Narcissism Prevails? The Impact of Personality Traits on Financial Resource Acquisition in UK SMES
Bailey, Careen (2026) Narcissism Prevails? The Impact of Personality Traits on Financial Resource Acquisition in UK SMES. Doctoral thesis, Birmingham City University.
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Abstract
SMEs and entrepreneurs significantly impact the UK economy by contributing to GDP, productivity, and employment. Despite extensive research, there is limited focus on how the entrepreneur's personality influences entrepreneurial finance. This study explores this gap by examining the big five personality traits (openness, conscientiousness, extraversion, agreeableness, neuroticism) and narcissism. The research also examines whether there was any association between narcissism and preferences for internal or external funding, whether openness to experience and extraversion moderated preference for external funding and finally examines whether narcissism influences successfully obtaining external funding at the first attempt. Narcissism Personality Theory in the literature refers to an individual who is grandiose, arrogant, and haughty, considers themselves superior or better than others, and expects special treatment.
The research employs a quantitative approach by collecting primary data from 250 UK SME entrepreneurs using a questionnaire. The findings support the theoretical framework within theories on personality that examines relationship between narcissism theory and the Big Five theory. There is a significant association between narcissism and openness to experience, extraversion and agreeableness; some literature states that narcissistic entrepreneurs are not very agreeable. There is no significant association between narcissism, conscientiousness and neuroticism. There is a statistically significant relationship between narcissistic entrepreneurs preferring external to internal funding. Openness to experience, and extraversion are statistically insignificant with preference for external to internal funding. Though openness to experience and extraversion magnifies the relationship a stronger association for the preference for external funding. This relationship becomes statistically insignificant when openness and extraversion with the influence of narcissism and preference for external and internal funding. Given that narcissistic entrepreneurs’ self-perceptions are considered self-absorbed and egoistic, there was no surprise that they may prefer external funding. Therefore, it was important to examine entrepreneurs who were successful at receiving external funding in the first attempt to separate their perception from reality. The empirical results for those entrepreneurs who were aware of the success in funding at the first attempt were insignificant. Despite their self-perception as risk-takers and self-absorbed individuals, narcissistic entrepreneurs do not show a significant success rate in obtaining external funding on the first attempt. In conclusion, while narcissistic entrepreneurs prefer external funding due to their personality traits, their success in securing such funding is insignificant.
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