When it comes to the stories of entrepreneurs, often we only hear about the big wins. What we don’t see are the downturns, the losses, the belly-up ventures. The fact is, being a young entrepreneur is tough. It’s not for the faint of heart. And as much as we might be tempted to free ourselves of the monotony of our 9 to 5 jobs, there are many things to consider.
Like, for instance, the statistics of start-up success. A Harvard Business School study showed that 75 percent of venture-backed start-ups fail. Similar findings from Statistic Brain indicated that on an industry-to-industry level, roughly 25-30% fail in the first year and 70% fail by Year 10.
The perennial question emerges: What’s the reason for failure? There are the usual reasons like raising too much money too soon, or poor product/market fit, or being out competed. Then there’s the favorable statistic showing that serial entrepreneurs are more likely to succeed in future businesses.
Like, for instance, the statistics of start-up success. A Harvard Business School study showed that 75 percent of venture-backed start-ups fail. Similar findings from Statistic Brain indicated that on an industry-to-industry level, roughly 25-30% fail in the first year and 70% fail by Year 10.
The perennial question emerges: What’s the reason for failure? There are the usual reasons like raising too much money too soon, or poor product/market fit, or being out competed. Then there’s the favorable statistic showing that serial entrepreneurs are more likely to succeed in future businesses.
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| Sam Solakyan |
But perhaps these “hard” and economic inputs are too obvious by now. There’s more insight to be gained if we get more granular and hidden. This means looking inside the individual mind and brain of a person. That’s right, recent evidence is finding that entrepreneurial success is linked to a host of different “soft” personality-like factors. Things like patience, grit, perseverance, the ability to listen and learn from others, mentoring skill-sets, and so on.
The hard wiring of entrepreneurship
Here’s the exciting bit. In very recent years, leading personality psychologists have been able to systematically uncover a common personality signature of entrepreneurship. The entrepreneurial personality profile is a constellation of traits that has been shown to predispose a person to entrepreneurship. And not just this. The signature profile also increases the likelihood of actual long-term success and growth as a founder.
This work draws on the Five-Factor Theory of Personality, or the Big Five, which says that any human personality is a combination of five core traits. Think OCEAN: Openness, Conscientiousness, Extroversion, Agreeableness, and Neurotic ism. The assessment is the most widely used tool for investigating personality and has been validated hundreds of times in multiple cultures all over the world.
The hard wiring of entrepreneurship
Here’s the exciting bit. In very recent years, leading personality psychologists have been able to systematically uncover a common personality signature of entrepreneurship. The entrepreneurial personality profile is a constellation of traits that has been shown to predispose a person to entrepreneurship. And not just this. The signature profile also increases the likelihood of actual long-term success and growth as a founder.
This work draws on the Five-Factor Theory of Personality, or the Big Five, which says that any human personality is a combination of five core traits. Think OCEAN: Openness, Conscientiousness, Extroversion, Agreeableness, and Neurotic ism. The assessment is the most widely used tool for investigating personality and has been validated hundreds of times in multiple cultures all over the world.
For More Information:- Nick Hobson
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