Entrepreneurship is a long-distance race: it requires a great deal of passion, effort and commitment. There is also a critical success factor in the whole process: the well-being and emotional state of the entrepreneur. Is it possible to evaluate and enhance the entrepreneurial profile?

Emotionally balanced entrepreneurs are better able to make good decisions, manage stress, anxiety and be able to build solid relationships. The emotional well-being of entrepreneurs is a fundamental ingredient for the success of the company, the team and the entrepreneur himself. Entrepreneurship is not only a matter of economic growth, it is a matter of personal transformation.

Are entrepreneurs born or made?

In the discussion about whether leaders or entrepreneurs are born or made, there is a clear question: there is a combination of genetic and social factors at play. There is a part of the personality that is influenced by genetic factors, but there is also a part that can be developed through experience, learning and the development of competencies in relation to the entrepreneurial profile.

As pointed out by Javier García Manzanedo, an expert in the psychology of entrepreneurship: “Entrepreneurs are made, without a doubt. There is a genetic part and a social part. If the person has seen entrepreneurship in his or her environment, he or she tends to… but you learn, you learn to be an entrepreneur”. As research shows, personality plays a key role in innovation and entrepreneurship.

Athletes of a marathon, athletes of their own business

Entrepreneurship is a challenging activity, with a high level of commitment, stress, investment in time, dedication, effort, money… the price of being an elite athlete is comparable to the price of founding and running a new company.

Entrepreneurs face a wide range of challenges, from financial uncertainty, negotiation with investors to possible rejection by customers. Economic challenges are in turn accompanied by their own life and personal challenges – from mental and emotional balance; challenges as important, if not more so, as formulating a business plan or obtaining financing. What is at stake is not only money, it is the person.

It is essential to look at the complex emotional functioning of entrepreneurs and to be able to provide them with the necessary tools to create healthier contexts, both financially and emotionally. Two factors, in fact, inseparable.

Relevance of the human factor

Defining a business plan, assessing its viability, creating a market niche, managing marketing, financing and investment strategies… all these technical skills are essential for entrepreneurship. At the same time, socioemotional skills (SES) play a vital role in achieving success, a success achieved from personal and business satisfaction, that is, learning to leave your skin in the game, without leaving anyone behind.e

There is a high percentage of startups that fail due to the human factor, hence the profile of an entrepreneurial person must have tolerance to stress, risk, have autonomy in decision-making, be self-sufficient, at the same time know how to listen, know how to advise, learn to locate success or failure in the decisions taken and not in luck, etc.

But is it possible to evaluate, measure and even enhance the psychological characteristics that define an entrepreneurial profile? Because if we are able to evaluate and measure the personality of the entrepreneur we will be able to predict possible future failures or successes, we will be able to develop the psychological areas likely to become obstacles, we will be able to enhance the talents and strengthen skills, create a growth plan, support and training focused on their entrepreneurial profile. In short, we will be able to predict and optimize the success or failure of the project, because by empowering the person, we optimize the company. By fostering a “healthy mens” we will guarantee a prosperous business.

Evaluation of the entrepreneurial profile. Psychology of entrepreneurship.

From Human AI – making available the technology of artificial intelligence and the knowledge of psycholinguistics – we prepared a report with the most impactful competencies for the entrepreneurial profile: open-mindedness, intellectual curiosity, cooperation, boldness, self-confidence, assertiveness or cordiality, among others.

The report is based on two sources. On the one hand, a scientific evidence research has been carried out to evaluate the impact of socioemotional competencies (SES) on the entrepreneurial personality based on the OCEAN personality model. On the other hand, the assessment of the competencies is collected through a survey of 40 experts with experience in the world of entrepreneurship – entrepreneurs, businessmen, consultants, investors and academics – in which, based on their knowledge and experience, they have ranked them in order of importance for a person to develop an entrepreneurial profile. From both sources – scientific evidence and experts – they have established the groupings of competencies in order of importance: critical, relevant or necessary competencies. 

Thus, an ideal entrepreneurial profile will score high or very high (in green) all those belonging to the “OCEA”, i.e. the big four: Openness to experience, Conscientiousness, Extraversion, Agreeableness . On the other hand, those related to emotional dysregulation (Neuroticism), as they are inverse, will score low or very low.