What Type of Entrepreneur Are You? Dumb Question - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
IT Leadership // CIO Insights & Innovation
Commentary
12/23/2013
10:28 AM
50%
50%

What Type of Entrepreneur Are You? Dumb Question

I'm sick of tests claiming that certain traits can make or break an entrepreneur.

Dozens of online articles and tests purport to reveal what kind of entrepreneur you are. Give them 20 minutes, and they will reveal your entrepreneurial category. Are you an Opportunist (Richard Branson), Innovator (Mark Zuckerburg), Darth Vader (Al Dunlap)?

The assumption behind these tests is that entrepreneurs are born, not made. As a third-generation entrepreneur, I admit it's comforting to believe I'm genetically encoded this way. I'm in. You're out. (You can stop reading now.)

But what we are really talking about here is eugenics -- identify a few desirable traits and, voila, the birth of an entrepreneur. Following this logic a bit further, we should expect to find future venture capitalists requesting a DNA sample as part of due diligence. Missing the SNPs for curiosity, risk-taking, creativity, boldness? Say goodbye to your funding!

So, let's dig into this logic. Do all entrepreneurs have these commonly cited attributes? Hardly. Many entrepreneurs emerge first out of need, such as a chronic unemployment, and grow into successful business people. Worse yet, some of these "core" traits are gender-biased. Thanks to Springboard Enterprises, a venture catalyst of women-led startups, we have learned over the last 12 years that women founders tend to be far less risk-taking than their male counterparts. It's one of the reasons why 80% of Springboard 500+ companies are still in business.

[Are women the answer to the data scientist shortage? See Analytics: Where The Girls Are.]

So what do entrepreneurs have in common? I think there are some common behaviors. Unlike our peers, we are willing to endure discomfort for unreasonably long periods of time. Our success often comes from our inexplicable need to stay the course until the market (luck) turns in our favor. Once our hard effort (that's table stakes) happens to align neatly with an expanding market, we look like mad geniuses... and then we clean up our entrepreneurial narrative in post.

So if there is one test that may be valid here, perhaps it's the marshmallow test. The test was part of a longitudinal study that tracked 5-year-old children after they showed the extraordinary ability to NOT eat a marshmallow for 15 minutes. Their ability to endure the discomfort of self-denial for an unreasonably long period of time -- 15 minutes for a five-year-old child is ridiculous -- corresponded to higher SAT scores and less likelihood to obesity and drug addiction.

Now that I think about it, though, I would have failed the marshmallow test miserably at 5, as would have most entrepreneurs I know, since they tend not to be the very best rule followers. Perhaps tolerance for discomfort can be learned after all. 

E. Kelly Fitzsimmons has founded, led, and sold several technology startups. Currently, she is the co-founder and director of HarQen and co-founder of the Hypervoice Consortium.

InformationWeek breaks out its crystal ball to focus on the top challenges facing IT in 2014 and beyond -- and to offer expert insight into how to best meet those challenges. So whether you're struggling with big data performance, experiencing high anxiety about securing a rapidly proliferating portfolio of mobile apps, or just trying to keep your storage costs under control, this is the one event you won't want to miss. Register for the Trends2014 Live Event today. It happens Feb. 27 in New York.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
RobPreston
50%
50%
RobPreston,
User Rank: Author
12/23/2013 | 2:34:21 PM
Re: Ambiguity
I think any true entrepreneur has to have a strong stomach for risk. Financial risk. Career risk. I can't imagine your being a successful entrepreneur if you're risk averse.
Shane M. O'Neill
50%
50%
Shane M. O'Neill,
User Rank: Author
12/23/2013 | 2:31:38 PM
Staying optimistic
Entreprenuers come in all flavors. Yet I imagine that persistance and optimism are common traits across the board. But how do you hold on to those traits when the inevitable tough times come? Being optimisitic is one thing -- staying optimistic is harder.
ChrisMurphy
50%
50%
ChrisMurphy,
User Rank: Author
12/23/2013 | 12:46:52 PM
Ambiguity
I once heard a successful entrepreneur challenge a group of MBA students on how good they are at an essential skill: dealing with ambiguity. That seems pretty closely related to the enduring discomfort trait mentioned here, as in, enduring the discomfort of not knowing exactly how you'll get this product shipped in time, keep employees happy, make payroll ...     
InformationWeek Is Getting an Upgrade!

Find out more about our plans to improve the look, functionality, and performance of the InformationWeek site in the coming months.

News
How SolarWinds Changed Cybersecurity Leadership's Priorities
Jessica Davis, Senior Editor, Enterprise Apps,  5/26/2021
Commentary
How CIOs Can Advance Company Sustainability Goals
Lisa Morgan, Freelance Writer,  5/26/2021
Slideshows
IT Skills: Top 10 Programming Languages for 2021
Cynthia Harvey, Freelance Journalist, InformationWeek,  5/21/2021
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
Planning Your Digital Transformation Roadmap
Download this report to learn about the latest technologies and best practices or ensuring a successful transition from outdated business transformation tactics.
Slideshows
Flash Poll