Analysis of Entrepreneurial Traits of Small Business Owners in Sri Lanka (With Special Reference to Gampaha District)

Abstract

Small business entrepreneurs play a significant role in the economic development of Sri Lanka. However, statistics indicate that most of the small businesses fail, despite their importance to the economy. Researchers signify several reasons for their failure, in which lack of entrepreneurial traits is a major reason. Siropolis (1994) had identified six major entrepreneurial traits to be found in entrepreneurs, while four of them such as creativity and innovation, risk taking, self confidence and hard work are believed to be most significant. These traits have been taken analyzed in this study. This paper discusses the presence of entrepreneurial traits among different types of small business owners in the Gampaha District in order to ascertain whether selected personal characteristics, defined as 'entrepreneurial traits', are actually attributes of business owners and whether these characteristics are typical of them. The study was conducted by taking 50 small business owners in Gampaha District. Primary data were collected by administering a well structured 5 point Likert scale questionnaire and holding short interviews while secondary data were gathered through published research articles, text books and other related documentary evidence. Collected data were presented by using descriptive analysis, like mean and the correlation analysis and it was reported that the small business owners posses entrepreneurial traits to a significant level as per the outcomes generated through spss (version 14+) software. As a result, it was concluded that the small business owners of Gampaha District do possess entrepreneurial traits and they are at a significant level.