What kind of entrepreneur are you?
What kind of entrepreneur are you?
Entrepreneurs come in all shapes and sizes, but according to new research by Virgin Money more than a third of British business founders describe themselves as introverts – compared to just 15% who said they are an all-out extrovert.
The research, which is part of Virgin Money’s ‘Upstart’ campaign, found that entrepreneurs are somewhat misunderstood. Although the general public thinks the top qualities required to be a successful entrepreneur are confidence, drive and creativity, these weren’t among the top qualities that small business owners identified in themselves. Instead, entrepreneurs said that their top characteristics were thoughtfulness, flexibility and consideration.
The gap between perception and reality suggests that there’s still some work to do to encourage people to believe that they can go it alone and become an Upstart.
The research also identified seven entrepreneurial tribes that make up the UK start-up scene. Which one do you belong to?
Lone wolves have a clear vision for their business. They make up a third of UK entrepreneurs and they know that they can achieve their ambitions on their own.
17% of British business founders make up the Specialists tribe. They have a sought-after skillset and know that their business can deliver.
Humble Heroes aren’t interested in the spotlight. They’d much rather be the puppet master, making things happen than become the face of the business. 16% of British business owners are Humble Heroes.
The innovators of the tribes, Originals have something inherently different to stand out in the market. They account for 12% of British entrepreneurs.
We all know the stereotype of the cheeky chancer entrepreneur. They spot an opportunity and take advantage of it. 9% of UK business founders are Chancers, they don’t necessarily have everything mapped out – but that means that they’re ready to pivot at a moment’s notice.
Sometimes a business is born out of a lightbulb moment. The Winging-It ones fall into this group. They’re still figuring out the day-to-day realities of running a business, but they’re getting there. 8% of UK business owners are part of the Winging-It Ones tribe.
Despite the popularity of the side-hustle, just 6% of UK entrepreneurs are hustlers. They know that life is busy, but they just can’t resist getting stuck into more projects.
What all of these tribes have in common though is a belief in themselves and a tenacious attitude. Most respondents (88%) to Virgin Money’s survey said that they believed in their own skills to be successful, and four in five said that the key to success is grabbing every opportunity that arises.
Graeme Sands, Interim Head of Business Banking at Virgin Money said: “You don’t need to be loud or outgoing to launch and run a successful business. The UK start-up scene is made up of a diverse range of talented and spirited individuals. Some of our nation’s most successful entrepreneurs are self-confessed introverts – so no one should ever feel like they have to hold certain characteristics to be a powerful force in business.”
Virgin Money has recently launched its brand new business bank account, which is perfect for entrepreneurs. The M Account for Business comes with no monthly fee and free digital transactions to put Upstarts back in control. It’s designed for entrepreneurs, start-ups and small businesses with an annual turnover of less than £1 million, and it’s a digital-first account so people can access their business’ finances online however they like, and wherever they are.
Visit Virgin Money to find out more.