Defining the Personality of the Successful Entrepreneur

Abstract

Despite widespread interest in the personality of successful founders, scientific research on leadership personality has overwhelmingly focused on leaders in more standard leadership roles such as CEOs. Furthermore, empirical research on entrepreneurial personality has been challenged by amorphous definitions of ‘entrepreneur’ and a focus on entrepreneurial interests versus successful entrepreneurial outcomes. In the present study, we used a comprehensive measure of normal-range personality traits, personality derailers and implicit motives and values to: (a) establish the successful entrepreneurial personality (SEP) profile (N = 67), (b) compare the personalities of successful founders to ‘wantrepreneurs’ or individuals with entrepreneurial intentions (N = 274) and (c) compare the personalities of successful founders to Forbes Global 2000 CEOs (N = 135). A distinctive SEP profile emerged marked by high ambition, sociability, inquisitiveness, learning approach and very low prudence. Successful founders looked more similar to ‘wantrepreneurs’ than they did to CEOs, who were higher on adjustment, ambition and prudence, and lower on sociability and inquisitiveness than the successful founders. In addition, the previously identified ‘charisma cluster’ that has been studied in CEOs was much more elevated for the successful founders than for the CEOs. Differences in motives and values emerged as well, across all three groups. Results are discussed in the context of personality adaptations to context and the application of findings to selection and development of entrepreneurial leaders.