Persönlichkeitsmerkmale von Gründern und deren Einfluss auf Venture Outcomes

RWTH Publications (RWTH Aachen)

Abstract

Founder personality is an increasingly important yet fragmented field in entrepreneurship and venture capital research. This thesis synthesizes existing literature on how founders' personality traits influence venture outcomes relevant to venture capitalists, with a particular focus on venture performance, venture exit, venture success and venture innovation. Drawing on research from personality psychology, entrepreneurship and venture capital, the thesis examines three groups of traits: the Big Five, narrower entrepreneurial traits and the Dark Triad. The findings suggest that openness to experience, conscientiousness, emotional stability, need for achievement, internal locus of control and entrepreneurial self-efficacy are positively associated with venture performance, as they support innovation, disciplined execution, resilience and proactive decision-making. In contrast, overconfidence, excessive optimism, Machiavellianism and psychopathy may negatively affect performance by encouraging distorted risk assessment, unrealistic expectations and interpersonal conflict. Beyond venture performance, the analysis shows that personality traits also shape other venture outcomes. Neuroticism is negatively related to venture exits, while entrepreneurial self-efficacy is positively associated with venture success, particularly startup survival. Overconfidence may harm performance but can also foster venture innovation, for example through greater investment in research and development. The thesis consolidates dispersed empirical findings into a structured overview of the founder personality–venture outcome relationship and derives practical implications for venture capitalists' investment screening and due diligence. Future research should examine mediating mechanisms, contextual moderators and the development of founder personality across venture stages.

Authors 1

1. Jonas Helfen corresponding Aachen

   RWTH Aachen University

   Affiliation as printed

   RWTH Aachen