Myth-Busting Recipe for Business Success?

As the new year begins, many people dream of the possibilities over the next twelve months. This is the time to reconsider career paths, make the leap to self-employment or really work on that great business idea, but do you have the personality it takes to make a success of a business?

Now, there is no single type of person who can be successful, but the fact is that some characteristics are more likely to lead to success than others. Exactly which traits lead the way in business a recent survey has set out to determine. Television would have us believe the only really successful business people are impulsive, charming, risk-takers with no fear. But are these really the perfect traits for leading a business to dizzy heights?

Apparently not, according to the survey conducted by Psychological Consulting and the Association of Business Psychologists and commissioned by AXA Business Insurance. In fact, the survey interviewed 250 successful business leaders and found almost exactly the opposite of what this stereotype suggests.

The survey results were narrowed down to a list of character traits, behavioural tendencies and attitudes to risk and found entrepreneurs mostly fit just three of the risk types: wary, prudent in sticking to what they know, and deliberate (and therefore unlikely to walk into anything unprepared). Furthermore, the survey responses lead to the conclusion that successful entrepreneurs are calm, confident and optimistic. They are also organised, methodical and measured in their behaviour.

The survey then went on to compare these results with responses from 2,000 members of the general public. Interestingly, set against entrepreneurs, the general public showed a much greater level of adventurousness (12.8 percent compared to the entrepreneurs 3.6), spontaneity (11.7 percent compared to 7.2) and a greater carefree attitude (9.8 compared to 8.4 percent).

Darrell Sansom, AXA Business Insurance managing director, said

“We often think of entrepreneurs as being adventurous renegades, renouncing the more common commercial work environment in search of their own fortunes and in support of their passion. From our experience, those businesses featuring more diligent management teams have traditionally been more successful in the longer term.”

So, if the start of a new year is tempting you to dive into that new business idea or you’re already a business owner reviewing management in your organisation, just remember the importance of your own attitudes and approach.

And whatever you’re working on good luck in the new year from the team at People4business!