Personality Characteristics Hampering the New Economic Models
Keywords:entrepreneurs, risk-taking propensity, tolerance for ambiguity, internal locus of control, innovativeness, independence
Malaysia is under economic reform shifting Â from New Economic Policy to New Economic Model.Â Unlike the previous model, The New Economic Model implicitly will lead the Malays to market based-economy. Conditioned this way, all ethnics forming 1 Malaysia will compete. Drawing on cultural approach, characteristics of South East Asian Malays (hereafter referred to as Bumiputera) are identified which may account for selected personality characteristics being significant predictors of entrepreneurial spirit. Although numerous personality characteristics have been associated with entrepreneurs, this study is limited to; risk-taking propensity, tolerance for ambiguity, internal locus of control, innovativeness, and independence. Generally, these characteristics are not prevalent in Malaysian Bumiputeraâ€™s culture. Lack of these characteristics may hamper the effectiveness of the rhetoric of entrepreneurship Â as expressed in the language of New Economic Model.
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