A new study reveals whether specific entrepreneurial attitudes and styles influence venture success. The 15-year qualitative and quantitative research study benchmarked the motivations of successful entrepreneurs and business builders.
Michelle Duval, CEO/Founder of Equilibrio Coaching, conducted the research. She tested the thesis, developed over 20 years of coaching, that people’s motivations influence their business outcomes.
Motivations Differentiating Entrepreneurs
Previous entrepreneurial studies have focused on personality types or traits. This study examines the motivations that differentiate entrepreneurs from the rest of the working population and how they impact venture success. Duval noted that motivations are different from fixed “personality traits.”
Motivations are characterized in the following ways:
- Filter our daily experiences
- Determine what we pay attention to
- Influence how we derive fulfillment and satisfaction
Connections to Venture Success
The study measured 48 attitudes and determined that some motivators are connected to a greater extent with venture success. Correlations exist between certain motivators and key business milestones like probability, investments and business longevity:
- Entrepreneurs are 40% more likely to have higher motivation to turn their ideas into action than rest of working population.
- Founders are often criticized for low focus on details and planning though a very low motivation for structure (8%) was found in those who achieve early-stage success.
Unlike most research to date, the study acknowledges the differences between business owners. Duval said that some thrive on the startup phase of building and scaling, whereas others grow a business successfully over time. In addition, significant differences exist between business owners and the rest of the working population. She also observed major distinctions in entrepreneurial attitudes based on where owners are in the growth cycle.
Differences in the specific entrepreneurial attitudes correlated with venture success between Business Builders (profitably grown a business over 10 – 15 years) and Entrepreneurs (started, scaled, exited a business in five years for exit between AU$6 million and AU$1.2 billion). Some of these include:
- Prioritizing structured planning significantly increases in those leading mature ventures (37% increase for Business Builders).
- Entrepreneurs were found to be more 21% more likely than Business Builders to be indifferent to rules.
Research findings are licensed to Fingerprint for Success and have been used to develop a web app and community for assessing and benchmarking entrepreneurial attitudes and building high-performing teams. Learn more at www.fingerprintforsuccess.com.