KIMMO HYRSKY AND MIKA TUUNANEN
Innovativeness and Risk-taking Propensity: A Cross-Cultural Study of Finnish and U.S. Entrepreneurs and Small Business Owners
The present study centers on innovativeness and risk-taking. These two personality traits are among the most distinctive entrepreneurial characteristics. They provide a good starting point for a comparison
of entrepreneurial behaviour between Finnish and U.S. entrepreneurs and small business owners. The Carland Entrepreneurship Index (CEI) was employed to measure the varying degrees of innovativeness
and risk-taking displayed by Finnish and U.S. entrepreneurs and small business owners. The Americans (N=456) had greater risk-taking propensity than the Finns (N=434) who tended to be more conservative and risk-averse. Americans also exhibited slightly higher levels of innovation. Regarding gender, in the combined Finnish and U.S. sample, females had higher levels of innovation preference than the males. Meanwhile, male respondents scored significantly higher on risk-taking. In both countries respondents with detailed business plans had much higher risk-taking propensity and preference
for innovation than those with no detailed plans. Finally, profit and growth oriented informants in both countries scored higher on both scales compared to those oriented to earning family income.