The traits of successful entrepreneurs vary by industry, yet many success stories share a few common characteristics. Those with entrepreneurial personalities may be better equipped to handle the risk of business ownership and envision their company's future.
Even if you don't see these characteristics in yourself, you can assess your possibility for growth, acknowledge your weaknesses, and cultivate the traits and skills to succeed. Use this guide to learn about different characteristics and find resources.
Learn how the “Big Five” traits relate to entrepreneurial success
Big Five personality tests can determine if individuals have certain traits conducive to owning a business. These quizzes look at characteristics like extroversion, openness, agreeableness, conscientiousness, and neuroticism. In short, Big Five tests use a scale of low to high for each category to determine how the quiz taker feels, thinks, and behaves.
According to Scientific American, researchers at the National Institutes of Health, the University of Michigan at Ann Arbor, and the University of Oregon identified these traits after surveying thousands of people. Generally, most studies on the Big Five traits and entrepreneurship find that an entrepreneurial personality includes higher levels of extroversion, conscientiousness, and openness, low neuroticism, and low to average agreeableness. However, not all research is conclusive, and there are plenty of successful business owners who thrive outside the box.
Learn about your Big Five traits by taking a free test online. Psychology Today offers a 25-minute test, whereas the open-sourced BigFive-test.com's quiz takes about 10 minutes. Remember, even if you score differently than other entrepreneurs, it doesn't mean you can't succeed. Instead, you can develop workarounds, employ a diverse team, and overcome weaknesses.
[Read more: How to Succeed in Business if You're an Introvert]
A blend of skills and traits contributes to your success as an entrepreneur. Since you often wear many hats and switch gears frequently, it makes sense to identify your strengths and weaknesses.
Discover what type of entrepreneur you are
The polling and consulting firm Gallup uses the term "builders" to describe people who "build thriving startups, winning teams, strong communities, and better lives." Gallup identifies 10 builder talents and three types of entrepreneurs. Check out our guide to the key talents most great entrepreneurs have for the complete list and insights from Justin Lall, director of strategic partnerships at Gallup. Also, learn why it's essential to understand what type of entrepreneur you are.
Take a personality test
Your personality distinguishes you from other individuals. It can also help or hinder your success. Improve business outcomes by increasing your awareness and determining how your traits affect success.
Start with these resources:
- 5 Alternatives to the Myers-Briggs Personality Test.
- What Is the CliftonStrengths Assessment, and How Does It Work?
- 7 Free Personality Tests for Entrepreneurs.
- What Is a DiSC Personality Test?
Top characteristics, according to entrepreneurs
A study published in the Thinking Skills and Creativity journal found that "entrepreneurs and aspiring entrepreneurs ranked business management and critical and creative thinking skills as the first and second most important criteria for success, respectively." Check out our interviews with business owners and discover the six personality traits that make them successful.
Recognize and develop key talents
A blend of skills and traits contributes to your success as an entrepreneur. Since you often wear many hats and switch gears frequently, it makes sense to identify your strengths and weaknesses. Think about your traits as a whole and how they improve your business. Then consider characteristics or skill gaps that make your role more challenging.
Use these resources to upgrade your skill set and mindset:
- 8 Personality Traits of Every Great Biz Dev Expert.
- What Are Soft Skills?
- 8 Personality Traits That Make a Great Salesperson.
- This Week on Entrepreneur: Adopting the Right Mindset for Career Success.
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