By Liz Kudwa
A: This is a fascinating topic and I’ve read many articles on this subject. It does boil down to the whole nurture versus nature question and the general feeling among authors on the subject is that your personality does matter. The most successful entrepreneurs do possess certain inherent traits that will help them better survive in an entrepreneurial world.
Bill Wagner, owner of Accord Management Systems, Inc, has studied more than 1,500 entrepreneurs to find out what their personalities, brain dominance and emotional intelligence show. This work helped him to identify why some entrepreneurs become multi-millionaires, why others do moderately well, why some barely survive and why many simply don’t make it. In addition to this, and more importantly he points out, they discovered how to predict the things that entrepreneurs can do, based on their personalities, to improve their odds of success.
In Wagner’s research, it became apparent that people come in two “flavors” – Generalists and Specialists. Generalists are strategic thinkers. They are big picture oriented, prefer environments where they can use their results-driven nature, enjoy autonomy and independence and are stronger risk-takers. Specialists are tactically oriented, prefer being responsible for that which falls in their area of expertise, are more detail-oriented, and prefer environments that provide both security and stability. Specialists are typically more risk-averse unless they are working within their area of expertise.
Wagner also examined four personality factors: dominance, sociability, relaxation and compliance. Everyone exhibits some degree of these factors and entrepreneurs have certain combinations and levels of them. For instance, Generalist personalities will have a dominance factor that is much greater than their compliance factor. This is the source of their need to win and their belief that they are always right. The Specialist personality has a compliance factor that is much greater than a dominance factor. Therefore, doing things right – following the rules, policies and procedures – is more important to them.
All this is not to say that only people with these inherent traits are qualified to own a small business. Some who are more risk averse, like Specialists, may do better to purchase a franchise, which is a great way to realize the dream of owning your own business without the risk of going it alone. For more information about Wagner’s research, visit Entrepreneur Magazine online to read the full article available at this link: http://entrepreneur.com/startingabusiness/selfassessment/article84134.html.
You can find out what your entrepreneurial personality type is by visiting www.theentrepreneurnextdoor.com and take Wagner’s Entrepreneur Assessment. In order to get the full results of the test, you will need to have a copy of Wagner’s book, “The Entrepreneur Next Door: Discover the Secrets to Financial Independence” which is available from the Capital Area District Library.
Elizabeth Kudwa is the Business Reference Librarian at the Capital Area District Library located at 401 S. Capitol Avenue in Lansing, MI. Contact her at 517-367-6301 or by e-mail at kudwae@cadl.org.
