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Analysis Study Research Paper | Business Studies | United States of America | Volume 13 Issue 3, March 2024 | Rating: 5 / 10

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Developing and Validating the Business Owner Preparedness Scale (BOP): A Tool for Enhancing Entrepreneurial Success

Jeffrey L. Hastings

Abstract: Entrepreneurship is crucial for economic growth, particularly in countries where poverty and unemployment are significant issues. Despite its significance, new business failure rates remain high, with environmental and psychological factors playing pivotal roles in determining success. In this study, data from a 14-year longitudinal study was collected, with the initial phase involving a 25-item self-report questionnaire and subsequent phases introducing a 12-item Business Owners Preparedness Scale. Through surveying independent contractors, we establish a significant causal relationship between partner support, business coaching, and overall performance. This paper details the tool's development, validation, and application, emphasizing its potential to guide selection decisions when recruiting for entrepreneurial opportunities such as franchising and business ownership.

Keywords: entrepreneurship, franchise, small business, self-employment, insurance, assessment

Edition: Volume 13 Issue 3, March 2024

Pages: 1137 - 1149