What makes a great entrepreneur? | SupportBiz

Managing Growth

What makes a great entrepreneur?

What qualities make a successful entrepreneur? Do you need certain qualifications for your start-up to succeed, or will your dropping out of college ensure the growth of your business? Do you need to be in your 20s to build a lasting business venture, or do 40-year-olds also have hope?

A study by The Founder Institute, the ‘world’s largest start-up accelerator’ attempts to answer these questions and more.

The study speaks about the DNA of the best entrepreneurs, and the qualities that one needs for his/her business venture to succeed. Based on several tests conducted on over 15,000 entrepreneurs, the report concludes that it is a myth that one needs to be young in order to build a great business. It states that entrepreneurs who are pioneers in their fields, and have the benefit of valuable real-world knowledge and experience for about a decade stand a greater chance of their start-up scaling great heights. Up to the age of 40, every year of living improves the chances for an entrepreneur, which do not diminish after that, either.

The study also concludes that an entrepreneur needs to be flexible and open-minded in order to succeed. He/she should be able to adapt to changes easily and learn quickly. It states that traditionally measured high IQ levels do not matter when it comes to being a great entrepreneur. What an entrepreneur really needs is the ability to recognize patterns. A healthy dose of ego is also good for an entrepreneur to succeed, says the report.

Read more about the results of the study here.