What types of people launch their own companies?

On Behalf of | Apr 25, 2019 | business law

Deciding to start your own company takes more than an idea or the financial means to make it happen. You also need to have the right personality type.

While there are exceptions to this rule, as with most others, people who succeed in business tend to share a lot of personality traits. Experts call these the “Big Five” personality dimensions. They are:

  1. Extraversion: Whether or not you want to be the focus of attention in social settings
  2. Openness: Whether or not you’re open to new ideas and new experiences
  3. Agreeableness: If you want other people to like you
  4. Conscientiousness: If you are willing to follow rules and work hard
  5. Neuroticism: Your emotional stability or lack thereof

When looking at these, successful entrepreneurs often have a high degree of extraversion, openness and conscientiousness. They are willing to work hard, they understand the rules, they are open to new ideas and experiences and they do not mind being the center of attention.

At the same time, these people have a low degree of neuroticism and agreeableness. This means that they are emotionally stable and, perhaps because of this, they do not care if other people like them.

Agreeableness is somewhat controversial at times. Wouldn’t being likable help you? It absolutely can, but if your main goal is to have people like you, then you may not make the hard decisions that help your business thrive.

Of course, you don’t have to perfectly fit this profile to start your own business; it just helps. As you launch your company, make sure you know all of the legal steps you need to take.

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