Yes, there are times individuals wake up with an amazing idea and are convinced they are the next Sir Richard Branson, Bill Gates or Mark Zuckerberg. They persuade themselves that they are an entrepreneur. They may even attract investment for their idea. The market might be excited by this new offering BUT the truth is that most entrepreneurs fail to get their businesses off the ground. Even if they do, building and sustaining a successful business is rare.
The 2015 US Census Bureau reports that 400,000 new businesses are started every year in the USA but that 470,000 are dying, a worrying statistic.
John Chambers, Cisco’s CEO of 20 years, says this – More than one-third of businesses today will not survive the next 10 years. Shikhar Ghos, in his recent Harvard University study, claimed that three out of every four venture-backed firms fail.
The strengths that make people entrepreneurs are counterbalanced by struggles that can get in the way of success. Without this self-understanding, decisions will be made that can cause the enterprises to fail.
Much research exists now to confirm that entrepreneurs are born and not made. Having conducted extensive research to validate these findings, DNA Behavior International has identified the top five (5) genetic traits that are to be found in entrepreneurs.
- Resilience (Measured by the Fast-Paced trait) – they achieve results, manage setbacks and rationally take quick action.
- Risk Taker (Measured by the Risk trait) – confidently take risks and tolerant of losses.
- Creativity (Measured by the Creative trait) – innovative with ideas and seeks to differentiate.
- Work Ethic and Focus (Measured by the Pioneering trait) – pursues goals and is often ambitious and competitive.
- Charisma (Measured by the Outgoing trait) – outgoing, connects with a lot of people and influences people to follow them.
Having these genetic traits does not guarantee success for entrepreneurs. Learning to be behaviourally smart in using the powerful genetic ingredients they were born with is more likely to deliver success.
Of the 5 identified entrepreneurial traits listed above – resilience leads the pack. Building a business, handling the enormous pressure of setbacks, rejection of ideas, sustaining a business, managing staff, and dealing with market expectations, will never be plain sailing. If you are ever to see blue water, understanding the importance of resilience is a key factor.
Through their DNA Behavior Natural Discovery Process, the entrepreneurial genetic traits can be measured. The graphic below highlights, in order of strength, from the top down the behavioral factors (genes) which an entrepreneur exhibits:
The resilience gene is measured by the fast-paced trait. When this trait measures more than 55 – results will be achieved, setbacks will be managed and the individual will be able to rationally take quick action in any given circumstance.
Success in business is rarely about how many challenges you face so much as it is a matter of how you respond to the challenges. Entrepreneurs who are behaviorally smart, and understand their personality and genetic makeup, will have a level of resilience which allows them to face an almost constant barrage of challenges without ever weakening their resolve or losing their passion.
Interestingly the DNA Behavior Research program found that when comparing entrepreneurs who had built a $10 million turnover business as against a $1 million turnover business, that all the key DNA factors do not measure differences in an overall sense, but they do measure stronger.
Do you see yourself as an entrepreneur? Are you heading up a business you founded? Have you taken over a family business? Whatever the situation that brought you to this season of life, if you don’t know your entrepreneurial traits and understand how to manage them, and perhaps more importantly, how to fill the gaps in your talent, you may be heading for the failure statistic graveyard.