Psychosocial aspects of entrepreneurial potential

Abstract

This study presents a theoretical model regarding the entrepreneurial potential construct, and the main psychosocial aspects that contribute towards an individual's preparedness to engage in activities typically associated with entrepreneurship. The general question addressed in this study is: How to explain the entrepreneurial potential construct theoretically, and how to assess it empirically? This study seeks to contribute by creating an instrument (the EPAI – Entrepreneurial Potential Assessment Inventory) that can be used to measure the entrepreneurial potential construct. In this paper we present four studies on its empirical validation. The results suggest reliable scale characteristics, convergent and discriminant validity. The EPAI can be used by an entrepreneur for self-assessment, for training, and for professional development.