Have What it Takes to Own a Business? Research From PsychTests Reveals That It Depends on Your Personality

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Psychtests.com releases research on the “entrepreneurial personality,” revealing that it takes certain traits to succeed in a fickle business world.

Starting a business involves a lot of ambiguity, uncertainty and responsibility. Those who go into it thinking only about the money or the power are going to be blindsided by the realities of what it’s really like to build and run their own business.

Psychtests.com, a pioneer in online personality, IQ, and career tests, has released its newest study on the mindset and personality of successful entrepreneurs. PsychTests’ research reveals that successful businesspeople are in a league of their own – they have a unique set of personality traits that sets them apart from the rest of the professional pack.

Capital and an original idea would seem like the only two things an aspiring entrepreneur would need to succeed in the business world, but this isn’t the case. Entrepreneurs need to have the right personality to get a foot in - and stay in - an already bloated business world. It takes more than a charismatic voice to peddle a towel that dries liquid in an instant, or an oxygen-based stain remover to get even those stubborn grass stains out.

Collaborating with Bill Wagner, author of the “The Entrepreneur Next Door,” personality-assessment gurus PsychTests created a measurement that evaluates a person’s entrepreneurial potential. The test covers seven key business traits: Self-sufficiency, Conscientiousness, Drive, Social Skills, Optimism, Risk-taking, and Networking Ability.

Collecting data from over 350 entrepreneurs, PsychTests’ study revealed that entrepreneurs outscored people without business experience on every trait. When comparing female vs. male entrepreneurs, men were shown to be more driven (score of 67 vs. 62 on a scale from 0 to 100), while women had better social skills (70 vs. 67) and tended to be more optimistic (72 vs. 67).

“Entrepreneurs clearly have a personality pattern that places them apart from others,” asserts Dr. Jerabek, president of Psychtests. “To be able to wager your life savings on what often seems like a pipe dream to others takes a special type of character, and our data shows this. For example, 72% of test-takers who are entrepreneurs indicate that they are quite comfortable taking monetary or work-related risks, compared to 54% of the rest of the test-takers in our sample. Entrepreneurs also tend to describe themselves as being more ambitious than regular people. This says a lot. They know that they are different from others.”

According to PsychTests, the difference between the mindset and character of self-made business owners and the rest of the population was unequivocal. For example:

  •     41% of entrepreneurs (compared to 27% of non-entrepreneurs) rated themselves as being very good at making conversation with others.
  •     34% of entrepreneurs (compared to 20% of non-entrepreneurs) stated that they find it easy to sell things or ideas to people.
  •     36% of entrepreneurs (compared to 26% of non-entrepreneurs) always look on the bright side of things.
  •     31% of entrepreneurs (compared to 15% of non-entrepreneurs) stated that they are always looking for opportunities to expand their social network.
  •     44% of entrepreneurs (compared to 29% of non-entrepreneurs) said that they are perfectly comfortable carrying through on ideas without depending on anyone else.
  •     51% of entrepreneurs (compared to 29% of non-entrepreneurs) stated that they would feel totally stifled in a position where they have little decision-making power.
  •     43% of entrepreneurs (compared to 34% of non-entrepreneurs) believe that you absolutely must take risks in life in order to be successful.

“Starting a business involves a lot of ambiguity, uncertainty and responsibility. Those who go into it thinking only about the money they will make or the power they will have are going to be blindsided by the realities of what it’s really like to build and run their own business,” points out Dr. Jerabek. “It isn’t easy and it isn’t for everyone. This is the benefit of an entrepreneur personality test – would-be businesspeople can get a taste of what it takes to make it and where they stand.”

Entrepreneur Bill Wagner also knows the importance of knowing one’s entrepreneurial strengths. “The entrepreneur test is must-have information. We know that for entrepreneurs, it’s all about independence, control, authority, power, and autonomy. You need to know where you fall on the entrepreneurial spectrum so that you have a stronger sense of what to work on.”

Those who wish to use the Entrepreneur Personality Test for HR purposes can go to http://archprofile.com/corporate/g/v/i/pr

If you want to take a condensed version of the test to assess your own entrepreneurial potential, go to http://testyourself.psychtests.com/testid/3011

About PsychTests AIM Inc:
PsychTests AIM Inc. originally appeared on the internet scene in 1996. Since its inception, it has become a pre-eminent provider of psychological assessment products and services to human resource personnel, therapists, academics, researchers and a host of other professionals around the world. PsychTests AIM Inc. staff is comprised of a dedicated team of psychologists, test developers, researchers, statisticians, writers, and artificial intelligence experts. The company’s research division, Plumeus Inc., is supported in part by Research and Development Tax Credit awarded by Industry Canada.

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Ilona Jerabek, PhD
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