Perceived Challenges and the Role of Dispositional Factors in Achieving Professional Development among Successful Entrepreneurs

Abstract

Aim of the Study: The purpose of this study is to identify the key personality traits and competencies that enable entrepreneurs to succeed despite the numerous challenges they encounter. In the context of Pakistan, where entrepreneurship is still developing, the country faces ongoing economic difficulties, which simultaneously heighten the need for increased productivity. Entrepreneurs are crucial to Pakistan's overall economic growth in such circumstances.

Methodology: This qualitative study utilized a phenomenological exploratory approach to investigate the professional development of successful Pakistani entrepreneurs. Using a purposive sampling technique, 25 successful entrepreneurs (18 men and 7 women, aged 40 to 60) from Islamabad, Lahore, Rawalpindi, and Karachi were selected. Semi-structured interviews were conducted to explore their experiences. The collected data was transcribed following Kuckartz's (2014) simple transcription method and focused only on relevant factors and characteristics. Thematic analysis was then manually performed to identify descriptive, organizing, and global themes, following Clarke et al.'s (2015) framework. Three major themes emerged from the data analysis: Perceived Challenges, Personality Characteristics, and Competencies.

Findings: These findings offer valuable insights for youth, aspiring entrepreneurs, startups, and educational institutions, highlighting the essential traits and skills needed for professional development.

Conclusion: The study suggests designing new educational programs to foster entrepreneurial qualities and professional growth among the youth, contributing to the country's economic progress. The study acknowledges its limitations and proposes directions for future research. Overall, the findings align with existing literature and make indigenous contributions to the field of entrepreneurial psychology.