Research shows that while there may not be a specific entrepreneurial gene, your personality can actually make it easier or difficult to succeed as an entrepreneur. This blog dives into the connection between your personality and your potential for an entrepreneurial career.
What you will learn -
- Personality traits that predispose you to an entrepreneurial mindset and career
- Nature vs. nurture - the role of environment in the making of an entrepreneurial personality
- How you can nurture your skills and talents to be a successful entrepreneur
Entrepreneurship is one of the most sought-after professions in 2022. In fact, 61% of entrepreneurs would be content with their accomplishments if their career ended today, according to a research by Freshbooks. While entrepreneurship is a rewarding career for many, not every individual is cut out for it.
In order to be successful as an entrepreneur, you need to have certain personality traits that will allow you to thrive in an environment where there is often little structure and a lot of chaos. For young minds, entrepreneurship can be a stimulating career path, but not having the requisite skills or personality can make it challenging to succeed as an entrepreneur.
Career counselling for young professionals can help eliminate this doubt by leveraging modern assessment tools and personality tests to understand their innate potential for entrepreneurial success.
Is there such a thing as the ‘entrepreneurial’ personality?
Entrepreneurship isn’t a one-size-fits-all career path. In fact, there’s no single ‘entrepreneurial' personality. However, there are certain personality traits and behaviours that can make someone more suited to a career in entrepreneurship.
An 'entrepreneurial' personality is thus an assortment of certain behaviours and attitudes that some people happen to embody naturally. Some of these traits include -
- Risk-taking capacity: Entrepreneurs are often risk-takers. They’re not afraid to take on new challenges, and they’re comfortable with ambiguity and change.Vision: Entrepreneurs have a clear vision for their business, and they’re able to articulate it to others. They know what they want to achieve, and they have the drive to make it happen.
- Creativity: Entrepreneurs are creative problem-solvers. They see opportunities where others see obstacles, and they’re always looking for new ways to do things. If you’re not naturally creative, you can still develop this skill by taking on new challenges and learning from failure.
- Being a self-starter: Entrepreneurs need to be able to work independently and take initiative. Successful entrepreneurs are often able to spot opportunities and seize them at the right time.
- Passion: A passion for what you do is essential for any entrepreneur. Without it, it will be very difficult to persevere through the inevitable tough times.
- Resilience: Entrepreneurship is not for the faint-hearted. Entrepreneurs can face uncertainty with perseverance and bounce back from setbacks with ease.
The link between different personality traits and entrepreneurial success
There's no one personality type that's guaranteed to find success as an entrepreneur. However, research has shown that certain personality traits are more common among successful entrepreneurs. If you're interested in exploring entrepreneurship as a career, it's worth taking a look at your own personality to see if you have what it takes.
One personality trait that is closely linked to entrepreneurial success is risk tolerance. Entrepreneurs who are willing to take risks are more likely to find and exploit opportunities, which is a key element of success in business.
People who rate high on agreeableness and conscientiousness, according to the Big 5 Personality model, also tend to be more successful as entrepreneurs. This is because they are better at working with others (prosocial behaviours) and are more organised, persistent, hard-working and focused on their goals.
Openness to experience is also linked to entrepreneurial success. Individuals who exhibit a high degree of openness tend to explore novel ideas and seek new experiences - qualities that can be observed in good entrepreneurs.
Another closely linked personality trait is self-confidence. Entrepreneurs who believe in themselves and their abilities are more likely to be successful than those who do not. Self-confidence leads to greater risk-taking and a higher likelihood of success.
Are entrepreneurs born or made?
This is a question that has been debated for years, and there is no easy answer. Some people believe that entrepreneurs are born and blessed with personality traits that make them successful in business, while others believe that anyone can become an entrepreneur with the right mindset and skill set.
So, which is it? Are entrepreneurs born or made? The truth is - probably a bit of both.
There are certain personality traits and skill sets that can make you more inclined towards entrepreneurship, but what's surprising is that the majority of your personality traits are genetically inherited. In fact, a twin study conducted by researchers at Kings College, London suggests that 37 to 48 percent of entrepreneurial tendencies are genetic. These include the tendency to find new opportunities, the ability to generate self-employment income, and of course, the associated big 5 personality traits such as openness and extraversion.
However, it is not as simple. While entrepreneurial personality traits may be inherited, the role of the environment is equally important. While these personality traits may make one naturally adept at entrepreneurship, the actual work happens through training and nurturing these traits in the right environment.
If you’re considering a career in entrepreneurship, ask yourself if you have what it takes to be successful. Do you have the drive to work hard and keep pushing even when things get tough? Are you comfortable with risk? Do you have a good head for numbers and a willingness to learn about new businesses? If you answered yes to these questions, then a career in entrepreneurship could be a possible choice for you.
How career counselling can help you discover your entrepreneurial potential
Now that you know that entrepreneurship as a career is both a matter of genes and environment, it is important to make in-depth self-assessment before dipping your toes into entrepreneurial waters. One thing is clear though - it is not an easy nor a one-size-fits-all career path. Choosing entrepreneurship as a career really depends on your personal goals, motivations, and level of self awareness.
One of the best ways to discover if entrepreneurship is the right career for you is to seek out career counselling. Career counselling for students combined with modern skill and personality assessment tests can be powerful tools to gauge your inherent potential to become a successful entrepreneur. A professional career counsellor can help you assess your skills and interests and provide insight-driven career guidance after 12th. They can also provide guidance on how to start your own business and overcome any challenges you may face along the way.Career counselling for students can help them learn more about their innermost SELF and understand what drives them. Combining different tests, such as DNA and psychometric personality assessments can equip young professionals with fundamental information about their core personality traits, and help them assess their career options. This data-driven approach to career counselling is transforming the way people make career decisions today. In the absence of these resources, you may find yourself struggling to succeed in an environment that isn't conducive to your natural talents.
DNA-based counselling can be tremendously helpful in seeking the answers to key questions about your potential and career choices. Career counselling, when combined with insights about your genetic influences and personality can be a game changer for your professional journey and personal growth.
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