Understanding individual entrepreneurial orientation
Current research on entrepreneurial orientation is mostly from a firm-level perspective, focuses on developed countries, and recent studies treat entrepreneurial orientation as a uni-dimensional construct. Studies on entrepreneurial orientation from a generational perspective mostly use a comparison between two groups (young and old) and neglect the well-accepted classification of generational cohorts. This study therefore examines the individual dimensions of entrepreneurial orientation (risk-taking, innovativeness and proactivity) among the Baby Boomers, Generations X, Y, and Z in Bosnia and Herzegovina. Data were collected through a cross-sectional survey that yielded a sample of 1,082 adults from Bosnia and Herzegovina. One-way analysis of variance with Brown-Forsythe, Welch’s F, and least significant post-hoc tests were used to test the hypotheses. The results show some evidence that individual entrepreneurial orientation varies significantly between generations, at different levels of significance. Risk-taking generally decreases with older generations, as does innovativeness, except when comparing Generations X and Y, while proactiveness increases with older generations. The study provides valuable information for future entrepreneurs, business incubators and potential investors.