Abstract

Extending the growing literature on the role of grit in different life domains, this research explores the relationship between grit and involvement in entrepreneurship. The research highlights the role of personal income and satisfaction with one’s current financial situation as moderators of the relationship between grit and entrepreneurial behavior. Using a large representative sample of Spanish young adults and controlling for a number of potential confounding variables, we find that grit is modestly negatively related to the probability of involvement in entrepreneurship. As predicted, however, this relationship is qualified by both income and satisfaction with current financial situation, though in opposite directions and more weakly for satisfaction with financial status. Gritty individuals with higher levels of income are more prone to become entrepreneurs than gritty individuals with lower levels of income. Gritty individuals with lower levels of satisfaction with their financial situation are more likely to set up a business or become self-employed.