- Scientists used artificial intelligence to determine the personality traits of 21,000 startup founders.
- They found that the success of a startup is related to the personality traits of its founder.
- Here are six personality traits you need to be a successful startup founder.
Research published in the journal Nature suggests that the personality traits of a startup founder can have a major impact on the success of his company.
The likelihood of a startup succeeding is extremely low, and factors such as industry, location, economic climate, connections and luck are often considered to have the greatest impact on these chances.
However, researchers from the Oxford Internet Institute at the University of Oxford, the University of Technology Sydney and the University of Melbourne found that “the founder’s personality traits are an important characteristic that determines a company’s ultimate success.”
“We found that personality traits do not simply matter for start-ups, they are crucial to increasing the chances of success,” said Professor Paul X. McCarthy, lead author of the study, in a press release from the University of New South Wales in Sydney.
The study found six different founder personality types that showed an increased likelihood of their startup succeeding.
There were six types: warriors, operators, achievers, leaders, experts/engineers, and programmers.
The study described each personality type in detail.
Successful entrepreneurs are said to be distinguished by their love of starting new businesses, novelty and variety, adding that they also often enjoy being the center of attention.
The report shows that scientists have found that these basic personality traits are radically different from those of the broader population.
“It’s not part of this study, but we estimate that 8 percent of people around the world may have personality traits that could make them successful founders,” McCarthy said. “There are probably many who are not currently involved in entrepreneurship.”
“We can see this demonstrated in many notable examples,” he added. “The bold adventure and openness to experience of Melanie Perkins, the assertiveness and self-confidence of Steve Jobs, the exuberance and energy of Richard Branson, the calm under pressure of Jeff Bezos, the discipline and focus of Mark Zuckerberg, and the credibility of Larry Page and Sergey Brin constitute the foundation of their company’s success.”
A global team of researchers fed an artificial intelligence algorithm the language and activities of 21,000 founder-led companies gathered on X, formerly known as Twitter, analyzing their characters using a “five-factor” personality model.
They compared these profiles to data in Crunchbase to determine the relationship between a founder’s personality and the success of his startup.
Success was determined by whether the company was acquired, acquired another company, or was listed on a public stock exchange.
The researchers acknowledged that the primary data sources used in the Crunchbase and X studies likely contained sampling errors.
The AI model also confirmed that a diverse team that combines multiple personality types is more likely to increase startup success. In particular, it is most important to have multiple founders with diverse personalities.
“Greater awareness of this novel form of diversity may help create more resilient start-ups capable of driving more significant innovation and impact,” the authors said in the study.
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