Personal Entrepreneurial Characteristics (PECs) CEFE Methodology
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Transcript of Entrepreneurial characteristics exhibited by project ... · Entrepreneurial characteristics...
Entrepreneurial characteristics exhibited by project managers in
successful projects
Sello Masongwa 29 July 2016
Project Management SA –Western Cape
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
2
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
7
Comparative study: The use different forms of contract ( FIDIC , NEC, JBCC) among project management professionals in South Africa
@ Trends, popularity
@ Ease of use: Language, Jargon, Legalities & Cross referencing
@ Approach to Payments, Compensation events, Dispute resolution & Ethics
@ Are PMs decision makers regarding choice of contract to be used? 8
Do project management professionals take up entrepreneurship?
• Is there a trend of project managers taking up entrepreneurship?
• Is it a logical progression? Similarities between skills,
competencies, personalities?
• Reasons for the trend (Barriers, Opportunities)
• Are project professionals good business people
• Are good business people good project managers
• Propose Interventions? Framework? 9
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
12
Comprehensive
Conversational
Decisions Justified
Critical
Features of a good literature review
Breath
Depth
Focused
Sequential
Educational
Theoretical
Universe Research Focus
Accepted / Rejected
Detailed vs superficial
Evaluate claims (S/W)
Methodology (NB issues)
Assumptions (Prove)
OUTCOMES
Scholarly credibility Empowering / Cautious Methodological innovation Ethical 1 2 3 4
Literature Review: principles
13
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
14
Literature Review Insights: Project Manager
• thrive in a practice fraught with uncertainty and chaos
• highly sought after by organisations to implement projects with
ever increasing complexity
• perform many roles in varying capacities at different stages of the
project
• ultra-competitive environments of today require strategically-
orientated project managers to implement business strategy
• required to multi-task and to implement multiple projects at the
same time 15
Literature Review Insights: Project Manager
• “… the project manager should be the trouble-shooter and expeditor, consolidator of project achievements, flexible orchestrator, networker, ambassador, entrepreneur, and knowledge manager according to the different types of uncertainty (e.g. variation, foreseen uncertainty, unforeseen uncertainty, and chaos)
• the above illustrates that project managers are not the same as managers
16
Literature Review: What drives their success?
• innate personality traits, skills and competencies
• Conscientiousness!
• Behavioural attributes: e.g. effective communication
• Influence:
– not conferred with much of the coercive powers
– matrix structures
17
• Project success can be reliably assessed by the
four dimensions
Meeting planning goals (project efficiency)
Customer benefits (success from the customer’s point
of view)
Benefits to the parent organization
Benefit to the community and national infrastructure
Literature Review Insights: Project Success
18
Literature Review Insights: What’s the problem?
• Projects still fail in large numbers
• Project Management Profession’s
understanding of factors that drive success
remains largely incomplete
19
Literature Review Insights: Where to look?
• Personality…
• Entrepreneurship ?
• Argument for inter discipline knowledge sharing
20
Literature Review Insights: Entrepreneur
• is a potent trait
• individuals with entrepreneurial skills are highly sought after
• managers are prepared to pay a premium to retain an
entrepreneurial employee
• agile and resourceful in a “field characterised by dynamism,
ambiguity, discontinuity, uniqueness and innovation”
• harness risk perceived by others
21
• the operational responsibilities of a project manager – planning and control – are in stark contrast to the characteristics of an entrepreneur, which are to be creative and innovative to come up with new solutions
• literature propels entrepreneurship as the highly sought after capability, but not featured as one of the important and significant disciplines allied to project management
Literature Review Insights: Paradoxes
22
• behavioural, temperamental, emotional and mental attributes
• include trait theories, psychodynamic theories, behaviourist theories, humanistic theories and cognitive and social-cognitive theories
• trait theory is the most popular
• trait is focus for this study
Literature Review Insights: Personality
23
• born with personal characteristics
• prime and determine behaviour
• can be assessed for compatibility to a role e.g.
entrepreneurship
Meyers-Briggs Type Indicator( MBTI)
Five Factor Model (Big Five)
Type A & Type B personality traits etc.
Literature Review Insights: Trait Theory
24
• Personality can be explained by the five broad taxonomy of traits which categorise more specific traits
• Strong empirical support • Factors:
• Conscientiousness • Extraversion • Open to Experience • Agreeableness • Neuroticism
Literature Review Insights: Big Five
25
• successful project managers score higher on Conscientiousness and Open to experience
• new studies focus on matching personality to project type
Literature Review: Trait Theory in PM
26
• Scholars have reconciled the “traditional” entrepreneurial traits to the Big-five:
- Need for Achievement » Conscientiousness
- Tolerance for Risk » Openness to Experience
- Locus of Control » Neuroticism
• Choice Dilemma Questionnaire (CDQ) – Risk
Literature Review: Trait Theory in Entrepreneurship
27
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
28
Hypothesis Statements: Build-up
• A project is no ordinary management task:
it is a once-off, unique endeavour limited time and other resources Heterogeneous stakeholder interests
• For successful execution:
specialised skills and competencies tools and techniques
• Project manager is at the heart of the project
• Project success largely depends on their direction
29
• Trait theory: specific traits predict performance
• Entrepreneurial mind-set is an important attribute for
project managers
• Three characteristics in particular are deemed to be
the hallmarks of entrepreneur’s persona: risk-taking
need for achievement
locus of control
30
Hypothesis Statements: Build-up
Project Success is significantly correlated with entrepreneurial traits of risk-taking, need for achievement and locus of control
Null hypothesis: Project success is not significantly correlated with entrepreneurial traits of risk-taking, need for achievement and locus of control
Hypothesis
31
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
32
Methodology
• Study of research methods
• Paradigms:
– Positivism
– Postpositivism
– Critical Theory (Interpretivist and Constructivism)
• Research design
• Scientific method: based on empirical data
33
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
34
Data collection: Instruments
• Instrument reliability – Repeatability : Test retest
– Internal consistency (α)
• Instrument validity – Construct validity : Expert interviews
• Instruments used in this study are recommended in literature
35
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
36
Dependent Variable: Project Success
Success dimension Measures (α)
1. Project efficiency Meeting time goals 0.811
Meeting budget goals
2. Impact on the customer Meeting operational specifications
0.671
Meeting technical specifications
Fulfilling Customer needs
Solving major operational problem
Actually used by the customer
Solving a customer's problem
Customer satisfaction
3. Business success Level of commercial success 0.572
Generated a large market share
4. Future potential Opened new market 0.745
Opened new line of products
Developing a new technology 37
Independent Variable: Risk Taking
Item Risk-taking: Coaching Skills Scale (Accept Ambiguity) (α =73)
1 I view differences in opinion as constructive
2 I encourage team members to take risks when deciding on project matters
3 When I seeks solutions to problems I tend to try new solutions
4 I find disagreements in the workplace exhilarating
5 I willingly accepts projects with a high likelihood of having problems
38
Item Risk-Taking: Organisational Risk-taking Instrument (α =61)
1 I put my reputation at risk to help the project
2 I report when I made a mistake that I could easily hide
3 I value taking a chance on ideas new products, services, or procedures
Independent Variable: CDQ
You are being offered a position at a newly established company
with a challenge and better rewards than your current stable
employer. The offer is attractive, but it involves risk, because it does
not guarantee job security. In which case will you accept the offer?
If the probability of success is:
Accept 30 % 50 % 70 % Do not Accept
39
Independent Variable: LoC
1 A job is what you make of it 9 Promotions are usually a matter of good fortune
2 On most jobs, people can pretty much
accomplish whatever they set out to
accomplish.
10 When it comes to landing a really good job,
WHO you know is more important than WHAT
you know
3 If you know what you want out of a job, you
can find a job that gives it to you 11
Promotions are given to employees who
perform well on the job.
4 If employees are unhappy with a decision
made by their boss, they should do
something about it
12 To make a lot of money you have to know the
right people
5 Getting the job you want is mostly a matter
of luck 13
It takes a lot of luck to be an outstanding
employee on most jobs.
6 Making money is primarily a matter of good
fortune 14
People who perform their jobs well generally
get rewarded for it.
7 Most people are capable of doing their jobs
well if they make the effort 15
Most employees have more influence on their
supervisors than they think they do
8 In order to get a really good job you need to
have family members or friends in high
places
16 The main difference between people who make
a lot of money and people who make a little
money is luck
40
Presentation Agenda
• Preliminaries: Objectives • Topics considered • Literature review : principles • Literature Review: insights • Hypothesis statements : build-up • Hypotheses • Methods • Instrument: Reliability & Validity • Variables • Results and analysis • Conclusion • Reflection (Q & A)
41
Data analysis: Statistical Tests
• Test for normality – Kolmogorov-Smirnov & Shapiro-Wilk significance test
• Scale reliability – Cronbach's coefficient alpha (0.7)
• Principal Component Analysis – First principles grouping of items
• Factor analysis (item reduction) – Kaiser-Meyer-Olkin (KMO) Measure of Sampling Adequacy and
Bartlett’s Test of Sphericity
42
Project Success vs Risk Taking
• Risk taking data failed on preliminaries…
– Cronbach Coefficient Alpha (0.44 vs 0.7)
– Kaiser-Meyer-Olkin (KMO) Measure of Sampling Adequacy and
Bartlett’s Test of Sphericity (0.5 vs 0.6)
• Not further assessment possible
• No correlation can be established
• Hypothesis is not proved
• Null hypothesis accepted 43
Spearman Rank Order Correlations. Marked correlations are significant at (p < 0.05)
I try to
perform my
best at work
I am a hard
worker
It is important to
me to do the best
job possible
I push myself to be
"all that I can be"
I try hard to improve
on my past
performance at work
Project efficiency met schedule (time) 0.211431 0.301730 0.013946 0.167717 0.126904
met Budget (cost) 0.129490 0.329196 0.115895 0.074423 0.206046
Impact on the customer
met functional
performance 0.374195 0.438830 0.305674 0.285182 0.233051
met technical
specifications 0.329043 0.467138 0.264466 0.342674 0.233557
met customer needs 0.242604 0.312624 0.222762 0.288287 0.137254
solved customer's
problem 0.234291 0.286008 0.193403 0.225512 0.169679
the customer is using the
product 0.294353 0.350517 0.383877 0.308513 0.115362
Customer is satisfied 0.268614 0.328277 0.293678 0.225748 0.081356
Business success
is a commercial success 0.272903 0.325402 0.197403 0.203759 0.101915
created a larger market
share 0.186339 0.110661 0.173814 0.113087 -0.014230
Preparing for the future
created a new market -0.030681 0.030888 -0.013304 -0.067657 0.088730
created a new product
line 0.025611 -0.014456 -0.026998 -0.055424 -0.024124
developed new
technology 0.073828 -0.050191 0.028445 0.026940 -0.051166
Overall met my overall success
criteria 0.286731 0.403843 0.257017 0.308045 0.139330
Project Success vs Need for Achievement
• Significant correlation established
• Hypothesis is accepted
• Null hypothesis rejected
Project Success vs Need for Achievement
45
Spearman Rank Order Correlations. Marked correlations are significant at (p <0.05)
PS1 PS2 PS3 PS4 PS5 PS6 PS7 PS8 PS9 PS10 PS11 PS12 PS13 PS14
LoC 1 0.038 -0.139 -0.063 -0.047 0.091 -0.002 0.020 0.079 -0.097 -0.118 -0.028 -0.032 -0.062 -0.006
LoC 2 0.127 0.038 -0.163 -0.123 -0.223 -0.149 -0.029 -0.108 0.032 -0.163 -0.079 -0.090 -0.170 -0.054
LoC 3 -0.075 0.030 0.150 -0.034 0.023 0.054 0.185 0.019 0.028 -0.010 0.035 -0.002 -0.067 0.030
LoC 4 -0.017 -0.183 0.032 -0.037 0.032 -0.032 0.123 0.046 -0.057 -0.014 -0.054 -0.163 -0.061 0.006
LoC 5 0.120 0.096 -0.061 -0.048 -0.026 -0.002 -0.144 -0.081 -0.133 -0.078 0.001 0.022 -0.020 0.078
LoC 6 0.160 0.149 -0.037 -0.065 0.028 -0.034 0.030 -0.030 0.145 0.016 0.000 0.030 -0.055 0.051
LoC 7 -0.107 -0.123 0.000 -0.136 -0.106 -0.041 0.126 0.034 0.086 -0.076 -0.044 0.139 0.081 0.009
LoC 8 0.034 -0.071 -0.029 -0.027 0.037 -0.049 0.024 -0.084 -0.032 0.029 0.072 0.120 -0.071 -0.059
LoC 9 -0.040 0.068 -0.072 -0.076 -0.050 -0.082 -0.005 -0.141 0.031 0.025 0.027 -0.094 -0.060 -0.017
LoC 10 0.067 0.013 -0.048 0.002 0.047 -0.028 0.137 -0.084 -0.141 0.057 0.027 0.081 -0.052 -0.019
LoC 11 -0.007 0.015 -0.050 -0.187 -0.150 -0.183 -0.033 -0.096 -0.054 -0.173 -0.008 0.066 -0.002 -0.065
LoC 12 0.010 0.110 -0.138 -0.051 -0.111 -0.172 -0.045 -0.117 -0.006 0.095 0.097 0.190 -0.105 -0.013
LoC 13 -0.011 -0.009 -0.169 -0.134 -0.116 -0.077 -0.156 -0.208 -0.127 -0.036 0.048 -0.081 -0.083 -0.100
LoC 14 -0.138 -0.159 -0.193 -0.312 -0.284 -0.162 -0.182 -0.257 -0.295 -0.240 -0.043 -0.035 0.032 -0.140
LoC 15 0.048 0.185 0.090 0.042 0.035 0.064 0.002 0.083 0.014 0.048 0.019 -0.110 -0.082 0.193
LoC 16 0.006 0.039 0.050 0.027 0.077 -0.007 -0.078 -0.094 -0.055 -0.054 0.080 -0.044 -0.102 0.093
Legend: PS = Project Success Variable; LoC = Locus of Control Variable
Project Success vs Locus of Control
46
• No significant correlation
• Hypothesis is rejected
• Null hypothesis accepted
Project Success vs LoC
47
Conclusion
• Project success correlated significantly with need for achievement construct
• No significant correlation: Risk taking and Locus of control
• Project success is not significantly correlated to the entrepreneurial suite of traits: risk taking, need for achievement and Locus of control
• Need for Achievement / Conscientiousness drive success
Include in project manager selection criteria
48