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The economic psychology of creating and venturing: a comparative behavioural portrait of artists and entrepreneurs

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  • Pia Arenius

    (RMIT University)

  • Swee-Hoon Chuah

    (Tasmanian School of Business and Economics, University of Tasmania)

  • Bronwyn Coate

    (RMIT University
    RMIT University)

  • Robert Hoffmann

    (RMIT University)

Abstract

There are anecdotal parallels between the productive activities, labour market conditions and policy importance of professional artists and entrepreneurs that suggest human capital similarities between them. We examine the psychological and behavioural characteristics associated with the pursuits of artistry and entrepreneurship. We conducted a laboratory study with 216 artists, entrepreneurs and professional workers performing a series of psychometric tasks to enable their direct comparison. We find both artists and entrepreneurs exhibit higher risk tolerance, openness to experience and intrinsic motivation compared to the control group of professional workers. Artists score higher in creativity and emotionality compared to entrepreneurs, and entrepreneurs in self-efficacy and extraversion compared to artists.

Suggested Citation

  • Pia Arenius & Swee-Hoon Chuah & Bronwyn Coate & Robert Hoffmann, 2021. "The economic psychology of creating and venturing: a comparative behavioural portrait of artists and entrepreneurs," Small Business Economics, Springer, vol. 57(2), pages 721-737, August.
    • Handle: RePEc:kap:sbusec:v:57:y:2021:i:2:d:10.1007_s11187-020-00420-1
    DOI: 10.1007/s11187-020-00420-1
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    References listed on IDEAS

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    1. Hayk Amirkhanyan & Michał Krawczyk & Maciej Wilamowski, 2022. "Is running a marathon like running a business? Identifying occupational differences in overconfidence using long-distance running data," Working Papers 2022-03, Faculty of Economic Sciences, University of Warsaw.
    2. Wentao Yu & Xiaolan Tan, 2022. "The creative class in China: Heterogeneity and its regional determinants," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3466-3478, December.

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