Analysis of Entrepreneurial traits of the Small Business owners in Sri Lanka

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. Researches signify several reasons for their failure, in which lack of entrepreneurial traits being 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 hardworking which are believed to be most significant have been taken in this study for consideration. Pickle (1964) points out that if entrepreneur characteristics condition a business success or failure, then identification of these features is a important value as a predictor, to degree, of a success or failure. The purpose of the paper is to discuss the presence of entrepreneurial traits among different types of small business owners in the Gampaha District and to determine their impact on small business success. Study was conducted by taking 50 small business owners in Gampaha District. Primary data were collected by administering a well structured questionnaire and holding short interviews while secondary data were gathered through published research articles, text books and other related documentary evidences. 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 do posses entrepreneurial traits and they have a significant impact on the success of small business owners in the Gampaha district. Index Terms- Entrepreneurial Traits, Small business owners