You Can Develop the Personality Traits that Correlate with Startup Success, Here’s How

by Paul O'Brien / Thursday, 21 November 2024 / Published in Insights / Research, Startups

Launching a startup demands resilience, creativity, and a touch of audacity. Like it or not (and even agree with it or not), the research is well established finding that certain personalities, and the characteristics of a person, to some extent more than experience or skills, determine success or failure. Oxford Internet Institute, University of Oxford, University of Technology Sydney (UTS) and the University of Melbourne examined data from over 21,000 startup founders, formally identifying six key startup founder personality types associated with success: a need for variety and novelty, reduced modesty, an openness to adventure, and heightened energy levels. These qualities are not merely personality quirks but foundational pillars that enable founders to navigate uncertainty, inspire others, and thrive in a competitive landscape.

For founders seeking cofounders, understanding and cultivating these traits—or identifying them in others—can be the difference between building a venture with potential or one destined to flounder. Let’s dive into these traits, their importance, and how to develop or recognize them.

Begging a question, what does “reduced modesty,” for example, really mean? Here’s my take, and what you might do depending on who are…

The Core Traits of a Successful Entrepreneur

1. Need for Variety and Novelty

Entrepreneurs are naturally drawn to the new and untested. They thrive on fresh ideas, diverse experiences, and the challenge of solving complex problems. This trait drives the ability to innovate, adapt to market changes, and pivot when necessary.

How to Cultivate It:

Broaden Your Horizons: Actively seek experiences outside your comfort zone. Attend industry events unrelated to your expertise, travel, or engage with communities that challenge your worldview.
Experiment Regularly: Create opportunities for small-scale experimentation in your work and personal life. Whether it’s testing a new business tool or trying out a novel hobby, the act of exploring unknowns keeps this muscle strong.
Be Curious: Make a habit of asking “why” and “what if.” Read voraciously, not just within your domain but across disciplines. This mental cross-pollination often leads to groundbreaking ideas.

2. Reduced Modesty

While humility has its place, successful entrepreneurs often exhibit confidence bordering on audacity. They believe in their vision, can sell it to others, and are unapologetic in pursuing their goals. This isn’t arrogance—it’s an unshakable belief in their ability to execute.

3. Openness to Adventure

The entrepreneurial journey is rarely a straight line. It requires embracing uncertainty and viewing risk as an opportunity rather than a threat. This openness is the fuel behind bold decisions and disruptive innovations.

How to Enhance It:

Shift Your Perspective: Reframe fear as excitement. The same physiological response underpins both emotions, and a mindset shift can help you lean into opportunities.
Start Small: Build a tolerance for risk by taking calculated risks in low-stakes scenarios. As your confidence grows, you’ll feel more comfortable with larger leaps.
Surround Yourself with Adventurous Minds: Collaborate with people who inspire boldness. Their energy and mindset will encourage you to embrace new challenges.

4. Heightened Energy Levels

Startups demand an unrelenting drive. Heightened energy isn’t about working nonstop—it’s about maintaining focus, resilience, and enthusiasm, even when the odds are stacked against you.

How to Sustain It:

Prioritize Physical Health: Exercise regularly, eat well, and get enough sleep. These basics form the foundation for sustained energy.
Guard Your Mental Space: Minimize distractions and negative influences. Practices like mindfulness or journaling can help maintain clarity and focus.
Find Your Why: A strong sense of purpose is one of the greatest energizers. Regularly reconnect with why you started your entrepreneurial journey.

Identifying These Traits in a Cofounder

Not every founder will naturally exhibit all these traits, and that’s okay. If you’re seeking a cofounder, these qualities can complement your own skill set and ensure a well-rounded team. Here’s how to spot them:

Need for Variety and Novelty: Look for someone who thrives in ambiguous situations and is constantly learning. Ask about the last skill they picked up or problem they solved.
Reduced Modesty: Pay attention to how they talk about their achievements. Are they able to confidently articulate their strengths without hesitation?
Openness to Adventure: Watch their reaction to risk. Do they lean in with excitement or shy away? Ask about bold decisions they’ve made and how they approached them.
Heightened Energy Levels: Notice their energy in conversations and actions. Are they proactive, enthusiastic, and persistent even in the face of challenges?

If you find yourself lacking one or more of these traits, self-awareness and active development can help you grow in these areas, but equally important is finding the right cofounder who complements your personality. The ideal cofounder doesn’t just fill gaps in skills—they bring qualities that inspire and balance your team dynamics.

Recognizing these traits in yourself and others is the first step toward building a resilient, innovative startup. Whether you’re the visionary or the operator, understanding what makes founders tick can help you assemble a team primed for success. After all, the best startups are built not just on ideas, but on the people who bring them to life.

By the way, this doesn’t mean that these traits alone are how and where you focus on building your team, it’s also already considered that ideal to your initial team (your cofounders) is that your skills complement one another.

If you’d like to understand that better, or start there, take a look at Finding the Right Cofounder for your Startup