Entrepreneurs come in all shapes and sizes, but it turns out that the most successful ones can be grouped into six different personality profiles with certain traits in common.
This is according to the Founder Institute, a launch program for startups, which has worked with top social scientists to test over 30,000 entrepreneurs in correlating their working styles with the real-world results of thousands of companies.
See whether you fit the profile of a Visionary, Hustler, or Strategist below:
Breaking down these types of entrepreneurs further:
The Hustler is an enthusiastic go-getter who can sell just about anything. They are supremely confident and conscientious and won’t let anything stand in their way.
Always forward-thinking and adventurous, the innovator constantly seeks to challenge old ideas, and find new and unconventional ones.
The Machine simply gets things done. Equipped with an aptitude for solving problems and a high level of efficiency, they always deliver quality, quickly.
The Prodigy is blessed with an inborn business sense and instinct. Natural intellect, a stoic demeanor, and strong social skills help guide them to success.
A creative and tactical thinker, the Strategist is always calculating a game plan. Their habit of long-term thinking leads to success.
Visionaries combine new and innovative ideas with the drive and enthusiasm needed to rally the masses behind them.
While these six types of entrepreneurs are obviously very different in many ways, the one commonality is the ability to find success through a leadership style that is a unique fit for both the entrepreneur and the business.
That’s why Oprah Winfrey’s empire could not be built by Steve Jobs, and Bill Gates’ Microsoft could not be built by Zig Ziglar.
Which type of entrepreneur are you?
Original graphic by: Founder Institute
The Habits of Highly Effective Leaders
This infographic delves into what it takes to become an effective leader, and how those qualities can impact a company—beyond employee satisfaction.
How Strong Leadership Impacts the Bottom Line
Organizations of all shapes and sizes are under immense pressure to retain good talent.
High employee turnover can directly impact a company’s bottom line—with many studies suggesting poor leadership is one of the main causes.
Today’s infographic from Online PhD Degrees explores what it takes to be an strong leader, and the behaviors of poor leaders that should be avoided at all costs.
In today’s rapidly changing world, how can the qualities of a strong leader positively shape a company’s future?
The Benefits of Investing in Leadership
Effective leadership is worth its weight in gold, with 58% of employees claiming they would choose having a great boss over a higher salary.
Not only that, 94% of employees with great bosses feel passionate about their jobーnearly twice as many as those working for a bad boss. A strong leader increases employee loyalty, creating a conducive environment for reaching a company’s goals.
In fact, research shows that companies with strong leaders are crucial when it comes to outperforming industry competitors and are three times more prepared to react to the speed of change. Moreover, a company with a strong leader is almost five times more likely to have higher customer engagement and retention rates.
How to Lead Effectively
While each company has its own processes and demands different skill sets, there are core behaviors that separate leaders from managers:
- Clear Purpose: Clearly articulating the company’s future vision to all levels of staff in a clear and concise way.
- Contagious Passion: While managers light fires under people to motivate them, leaders light fires in people.
- Self-Accountability: The expectation to work harder than employees and set a standard of excellence.
- Flexible Determination: Leaders are agile and open to change.
- Sustainable Outlook: Focusing on long-term goals proves to a team that a leader is invested in the long-haul.
- Dual Focus: Beyond thinking big picture, leaders provide employees with a clear and actionable strategy for success.
Effective leaders are born from this combination of behaviors. However, one of them has the farthest-reaching impact, both on employees and a company’s bottom line: purpose.
Purpose and Performance
The Global Leadership Forecast finds that a strong and well-executed purpose can build organizational resilience and improve long-term financial performance.
Leaders who amplify an organization’s purpose create a culture of optimism where employees feel safe in proposing new ideas that will shape the trajectory of a company.
The Future of Leadership
To stay competitive, continuous learning and re-skilling should be at the heart of every organization’s leadership strategy. Leaders of the future should possess the ability to redesign jobs in a more fluid way and lean in to the changing nature of work.
“If we don’t disrupt our business, somebody else is going to do it for us.”
While management is a foundational skill, organizations need to invest in their leaders to ensure constant growth. Embracing the traits of an effective leader can not only provide improved returns—it also empowers organizations to thrive in an uncertain future.
Ranked: The 20 Easiest Countries for Doing Business
Entrepreneurship is challenging at the best of times. Here are the countries where at least starting a new business is easy to do.
Ranked: The 20 Easiest Countries for Doing Business
Contrary to popular belief, the hardest part about running a business may not be finding customers, it’s getting one started.
Depending on the public policies and application processes of your country, you might struggle or succeed in opening and operating a business.
If you live in New Zealand, for example, you can get a new enterprise up and running in half a day. If you live in Luxembourg or Argentina, however, it’s a different story─with the process sometimes taking over a year.
Today’s chart uses data from the World Bank’s annual Doing Business 2020 report, which delves into the ease of doing business in countries around the world.
Measuring the Ease of Doing Business
Now in its 17th year, the Doing Business (DB) report measures how easy it is for someone to start and run a company in an economy, using 12 key factors throughout a business lifecycle:
- Starting a business
- Employing workers
- Dealing with construction permits
- Getting electricity
- Registering property
- Getting credit
- Protecting minority investors
- Paying taxes
- Trading across borders
- Contracting with the government
- Enforcing contracts
- Resolving insolvency
Of the 190 countries reviewed last year, only 115 made it easier for entrepreneurs to do business.
Note to readers: this year’s DB score did not factor in Employing Workers or Contracting with the Government when ranking economies.
Top 20 Easiest Countries to Run a Business
|#1||🇳🇿 New Zealand||86.8|
|#3||🇭🇰 Hong Kong||85.3|
|#5||🇰🇷 South Korea||84|
|#6||🇺🇸 United States||84|
|#8||🇬🇧 United Kingdom||83.5|
|#16||🇦🇪 United Arab Emirates||80.9|
|#17||🇲🇰 North Macedonia||80.7|
In the top spot for the fourth year in a row, New Zealand only requires half a day to start a business. Singapore also stands out for having the shortest timeframe when it comes to paying business taxes and enforcing business contracts.
Only two African nations─Rwanda and Mauritius─are listed in the top 50 countries, with Mauritius being the only one to crack the top 20 list.
Latin American economies are noticeably missing from the rankings, as many countries in this region are fraught with bureaucracy and prolonged processes.
Most Improved Scores
Several developed and developing economies made significant strides in 2019 to implement reforms that opened doors for new business owners.
The Doing Business 2020 report shows that the cost of starting a business has fallen over time, particularly in developing economies.
Top 10 Most Improved Economies, 2018-2019
Saudi Arabia made the greatest improvement overall, adding 7.7 points to its score.
Bahrain also made improvements over the most number of factors (9). While Jordan showed improvement in the fewest factors (3), it showed the second highest jump in DB Score.
Gains Among Low-Income Countries
The DB 2020 study also shows that developing economies are making progress: it’s now cheaper than ever before to run a business in developing economies.
However, a significant disparity still remains when we consider the difference in business costs between high-income and low-income economies.
An entrepreneur starting a company in a low-income economy will spend about 50% of per capita income (PCI) to launch a venture, whereas an entrepreneur in a high-income economy spends only 4% PCI to accomplish the same task.
Put another way, entrepreneurs located in the bottom 50 economies spend an average six times more to open a new company as those in a high-income economy.
Entrepreneurship and Economic Growth
Generally, more entrepreneurs will enter a market where they can easily conduct business─adding more value to local economies.
While the rankings clearly illustrate the link between ease of doing business and economic growth, there are still significant barriers in place that not only deter entrepreneurship but also inhibit a relatively simple strategy for growth.
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