McClelland further described the profile of an entrepreneur as someone high in nAch (Achievement) and low in nP (Power), while good managers have high nPower and low nAch.
Over four decades of research into the characteristics of entrepreneurs has established that the essential need for achievement for entrepreneurship is learned at an early age. Persons with a high ‘need achievement’ have a general predisposition towards entrepreneurial activity.
McClelland identified 2 characteristics of Entrepreneurship.
1. Doing things in a new and better way
2. Decision making under uncertainty
Achievement orientation is defined as tendency to strive for success in situation involving an evaluation of one’s performance in relation to some standards of excellence.
Need for achievement is needed for successful entrepreneurs.
People with high achievement are not motivated by money alone. Money is just a measure of success for them. Highly successful entrepreneurs have high need for achievement. They do things that make them stand out and what to achieve things not done before.
They strive hard to achieve. Take failures as learning experience and bounce back