Small businesses are considered a fundamental part of the American people, society, and economy (Lowrey, 2005). They provide services throughout the economy and act as suppliers, services, and distributors to large businesses (Bovee, Thill, & Mescon, 2007). These businesses often act as a source of innovation and thus their new ideas and creations drive an increased amount of revenue in the economy, and fill voids in products and services (Bovee, et al, 2007). In addition to being a source of innovation, small business owners serve as a source of employment for many. Over the last decade, small business owners have created over 60% new jobs annually (Cardin, 2007; U.S. Small Business Administration [SBA], 2009). For these reasons, small businesses play a vital role in the U.S. economic system and help reduce unemployment (van Praag, 2003). Unfortunately, more than half of all businesses fail within their first 5 years (U.S. Small Business Administration, 2009). Their failure could cause hardship to many. Most research regarding small business failures has been in the area of funding, yet little empirical research has been conducted regarding personality characteristics and success rates. For this reason, more research needs to be conducted in this area on success and failure factors for small business owners. This study investigated the relationship between self-efficacy and burnout on the success of 118 small business owners in New York. The self-efficacy construct was measured by the General Self-Efficacy Scale (Schwarzer & Jerusalem, 1995) and burnout was measured by the Maslach Burnout Inventory (Maslach & Jackson, 1986). Data was collected via a random sample from MarketTools Inc.’s panel of small business owner members in New York. Descriptive statistics and correlation analysis was conducted to analyze the data. The study results highlighted that this small business owners’ population did possess a high level of self-efficacy and lower levels of burnout. Although the results indicated that there was not a significant correlation between self-efficacy, burnout, and the success of small business owners, results did reveal a large difference in mean burnout and self-efficacy scores between 1styear business owners and those with more years in business.
|Subjects||Business administration; Management|
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