Psychological Capital Accounting for the Success of African American Female Entrepreneurs

What Really Matters

In my research, I explored the impact of Psychological Capital (PsyCap)—specifically hope, self-efficacy, and optimism—on entrepreneurial success among African American female entrepreneurs. Originally, I planned to examine all four PsyCap traits, including resilience. However, the resilience measure from the PsyCap Questionnaire didn’t meet reliability standards, so I focused on the remaining three.

Here’s what I found:

Hope: The Dreamer’s Tool

Hope is often seen as the secret ingredient to success, the driving force behind ambitious goals and aspirations. Yet, in this study, hope didn’t significantly predict entrepreneurial success. It explained only about 2.7% of the variance in success. While hope is vital for setting a vision and staying motivated, it needs to be paired with strategic actions and other traits to truly drive outcomes.

Self-Efficacy: Confidence in Action

Self-efficacy reflects a person’s belief in their ability to achieve goals and overcome challenges—critical for any entrepreneur’s toolkit. However, in this sample, self-efficacy didn’t significantly predict entrepreneurial success either, accounting for only 4.9% of the variance. Confidence, while important, may need to be reinforced by resilience, adaptability, and a supportive network to make a tangible impact.

Optimism: The Standout Factor

Among the PsyCap traits, optimism emerged as the most significant predictor of entrepreneurial success, explaining approximately 5.3% of the variance. Optimism goes beyond positivity; it’s about maintaining a forward-looking perspective, even in the face of challenges. It fuels the ability to navigate setbacks, embrace opportunities, and persist toward goals.

The Bigger Picture: A Collective Impact

Although individually modest, hope, self-efficacy, and optimism together accounted for nearly 40% of the variance (39.9%) in entrepreneurial success. This demonstrates the power of Psychological Capital as a collective force—one that highlights the importance of a strong, balanced mindset in driving business outcomes.

Why This Matters

Unlike much of the existing research, which has largely focused on Caucasian male entrepreneurs, this study centers on African American female entrepreneurs—a group whose strengths, challenges, and successes are often overlooked. The findings emphasize the value of Psychological Capital as a key driver of entrepreneurial success in this context.

Notably, optimism stood out as an essential trait. This suggests that programs, coaching, and interventions aimed at enhancing Psychological Capital—particularly by fostering optimism—could have a meaningful impact on business success for African American women entrepreneurs.

The takeaways are clear: success isn’t just about external resources or market conditions. It’s also deeply tied to how entrepreneurs think, feel, and respond to challenges. While hope and self-efficacy play supportive roles, optimism is the trait that consistently fuels resilience, creativity, and progress.

For African American female entrepreneurs, this study serves as both validation and inspiration. Your mindset matters, and investing in Psychological Capital—especially by cultivating optimism—can help you overcome barriers, unlock growth, and build the thriving business you envision.

If you would like to read my dissertation in full you can download it below. 

Be Brilliant and Shine Bright,  

LaNée Javet, Ph.D.

Doctorate of Philosophy in General Psychology with an emphasis in Performance Psychology.

Magna Cum Laude Graduate from Grand Canyon University, May 6, 2023.

DOWNLOAD DISSERTATION