Investigating the relationship between entrepreneurial orientation and the success of corporate entrepreneurs in the long term insurance industry

Abstract

In this thesis, Corporate Entrepreneurship in the Long Term Insurance Industry, the focus of the researcher was to determine if there is a significant difference between successful and less successful corporate entrepreneurs with regards to five dimensions of entrepreneurial orientation. The long term insurance industry has a turnover of corporate entrepreneurs (Financial Advisers) estimated very conservatively at around 35-40% (Shah & Bharti, 2014, p. 275). The attrition rate is a huge cost and added to this conundrum is impending legislation which is expected to change the way business is currently conducted in a significant manner. Insight into the difference between successful and less successful Corporate Entrepreneurs when assessed against the six dimensions (competitive aggressiveness, innovation, risk taking propensity, autonomy and pro-activeness, and independence) will provide valuable knowledge into tweaking the recruitment and selection for new Corporate Entrepreneurs. The research is also intended to provide clues for greater retention of new financial advisers. A systematic literature review was conducted to provide the foundation for the constructs explored and the survey was conducted assessing the six dimensions of EO, using descriptive statistics, EFA, ANOVA, and MANOVA. A key finding advanced from the data collected related to the question of being comfortable in working only for a commission. A significant percentage of the respondents in both groups indicated their dissatisfaction with this factor. Given the current economic climate and the growing rate of unemployment, discovering creative ways to reduce attrition will reduce the high costs of turnover, create a positive impact on employees and hopefully assist companies to grow their bottom line.