1.) Different entrepreneurs require different traits
Some studies found that there are differences in how fast and slow progressing business models become successful. Entrepreneurs who succeeded in managing fast-progressing businesses were quantitatively more aspirational, had greater levels of achievement motivation and greater tendencies to invest. Those who succeeded in slower progressing business models, had higher tendencies to hoard and tended to be more optimistic.
2.) Managerial styles are very important
Managerial styles are the ways in which entrepreneurs lead, motivate, direct, reward or punish their employees or teammates. A leader must perform two basic functions: help the group realise its shared goals and maintain a reasonable degree of cohesiveness and co-operation among the group members.
3.) The optimal numbers
Successful start-ups often begin with groups of 10 employees, on average. Those who remain successful increase to an average of 17, during the early stages; while the unsuccessful decrease to 4. It must be noted however, that it is not the number that matters but the groups ability to work together.
4.) More than one entrepreneurial venture at a time
It has been found that those who work on more than one start-up at a time tend to end up better-off than those who focus only on one. This may seem counterintuitive, but those who end up succeeding may not like to keep all their eggs in one basket.
5.) Socio-economic background does not matter (to a degree)
While it was found that coming from a family with a history of entrepreneurial activity is correlated with successful business ownership, most successful entrepreneurs (around 80%) had no family history of business ownership and after a certain point, prior family income did not matter in start-up success.
6.) Very highly skilled in manipulation
Manipulation does not mean anything bad in this context. It means that entrepreneurs can manipulate their environment and get the best out of the people they work with. They are highly skilled at putting others at ease and finding ways to receive their help. They are also very good negotiators.
7.) Controversial beliefs
Compared to unsuccessful entrepreneurs, those who rated their businesses as more successful, tended to score more highly in agreement to statements such as “it is important to tell lies in business”, “perfection is impossible” and “there is nothing wrong with giving a bribe”.
It’s important to take these findings with a grain of salt, however, as studies like this rely on self-reported measures of success and are not culturally adaptable. Nonetheless, it is interesting to think about the secret ingredients that make up the people who are phenomenally good at starting new enterprises.