SYDNEY, Aug. 8, 2016 /PRNewswire-USNewswire/ -- Whether specific entrepreneurial attitudes and styles influence venture success is the subject of a world-first study. The 15-year qualitative and quantitative research study benchmarked the motivations of successful entrepreneurs and business builders.
Michelle Duval, CEO/Founder of Equilibrio Coaching, conducted the research to scientifically test the thesis she developed over 20 years of coaching that people's motivations influence their business outcomes.
"The majority of previous entrepreneurial studies have focused on personality types or traits. This study looks at the motivations that distinguish entrepreneurs from the rest of the working population and how they impact venture success. Motivations are different from fixed 'personality traits', they filter our day-to-day experiences, determine what we pay attention to and how we derive fulfillment and satisfaction," Duval said.
The study measured 48 attitudes and determined that some motivators are more linked with venture success and that there are correlations between certain motivators and key business milestones like probability, investments and business longevity:
- Entrepreneurs are 40% more likely to have higher motivation to turn their ideas into action than rest of working population.
- Founders are often criticized for low focus on details and planning though a very low motivation for structure (8%) was found in those who achieve early-stage success.
Unlike most research to date, the study acknowledges the differences between business owners. "Founders are not all the same – some thrive on the startup phase of building and scaling, others grow a business successfully over time. Not only are there significant differences between business owners and the rest of the working population – there are major differences in entrepreneurial attitudes based on where owners are in the growth cycle," Duval said.
Differences in the specific entrepreneurial attitudes correlated with venture success between Business Builders (profitably grown a business over 10 – 15 years) and Entrepreneurs (started, scaled, exited a business in five years for exit between AU$6 million and AU$1.2 billion) include:
- Prioritizing structured planning significantly increases in those leading mature ventures (37% increase for Business Builders).
- Entrepreneurs were found to be more 21% more likely than Business Builders to be indifferent to rules.
Research findings are licensed to Fingerprint for Success and have been used to develop a web app and community for assessing and benchmarking entrepreneurial attitudes and building high performing teams. Available soon - www.fingerprintforsuccess.com.
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SOURCE Fingerprint for Success