn using stratified random sampling technique. The researcher formulated three research questions and tested one hypothesis.  A structured questionnaire was developed and was administered on entrepreneurs in Osun State.  The research questions were analyzed using mean and standard deviation while the hypothesis was tested at 0.05 level of significance using the t-test. The result showed that the attributes needed for successful entrepreneurship include persistence, courage, intelligence, ambition, persistence, confidence, intuition and discipline.  Others include integrity, friendliness, tact and adherence to environmental laws and norms.  The study suggested that Psychology of Entrepreneurship should at different levels, be introduced as an entrepreneurship topic, subject or discipline while greater emphasis should be laid on the psychological, sociological and ethical contents of entrepreneurship training.

Key words: Psychology, sociology, ethical qualities, entrepreneurship, 21st century.