The results of the study indicate that entrepreneurship dose not come naturally to most people
The nature v nurture debate has been ongoing for years. However, a new study indicates that entrepreneurs are made, not born.
Professional services company
Ernst & Young conducted the study
Nature or Nurture: Decoding the Entrepreneur to examine the most commonly-occurring traits in business owners.
It was found that 58 percent of respondents had previously worked in a corporate environment and described themselves as ‘transitioned’ entrepreneurs. A third said that they had learned their business skills from working in corporate environments.
The study revealed that 45 percent of entrepreneurs did not start their business until they were 30 or older, due to challenges including finding funding (33 percent), finding the right people (19 percent) and knowledge (19 percent).
The most important characteristics in entrepreneurs were, according to respondents:
- Having a vision – 76 percent
- Passion – 73 percent
- Drive – 64 percent
- Integrity – 53 percent
- Innovation – 49 percent
- Being a risk-taker – 46 percent
- Being resilient – 42 percent
- Being proactive – 41 percent
- Flexibility – 33 percent
- Focus on quality – 18 percent
- Loyalty – 14 percent
Maria Pinelli, Ernst & Young’s vice chair of strategic growth markets, said: “Nurture, not nature, does appear to be more important in shaping the entrepreneurial mindset.
“Entrepreneurial leaders are defined as much by their early business experience, cultural background and external environment, as they are by any innate personal characteristics.
However, Pinelli did note that some key traits in entrepreneurs could not be learned, saying: “They [entrepreneurs] tend to be optimists and believe they can succeed despite the fact that everyone else is telling them they cannot.”