Do You Have What It Takes to Be a Founder?
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Welcome back to the second edition of our founder-focused mini-series!
In the first part, we explored the motivations behind why people choose the founder journey. Now, we’re diving deeper into the traits and qualities that make successful founders, and whether these qualities are inherent or can be developed along the way.
As more people enter the world of start-ups and entrepreneurship, understanding what truly drives success is critical. In this edition, we’ll explore the Big Five personality traits, examine the role of learning and growth, and explore how founders can strategically build the right team and culture to thrive.
Let’s continue the journey into the mind of a founder!
Are You Cut Out to Be a Founder?
Being a founder isn’t just about having a groundbreaking idea - it’s about the person behind the idea. Recent research from Oxford’s Internet Institute suggests that certain personality traits can predict the likelihood of start-up success. The study highlights how core Big Five personality traits; openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism play a pivotal role in shaping entrepreneurial outcomes.
These traits are often seen as natural aspects of a person’s underlying personality. But does that mean founders are born with these traits, or can they be developed over time?
So, Why Do People Choose to Be Founders?
The Big Five: Essential Traits Every Founder Needs to Succeed
1.?Openness to Experience
Founders with high openness are creative and willing to explore new ideas, which fuels innovation. Steve Jobs, for instance, was known for his bold, visionary thinking at Apple, leading to groundbreaking products like the iPhone.
2. Conscientiousness
Being organised, dependable, and detail-oriented is key to executing plans. Jeff Bezos’s disciplined approach and focus on data helped Amazon grow from a small online bookstore to a global giant.
3. Extraversion
Extraverted founders thrive on networking and building relationships. Richard Branson leveraged his natural charisma to drive Virgin’s expansion into numerous industries, from music to airlines.
4. Agreeableness
Empathy and cooperation help founders build strong teams and a positive company culture. Howard Schultzused his people-first approach to transform Starbucks into a global brand with loyal customers and engaged employees.
5. Emotional Stability (Low Neuroticism)
Founders who remain calm under pressure are better equipped to handle the stresses of entrepreneurship. Elon Musk faced significant setbacks but stayed focused on his long-term vision, driving Tesla and SpaceX to success.
Great Founders: Born or Made?
“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing.” – Pelé
While some people naturally excel in key entrepreneurial traits, most founders do not start with a perfect balance of these qualities. Founders are often a mix of strengths and weaknesses, and many learn or develop key skills as they build their businesses. The notion that great founders are exclusively born with the perfect combination of traits ignores the power of personal growth, learning, and self-awareness.
For example, while Steve Jobs demonstrated a natural openness to experience that led to Apple’s innovation, he was also known for being abrasive, a trait that he worked on over time to better lead his team. Similarly, Elon Musk’s high resilience under pressure is not solely innate; his experiences of repeated failures and near-bankruptcies have undoubtedly shaped his ability to manage stress today.
“The greatest teacher, failure is.” – Yoda (from Star Wars)
Many of the traits identified by the Oxford study—such as conscientiousness and emotional stability—are behaviours that can be cultivated through learning and practice. A founder may not start with perfect attention to detail or strong organisational skills, but these can be honed through effective time management strategies or mentorship. Similarly, emotional resilience can be built through experience, mindfulness practices, and learning how to manage stress more effectively.
Building Greatness: How Founders Can Cultivate Winning Traits
Potential founders who are not naturally strong in all these areas can focus on improving through a combination of learning, feedback, and support:
“A mentor is someone who allows you to see the hope inside yourself.” – Oprah Winfrey
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Co-Founders and Teams: The Power of Building the Right Squad
“Great things in business are never done by one person; they’re done by a team of people.” – Steve Jobs
One of the most effective ways to overcome gaps in a founder’s personality traits is by surrounding themselves with the right people. Great companies often emerge from the partnership of co-founders who complement each other’s strengths and weaknesses.
?For instance, a founder with high openness and innovation may struggle with the conscientiousness needed to organise and execute detailed plans. In such cases, having a co-founder who is meticulous and disciplined can create a powerful balance. The partnership of Larry Page and Sergey Brin at Google is a classic example of complementary strengths, where Page’s visionary thinking worked well with Brin’s analytical approach.
Moreover, founders can hire teams with specific skills to plug gaps. For example, if a founder scores lower on extraversion, hiring a strong sales or marketing lead who thrives on networking and promotion can help fill that gap.
The Importance of Culture and Processes
In addition to hiring the right talent, founders can shape their company culture and internal processes to mitigate areas of personal weakness. A founder who is less agreeable may build a culture that emphasises teamwork and open communication, creating an environment that offsets their natural tendencies.
Processes can also be established to support areas like conscientiousness. Founders who struggle with organisation can implement project management systems, delegation processes, and accountability structures to ensure that key tasks are still executed efficiently, even if it’s not their natural strength.
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Founder’s Playbook: 5 Essential Lessons for Success
“If you’re not embarrassed by the first version of your product, you’ve launched too late.” – Reid Hoffman
Success as a founder comes from more than just having a great idea—it’s about how you approach the day-to-day challenges of building a business. Here are five key takeaways for founders and potential founders:
1. Discipline and Hustle
At the early stage, you need discipline to prioritise tasks and manage your time, but also hustle to drive momentum. Focus on getting things done rather than waiting for perfect conditions.
2. Bias for Action Over Perfection
Move quickly and adapt as you go. Acting decisively—whether testing ideas or launching products—helps you learn faster and seize opportunities. Don’t wait for perfection.?
3. Surround Yourself with the Right People
Know your strengths, and more importantly, your weaknesses. Hire co-founders or team members who complement your skills. Building a balanced team is key to covering all aspects of your start-up.?
4. Leverage Mentors and Advisors
Don’t try to figure everything out alone. Advisors can provide valuable guidance, feedback, and perspective. They help you avoid mistakes and grow as a leader.?
5. Design a Culture to Fill Gaps
Create a company culture that compensates for your weaknesses. If you’re not naturally organised, implement processes that bring structure. A strong culture ensures your team thrives, even in tough times.
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Closing Insights: Key Reflections for Aspiring Founders?
No founder starts with all the answers or perfect traits, but focusing on discipline, action, building the right team, and learning from others will set you up for success. Keep moving, stay open to growth, and embrace the journey.
In the next edition, we’ll dive into different types of investors and what motivates them, plus how they impact fundraising, performance, and leadership. Stay tuned for insights on startup financing!
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Until next time, Many thanks!
from the NoBa Team ??