Computer scientists can predict your startup's success or failure based on your personality, according to new paper
Startups are a crucial source of innovation, tackling challenges from decarbonizing the economy to developing life-saving vaccines. However, many startups fail, and their success factors have been the subject of extensive research. Recent studies have begun to explore the impact of founder personalities on startup success. This research analyzed data from over 21,000 startups and found that the personalities of founders significantly differ from the general population.
The research defines startup success based on clear milestones, such as acquisition, listing on a stock exchange, or company acquisition. These milestones indicate a startup's transition from an early-stage venture to a mature business. The study underscores the role of diverse combinations of founder personality types in increasing the likelihood of success. These findings offer valuable insights into how founder personalities contribute to startup success and emphasize the importance of assembling teams with diverse personalities to enhance the chances of creating successful ventures.
Key Takeaways:
- Founders' personality traits, particularly in the context of the Big Five personality framework, were identified as significant factors contributing to startup success. Traits such as openness to adventure, lower modesty, and higher activity levels were linked to successful entrepreneurs.
- Researchers identified six distinct personality types among founders: Fighters, Operators, Accomplishers, Leaders, Engineers, and Developers (FOALED), and emphasized the benefits of larger, personality-diverse teams in startups, as they had a significantly higher likelihood of success.
- The study found that trios of startup founders with specific combinations of personality traits, such as a Leader and two Developers or an Operator and two Developers, were more than twice as likely to achieve success.
The impact of founder personalities on startup success - Nature: Scientific Reports
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