Adaptation of the Business Concept as a Factor in Entrepreneurship: The Case of Historically Disadvantaged South African Entrepreneurs

Abstract

This paper explores the concept of adaptation, and examines whether traits commonly associated with the entrepreneurial personality are associated successful adaptation of one’s original business concept. Results are reported of a survey of historically disadvantaged South African entrepreneurs. The findings suggest that tolerance of ambiguity and an internal locus of control (positively) and risk taking (negatively) are associated with adaptation of the business concept.