If you want to embark on the entrepreneurial journey which is, no doubt, difficult; it is wise to look within and be more aware of your own personality, so that you can channel your strengths and overcome your weaknesses.
The researchers were intrigued and examined the personality traits of entrepreneurs using the Big 5 personality approach – which is considered the most scientific and modern. The research also revealed that genetic factors explain some of the variations in the decision to become an entrepreneur. People with different variants of certain genes have different chances of developing certain personality traits. These genetically influenced personality traits, in turn, influence a person’s likelihood of becoming an entrepreneur.
Let’s take a look at some of these traits and implications
First, to start a new business, you need to be very open-minded. Openness is a measure of creativity, imagination, intellectual curiosity, and preference for novelty. Ask author and inspirational speaker Simon Sinek, who believes that at their core, business owners are problem solvers. If you tend to be overly cautious and prefer routine and stability, you probably don’t have the risk appetite needed to handle the very turbulent environment that start-ups present.
While it’s good to have unique ideas, entrepreneurship requires action, not just dreaming. A high degree of awareness is important for long-term success. Successful founders must have a dynamic mindset and be action-oriented. Lack of self-efficacy or the ability to manage your to-do list can cause you to abandon projects as their enthusiasm fades or becomes entangled in chaos. Whatever you call it – perseverance or willpower – successful business people keep going despite challenges and setbacks.
Entrepreneurs are very diverse, and as a result, personality research on them has mixed opinions on agreeableness. Most research suggests that entrepreneurs are generally unagreeable, while other research suggests that agreeableness has a positive correlation with entrepreneurship. Being an innovator means you take a step that no one else does. For this reason, many people would advise against doing what you want to accomplish. While it’s crucial to stick to your own beliefs and ideas, it will be equally important to take people on a collaborative journey.
You need to be persuasive, a passionate salesperson at heart to be able to consistently convince and sell your big idea to people – without any outside pressure. Having high extroversion will make it easier for you to market your concepts to a wide audience and build relationships with your customers, partners, and other stakeholders.
It goes without saying that there is a high degree of uncertainty which, for more anxious people, can naturally lead to high levels of stress. Low neuroticism or emotional stability will be extremely useful in overcoming stressful situations and depressions that a company can bring.
To be an entrepreneur, you need the optimism gene. A combination of extroversion and weak neuroticism. Are you a confident, hopeful person who believes bad times will pass and good things will happen? Do you see an opportunity in every difficulty?
And finally, the most important consideration before jumping into starting a business is your passion. If you’re not passionate about your idea and vision, how are you going to sell it to your investor or clients? And passion isn’t just one trait – it’s the driver of many traits like creativity, flexibility, and salesmanship.
(The author is founder and CEO, GENLEAP)