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Are entrepreneurs born or are they made?
Are entrepreneurs born or are they made? It’s a question that has puzzled researchers for many decades. But Nicos Nicolaou, Professor and expert in the biology of the entrepreneur, is shedding new light on the role DNA plays in shaping who chooses to be their own boss. And his results suggest that genes do matter – but only up to a point. “It’s not nature, it’s not nurture – it’s a little bit of both,” he says.
Twins are a fantastic natural experiment which can help scientists tease apart genetic and environmental influences on all sorts of behaviours. Whereas identical twins share all of their DNA, non-identical twins share around half. Researchers can use this fact to look at twin concordances for entrepreneurship – the probability that one twin is an entrepreneur given that the co-twin is also an entrepreneur.
If this is greater between identical twins than their non-identical counterparts, it suggests nature plays a role in determining who becomes an entrepreneur. But if both types of twins display similar twin concordances, it would suggest that nurture plays the only role.
Nicolaou’s research shows genes do indeed make some people more likely than others to become entrepreneurs. “We found that about 40 per cent of the variance in entrepreneurship is accounted for by genetic factors,” he says. However, we won’t be seeing a world where would-be businessmen and women undergo genetic screening before being granted a bank loan. “It’s important to clarify what that means,” states Nicolaou. “That does not mean that genes determine who becomes an entrepreneur. We’re only talking here about probabilities and likelihoods, nothing else – this is not deterministic.”
In any case, people looking for a specific ‘entrepreneurship gene’ will be disappointed – the genetic tendency to start a business is likely to be due to a large number of genes that manifest themselves in many ways, including through a complex dance with the environmental influences that each individual meets in their life.
Perhaps the most straightforward way genes influence our entrepreneurial tendencies is through personality. People who have inherited traits such as extroversion, creativity or an openness to new experiences, for example, are more likely to go into business for themselves.
Environmental factors might also interact with genetics to influence whether someone becomes an entrepreneur – so a person with a certain combination of genes may react more strongly to an environmental stimulus, such as a better availability of finance.
And on a more complex level, genes may lead people to seek out environments that may in turn make them more likely to become an entrepreneur. For example, people who are genetically predisposed to embrace new experiences may choose to follow an adventurous career path where they are exposed to a richer seam of potential business opportunities. “In a way we partly create our own environment based on our genes,” says Nicolaou.
Twin research can only give us an idea of the role genes play at the population level. But when we zoom in to look at individuals, it is impossible to say whether any one person’s entrepreneurial zeal is down to nature or nurture.
It would be nice to know, for example, how much influence genes had on John Dymond, who seems to be the classic born-entrepreneur. He comes from a very business-minded family where his father and uncles have all at some stage run their own ventures. Dymond is now co-founder and CEO of DocDelta, a US-based tech start-up that he describes as a talent search engine for healthcare professionals. He previously spent several years working for another healthcare start-up, where he came on-board at a very early stage and helped to grow it to a multi-million-dollar company. He points to a key personality trait he believes he has inherited from his father.
“There’s definitely an element of drive that is inherent in what I’m doing,” says Dymond, who graduated with an MBA at WBS in 2013. “I don’t like to settle. I like to be pushing forward all the time – it drives everyone mad, including my wife.”
Certain personality traits, such as curiosity, creativity, and courage, can help you find innovative solutions to problems in the marketplace. There are many different types of entrepreneurs, each with a different motivation and skill set, but a few traits are useful to cultivate no matter what kind of business you run or entrepreneur you aspire to be.
Entrepreneurship is the process of creating and running a business. Some of the most important traits of successful entrepreneurs can help you identify unique opportunities and lead a team through the process of building your brand.
More to read : Becoming An Entrepreneur: Secrets To Success
Negative traits that can hinder entrepreneurship include over-confidence, impatience, and closed-mindedness. Remember to stay open-minded, empathic, and humble when starting a business, and build a trusted team to help you achieve your vision.
Yes, anyone can develop the traits needed for entrepreneurship. Cultivating traits like curiosity, creativity, and persistence can have a positive impact on your business no matter who you are.
Successful entrepreneurs can be introverted or extroverted. There are countless examples of both introverts and extroverts fostering an entrepreneurial spirit and building companies that change the marketplace.
Can an entrepreneurial mindset be learnt?
Having an entrepreneurial mindset is key to starting and running a successful business. And if you’re a business owner, you already know that growing and managing a business is no stroll in the park. It requires hard work, determination, wearing many hats, sacrifices, adaptability, and courage.
An entrepreneurial mindset refers to a set of skills that enable you to thrive in all areas of business.
From the initial creation to growing the business, learning and bouncing back from failures (which are inevitable), seizing opportunities that come your way, and managing and leading a team toward your grand vision.
Most schools and even colleges are great at preparing you to be an employee in the big wide world, but not so great at developing entrepreneurial qualities.
So if you’re running your own business, it’s up to you to develop these skills and qualities within yourself.
A positive entrepreneurial mindset will help you keep going even through the darkest of times.
It will be the light and optimism you need to find an opportunity in every problem. And it will enable you to take calculated risks along the way.
Talking about the mindsets of an entrepreneur can feel fluffy. I get that. But, it is something important and shouldn’t be laughed off.
Entrepreneur mindsets are a choice we make — positive or destructive? The choice we choose can have a dramatic difference.
But here’s the best part: an entrepreneurial mindset can be learned.
More to read : The Entrepreneurial Mindset: What It Is & How to Develop One for Yourself
So, now that you know what an entrepreneurial mindset is and how it can benefit your business
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About: Andries vanTonder
Over 40 years selfemployed
He is a Serial Entrepreneur, an Enthusiastic supporter of Blockchain Technology and a Cryptocurrency Investor
Find me: Markethive Profile Page | My Twitter Account | My Instagram Acount | and my Facebook Profile.
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