If you want to go down the entrepreneurial journey which is, no doubt, difficult; It is wise to look within and become more aware of your own personality, so that you can channelize 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. Research has also found that genetic factors account for some of the variation in who becomes an entrepreneur. People with different variants of certain genes have different chances of developing certain personality traits. These genetically influenced personality traits influence a person’s likelihood of becoming an entrepreneur.
Let’s look at some of these characteristics and implications
First, to start a new business, you need to be very open-minded. Openness is a measure of a person’s creativity, imagination, intellectual curiosity, and desire for novelty. Ask author and inspirational speaker Simon Sinek, who believes that business owners are problem solvers. If you tend to be overly cautious and prefer routine and stability, you probably lack the risk appetite needed to handle the turbulent environment that start-ups exist in.
While it’s great to have wild ideas, entrepreneurship requires action, not just daydreaming. A high level of integrity is essential for long-term success. Successful founders must have a can-do mindset and be action-oriented. A lack of self-efficacy, or the ability to manage your to-do list, can prompt you to give up on projects as their excitement fades or they become shrouded in chaos. Whatever you want to call it—perseverance or grit—successful entrepreneurs keep moving forward in the face of challenges and failures.
Entrepreneurs are a very diverse bunch and thus, personality research about them has mixed views on Harmony. Most research suggests that entrepreneurs are generally low in agreeableness while other pieces of research suggest that agreeableness has a positive relationship with entrepreneurship. Being an innovator means that you are taking a step that no one else has. Because of this, many people will advise you not to do what you want to achieve. While it is very important to stick to your own beliefs and ideas, it will be equally important to include people in a collaborative journey.
You need to be persuasive, a passionate salesman at heart to convince and sell your big idea to people regularly – without any external push. Having high extraversion will make it easier for you to market your concepts to large audiences and build relationships with your clients, partners, and other stakeholders.
Needless to say, there is a high level of uncertainty which, for the more anxious, can naturally result in high levels of stress. Low neuroticism or emotional stability can greatly help to alleviate stressful situations and the lows that a business can bring.
To be an entrepreneur – you need the optimism gene. A combination of extraversion and low neuroticism. Are you an optimistic person who confidently believes that bad times will pass, and good things will happen? Do you see an opportunity in every difficulty?
And finally, the most important consideration before taking the plunge into starting a business is your passion. If you are not passionate about your idea and vision, how will you sell it to your investors or clients? And passion isn’t just a trait — it’s the driving force behind many traits like creativity, adaptability, and entrepreneurship.
(The writer is founder and CEO, GENLEAP)