Probably millions of people across the world dream of starting their own business, a fraction of them may gather the courage and resources to pursue their ambitions, and still, even a smaller fraction of those may persevere through the challenges and inevitable disappointments, entrepreneurial process may present. FInally, a very small number of entrepreneurs succeed in achieving their objectives. What determines the difference in behaviours and attitudes of these individuals? Why some never seek available opportunities, while other dig out hidden potential in coal and convert it to gold? Why would some entrepreneurs give up half way in between; while others would overcome every obstacle, they may find in the way of achieving success. In addition to personality, which remains the largest area of psychological research in social entrepreneurship; recent research has also cited the significance of a personality attribute, matched to the specific tasks, each stage of an entrepreneurship might require, as a significant predictor of performance. In the current paper, we argue that just the trait approach to understanding underpinning personality dimensions to entrepreneurship is not sufficient. An understanding of the dynamic psychological functions and attitudes, as delineated by Jung will facilitate understanding of the strengths and weaknesses a potential entrepreneur may exhibit in any given situation.