A recent study supports the theory that great entrepreneurs are born, not made.  The study also suggests that personality type may prove to be more important than education in determining long-term success.

Nature or nurture?
A research initiative commissioned by O2 was carried out to determine whether entrepreneurial success is a matter of nature or nurture.  The poll of over 500 small companies revealed that, for many, education had little impact on their success. Only 14% of those surveyed placed significant emphasis on the importance that their formal education had on their business achievements and less than a third (31%) had studied business or a specific business qualification.

Whilst over two thirds (67%) recognised the importance of life experience and previous employment in nurturing these qualities, the research indicates that these traits are inherent rather than learnt. Six out of ten entrepreneurs (60%) launched their first business by the age of thirty and on average had spent less than ten years in the work place before venturing out on their own.

In terms of starting up their own business, less than a fifth (17%) received direct financial backing from their families and cited that family connections had not helped them get a foot up on the career ladder.

The researchers found that the vast majority (84%) of the entrepreneurs in the study shared a distinct set of traits that were the reason for their success. None of the traits were learned, rather they were all present as part of the individual’s personality and constitute the DNA of the entrepreneur.

The five key entrepreneurial personality traits

1. 'Obsessive optimism’: this approach to business creates a resilient attitude to failure and setbacks, an         essential trait when starting out as your own boss.
2. Enjoyment of responsibility: a highly developed sense of responsibility enables successful business people     to view responsibility as an attraction rather than a burden.
3. Desire to achieve: a major driver of entrepreneurial behaviour which enables successful business people to     be single-minded about achieving their goals in spite of obstacles.
4. The reward of hard work: small business owners are driven by reward, both in the monetary sense, but also     in the more emotional sense of reward and pride in driving their business forward.
5. The urge to be self-employed from childhood: This trait was present in nearly half (48%) of those     questioned and also a common trait amongst celebrity entrepreneurs such as Sir Alan Sugar.

Source: Byte Start