Big Five Personality Traits
Research in personality has indentified five personality dimensions. The first one is extraversion. This is the ability to have a wide social presence. People with this trait are sociable, assertive and talkative. The second trait is agreeableness. This refers to pro-social behaviour. A person with this trait is kind, affectionate and has a high sense of integrity.
Thirdly, there is conscientiousness. Persons with this trait are quite thoughtful when making decisions. The fourth trait is openness. A person with this trait is quite adventurous and loves taking risks. Lastly, we have neuroticism. Persons with this trait experience bouts of emotional instability.
Gavin McMillan does not have all these traits. Practically, it is impossible to have all of them at the same time. However, he largely demonstrates neuroticism. Despite the fact that he makes losses, he continues to attach himself with his goal emotionally. He lacks conscientiousness because his decision-making is a little off. However, he is open to suggestions. The latter is the most important because it allows him to succeed as an entrepreneur. It also complements other traits or lack of them.
Extrinsic and Intrinsic Motivation
Extrinsic motivation derives from external pressure. This pressure comes off as coercion or a promise. On the other hand, intrinsic motivation derives from ownership and enjoyment of a task. People with this motivation do not need promises or coercions to perform their tasks. From the case, I think Gavin is intrinsically motivated. He tries and fails many times but continues to push for ownership of a Flair Bartending Franchise. Owning a franchise is also his initiative.
Goal Setting
Gavin wants to own a yacht with a helicopter on it. This may seem a farfetched goal but Gavin has the ability to achieve it. From Vroom’s Expectancy Theory, operant conditioning is the factor at play to motivate a person. This means that setting a goal and working towards it motivates a person.
The reward he will get upon accomplishment of the goal motivates Gavin. In this case, it is a yacht. Secondly, goal setting acts as a point of reference. Gavin will keep on referring to what he wants to achieve. Perhaps he will design a format with stages to follow in achieving this. Every stage acts as a motivating factor to go to the next one.
Recommendations on Goal Setting
From the case above, it is explicit that Gavin has a huge problem when it comes to setting realizable goals. Initially, he would make losses and continue investing in a project that was clearly failing. He would pursue too many projects at the same time. This was the Achilles Heel in his ambition.
Therefore, it would be more reasonable if Gavin hires a Project Manager. This person will look into the various projects at hand and carry out an analysis of the most viable ones. This will drastically reduce the costs associated with botched projects. It will also save time.
Gavin’s goals are also long-term in nature. He leaves no space for short-term goals, which motivate a person. For example, he does not state what he wants to do before owning a franchise. Additionally he does not set a short-term goal, which will lead him to own a yacht. Therefore, he should embrace short-term goals as motivating factor to achieve the long-term ones.