The decision to leave the safety net of employment and start your own business is a massive step for anyone. Entrepreneurship is always intertwined with some element of risk, but if you get it right, starting your own business can deliver huge rewards in the long run.
But how does personality influence what kind of entrepreneur you might be? And can understanding more about your personality help you to choose what type of business model would be most suitable for you?
Researchers have linked various personality traits such as openness to new experiences, extraversion, conscientiousness and agreeableness to how likely entrepreneurs are to succeed in their business ventures and how high their earnings are likely to be. Paradoxically, they found that many entrepreneurs end up earning less running their own businesses than they would be likely to earn in paid employment.
Personality counts in business
While it is true that just about anyone can become an entrepreneur, not everyone is suited to the type of high-flying, risk-taking, winner-takes-all type of entrepreneurship that tends to be glorified in the media and on television.
Not every business owner would want to be in the highly pressurised environment of a big corporate agency that’s involved in mergers and acquisitions, for instance, but would do really well in a smaller business that employs a handful of people and makes a really good, consistent turnover after the first four years.
And it’s also not true to say that people can’t ever change their entrepreneurship personality type. In this imaginary scenario, Megan has learned the ropes by building a small boutique agency for a few years, but then feels like she still wants to achieve more. She decides to go to a business coach, who advises her and trains her in different ways of thinking. Megan now feels mentally prepared to take on the world and changes her business model to allow it to grow at scale.
But the first step to all of this is the ancient Greek adage of “first, know thyself”. By understanding who you are right now, you can set an actionable, realistic plan in motion to use a business model that’s right for you and ensure you get the most out of your journey into being your own boss.
When we say journey, we don’t use the word lightly. The road to entrepreneurial success is often long and winding, and the approach is different for everyone. That’s why it’s really important to surround yourself with people who can guide and advise you every step of the way.
Why we made a quiz
Here at SSG, we have spent the past 17 years helping people launch their own recruitment startups, and then coaching and supporting them as they grow their businesses. We’ve seen our fair share of all types of entrepreneurs over the years, and we’ve been able to draw our own broad conclusions about the personalities we’ve encountered along the way.
So, we decided to put all that specialist knowledge into action and develop a quiz specifically for the recruitment industry. If you are thinking about starting your own recruitment business, it will help you figure out what kind of business model would be best suited to your personality type and what you want to achieve from being your own boss.
The quiz is really quick and easy to complete – just seven simple questions and then you’ll get your result. Click here to take the quiz.
There are many different methodologies out there for assessing personality types, and it’s safe to say that it’s not an exact science, so whether you agree with the result or not, you can get in touch with our team for a friendly chat and some tailored advice about starting your own recruitment agency.