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What is the personality type of successful startup owners? Scientists have given the answer.
Successful entrepreneurs like Elon Musk, Jeff Bezos, or Bill Gates are known not only for their innovative products, but also for their unique personality traits. They have high self-confidence, the ability to make smart decisions under pressure, and a love of adventure. But these qualities are not just interesting details of their biographies: they can have a big impact on the success of a startup.
A team of researchers from four universities - Oxford, Sydney University of Technology, Melbourne and New South Wales-decided to solve the mystery of startup success. They conducted a large-scale study in which they analyzed more than 21 thousand startups around the world and the personalities of more than 32 thousand of their founders. Their results were published in the journal Nature.
To analyze the personal characteristics of startup founders, the researchers used artificial intelligence algorithms and the "five-factor" model-a psychological method that divides personality into five main groups: openness to experience (or intelligence), conscientiousness, extroversion, benevolence, and emotional stability. Each of these groups can be detailed into 30 different aspects.
By comparing data on startup founders with data on their employees, the researchers found that entrepreneurs have very different combinations of personality traits than others. The researchers claim that using only assumed personality vectors, they were able to correctly identify entrepreneurs with an accuracy of 77% and employees with an accuracy of 88%.
Based on the results obtained, the researchers developed six different personality types of founders: fighter, administrator, performer, leader, engineer and developer. They called their model FOALED (Fighters, Operators, Accomplishers, Leaders, Engineers and Developers). In an article for The Conversation, the researchers gave examples of well-known entrepreneurs who fit these types. For example, Bill Gates is classified as a "leader" because of his "openness to adventure", which the authors of the publication saw in his departure from Harvard. Elon Musk, thanks to his intelligence and imagination, was among the "engineers". And Jeff Bezos is a "performer" who always makes strategic choices, even when he left the hedge fund to start Amazon.
The researchers also found that startups with diverse founder personality types are 8-10 times more likely to succeed. One example is the graphic design platform Canva, where the technical intelligence and imagination of Cameron Adams is complemented by the assertiveness of Cliff Obrecht and the reliability and enterprise of Melanie Perkins.
Researchers recognize that there are other factors that influence the success of a business idea. For example, a startup is considered successful if it was acquired by another company or listed on the stock exchange. Usually, this success is attributed to factors of demand (market interest or "hot sectors") or supply (product novelty). There is also a "golden age" for startups: those who are less than seven years old are less likely to succeed, because they did not have enough time to develop. Startups based in major cities like San Francisco, Berlin, or London are also more likely to succeed because of better access to finance and talent. But, according to scientists, the personality of the founder is the most important factor in the success of a startup.
Successful entrepreneurs like Elon Musk, Jeff Bezos, or Bill Gates are known not only for their innovative products, but also for their unique personality traits. They have high self-confidence, the ability to make smart decisions under pressure, and a love of adventure. But these qualities are not just interesting details of their biographies: they can have a big impact on the success of a startup.
A team of researchers from four universities - Oxford, Sydney University of Technology, Melbourne and New South Wales-decided to solve the mystery of startup success. They conducted a large-scale study in which they analyzed more than 21 thousand startups around the world and the personalities of more than 32 thousand of their founders. Their results were published in the journal Nature.
To analyze the personal characteristics of startup founders, the researchers used artificial intelligence algorithms and the "five-factor" model-a psychological method that divides personality into five main groups: openness to experience (or intelligence), conscientiousness, extroversion, benevolence, and emotional stability. Each of these groups can be detailed into 30 different aspects.
By comparing data on startup founders with data on their employees, the researchers found that entrepreneurs have very different combinations of personality traits than others. The researchers claim that using only assumed personality vectors, they were able to correctly identify entrepreneurs with an accuracy of 77% and employees with an accuracy of 88%.
Based on the results obtained, the researchers developed six different personality types of founders: fighter, administrator, performer, leader, engineer and developer. They called their model FOALED (Fighters, Operators, Accomplishers, Leaders, Engineers and Developers). In an article for The Conversation, the researchers gave examples of well-known entrepreneurs who fit these types. For example, Bill Gates is classified as a "leader" because of his "openness to adventure", which the authors of the publication saw in his departure from Harvard. Elon Musk, thanks to his intelligence and imagination, was among the "engineers". And Jeff Bezos is a "performer" who always makes strategic choices, even when he left the hedge fund to start Amazon.
The researchers also found that startups with diverse founder personality types are 8-10 times more likely to succeed. One example is the graphic design platform Canva, where the technical intelligence and imagination of Cameron Adams is complemented by the assertiveness of Cliff Obrecht and the reliability and enterprise of Melanie Perkins.
Researchers recognize that there are other factors that influence the success of a business idea. For example, a startup is considered successful if it was acquired by another company or listed on the stock exchange. Usually, this success is attributed to factors of demand (market interest or "hot sectors") or supply (product novelty). There is also a "golden age" for startups: those who are less than seven years old are less likely to succeed, because they did not have enough time to develop. Startups based in major cities like San Francisco, Berlin, or London are also more likely to succeed because of better access to finance and talent. But, according to scientists, the personality of the founder is the most important factor in the success of a startup.
