New research from a leading business support provider, BizSmart®, has highlighted a strong link between the personality traits of business owners and their chances of success.
The research assessed business leaders across the UK based on their DiSC profiles, which measure personality and behavioural style such as how you respond to challenges, how you influence others and how you respond to rules and procedures. They were divided as follows:
- Dominance [Falcon]: Commanding individuals motivated by authority, competition and success who are self-confident, direct and forceful by nature
- Influence [Cockatoo]: Energised, pioneering and affirmative individuals motivated by social recognition and strong relationships
- Steadiness [Dove]: Supportive, stable and collaborative individuals who are patient, calm and possess excellent listening and team skills
- Conscientiousness [Owl]: Quiet and reserved individuals focused on accuracy who are motivated by an opportunity to use expertise or gain knowledge
- The study revealed that leaders with a Falcon DiSC profile are more likely to surpass micro-business status and reach a seven-figure plus turnover when compared to Cockatoo, Dove and Owl profiles. However, Falcons are also more likely to face operational challenges, with 29% of them reporting issues around ensuring work is delivered consistently well, compared to just 18% of Doves.
Other key findings from the research include:
- 50% of individuals with a Dove profile revealed that they struggle to remain on track with any plan compared to just 21% of Falcons
- 57% of Falcons advised they struggle to attract and retain enough of the right people, compared to just 15% of Owls and 22% of Doves
- 36% of Falcons work 60 hours plus compared to just 6% of Cockatoos, 0% of owls and 6% of Doves
- 66% of Doves reported that they find themselves dragged back into day-to-day operations, compared to 50% of Falcons
The research comes as BizSmart® releases its annual ‘Scale-up Challenge’ report, which provides an in-depth analysis into common growth challenges, together with insight into why a massive 96% of business owners fail to reach seven-figures.
Kevin Brent, founder and managing director of BizSmart®, said: “Although business owners are often told that the recipe for success is simply hard work and persistence, our research has revealed that personality traits have a significant bearing on an individual’s chances of succeeding in building and sustaining a seven-figure business.
“Not having the right people around you – whether in senior staff or in working with like-minded peers – can dramatically impede your ability to grow. This is why it is so important that business owners trying to scale take the time to assess their own personality traits, strengths and weaknesses.
“Not only will it enable them to realise their own ‘gaps’ but it will also inform hiring decisions and ensure they build a cohesive management team who can complement their own skillset.”
Founded in 2012, BizSmart® has established a leading reputation as a business support provider of choice. With a clear mission to help as many business owners on their scaleup journey as possible, the firm has also launched its own Franchise model, which enables Franchisees to deliver its proven support programs to business owners UK wide.