Extra chapter - Why Openness is a Key Factor for Successful Entrepreneurs!

Why Openness is a Key Factor for Successful Entrepreneurs!

After our last chapter, we received an interesting question: “How is it that some people seem born to be entrepreneurs and others not? Is there a decisive personality dimension?”

This led us to delve into one of the most fascinating factors behind successful entrepreneurs: Openness!

Studies, including Swedish research on particularly successful entrepreneurs, have shown that this trait can play an important role in promoting innovation, problem-solving, and adaptability.

Openness in research.

Openness is about being open to new ideas, experiences, and perspectives. According to research on the Big Five personality theory, openness is one of the most prominent factors in successful entrepreneurs. It is not only about creativity and curiosity but also about the ability to adapt to new and uncertain situations – crucial for entrepreneurs who constantly face change and uncertainty in their business endeavors.

Most successful entrepreneurs I've met have not only been curious, but they've also had a knack for identifying opportunities where others see challenges. According to research, entrepreneurs tend to have higher levels of openness than the average person, making them more likely to think creatively and seek new solutions to old problems. These results clearly show that openness is not only about thinking creatively but also about being receptive to new ideas and opportunities – a characteristic that is crucial in the dynamic and uncertain environment of entrepreneurship.

Research on the Big Five personality factors

Research on the five major personality factors (Big Five) shows different characteristics that work together in successful entrepreneurs. According to a Swedish study (by Karolina Andersson) that used the NEO PI-3 test, 51 particularly successful entrepreneurs participated. The NEO PI-3 personality test measures personality based on the five personality factors included in the Five-Factor Model: (OCEAN) Openness. Conscientiousness. Extraversion. Agreeableness. Neuroticism.

The results were treated at a group level and revealed the following:

• Extraversion: (62p) The group's highest score. Successful entrepreneurs are active, and outgoing and thrive in social contexts. They seek collaboration and are happy to take on leadership roles, which often benefits their ability to build networks and create relationships that are important to their business. Extroverted individuals are also often driven and energetic, which allows them to stay motivated when faced with difficulties.

• Openness: (60p) The group's second-highest score. Which indicates a willingness to think creatively and seek new solutions. Openness helps them to think outside the box and look for new business models, which is crucial for driving innovation. These results clearly show that openness is not only about thinking creatively but also about being receptive to new ideas and opportunities.

• Conscientiousness: (56p) Higher than average. Successful entrepreneurs are often organized and have a strong work ethic. They tend to be goal-oriented, with an ability to stay focused on long-term goals while managing short-term tasks and uncertainties.

• Agreeableness: (50p) , The group's average score. The results showed that the entrepreneurs were closer to the average in terms of cooperative towards the rest of the population. Entrepreneurs tend to be cooperative but also competitive. They are not afraid to collaborate, but they also have a strong will to achieve success, which can mean that they sometimes prioritize results over consensus.

• Emotional stability (Neuroticism): (43p) The group's lowest score. The entrepreneurs exhibited the lowest levels of neuroticism, indicating a high degree of emotional stability, which can help them deal with stress and uncertainty without losing focus or motivation.

Clear personality traits in elite athletes.

Fascinatingly, similar patterns have also been identified within other high-performing groups, such as elite soccer players. A new study, January 14, 2025 (Decoding the elite soccer player's psychological profile) which examined 328 participants, including 204 elite soccer players from Brazil and Sweden, showed a clear difference in personality between the players and the general population. The elite players were more outgoing, (extroverted) open to new experiences, and conscientious. In contrast, the population was more neurotic and accommodating (agreeableness) than the players.

This result highlights how certain personality traits, such as openness and conscientiousness, can be crucial not only for successful entrepreneurs but also for elite athletes. These traits help individuals both adapt to new challenges and take advantage of new opportunities at a high level, whether it's running a business or winning a championship.

Openness in practice

So, what does it mean to be high on openness? For entrepreneurs, it is about the ability to:

• Identify new opportunities in seemingly chaotic situations.

• Think outside the box and find creative solutions to complex problems.

• Be adaptable and receptive to change.

In addition, openness is one of the qualities that can be trained - at least to a certain extent.

Curiosity and Openness: What Happens If We Practice Being More Open?

Curiosity is one of the most essential qualities for success in entrepreneurship. It's not just about having creative ideas—it's about actively seeking new ways to understand the world and embracing change. Curiosity drives innovation and opens up fresh perspectives. In fact, it’s a trait I’ve seen in nearly all the successful entrepreneurs I’ve worked with. This shared quality not only helps them think outside the box but also makes them more adaptable and resilient when challenges arise. This is a key part of my entrepreneurial philosophy, and it’s something I encourage in my work.

So, can we practice being more curious? Absolutely! A simple yet powerful way is to challenge yourself regularly to:

• Try new things

• Learn new skills

• Embrace new perspectives, even if it means failing along the way

Now, how does curiosity tie into openness? Openness is a broader personality trait—it’s about being receptive to new ideas, experiences, and ways of thinking. It’s the inner drive to learn and evolve. Curiosity acts as the engine for openness; the more we expose ourselves to new experiences, the more curious we become, leading us to explore even more uncharted territories.

By developing both curiosity and openness, we can become more innovative—both as individuals and as entrepreneurs. Openness allows us to challenge old thinking, find new solutions, and adapt to an ever-changing world.

Application of Openness for Success.

In summary, the research shows that extraversion, openness, and goal orientation play a decisive role in entrepreneurs' ability to navigate and benefit from the uncertainty that often characterizes their businesses. It's not just creativity that makes the difference - it's also the ability to be receptive to new ideas and adapt to changes in the outside world. As we see in the personalities of both entrepreneurs and elite athletes, these traits are not only important for success at the individual level, but also for creating sustainable and innovative solutions in complex and dynamic environments.

When we challenge ourselves to be more open not only to ideas but also to face difficulties with a positive attitude, we can develop and increase our chances of success. So, whether you're an entrepreneur or in any other high-performance sector, openness can be the secret key to unlocking your potential and creating the opportunities you seek.

Conscientiousness—the key to getting things done.

It involves a tendency to show self-discipline, act dutifully, and strive to achieve actions against or beyond expectations. It is related to how people control, regulate, and direct their impulses. High scores on conscientiousness indicate a preference for planned rather than spontaneous behavior. Average conscientiousness declines in adolescence and then rises in adulthood until old age. Here we also see that many entrepreneurs with high scores on Conscientiousness are the ones who drive their projects from idea to implementation.

Final Words and Teaser for the Next Chapter Understanding and developing openness is a powerful key to entrepreneurial thinking. In the next chapter, The Role of Mindset, we delve into how the way you think can affect your decisions, resilience, and your ability to grow as an entrepreneur. Make sure not to miss this exploration of mindset and its impact on your entrepreneurial journey.

And until then, why not test your own entrepreneur profile?
Take our test here: EntrepreneurProfileTest.com

Best regards,
Stefan Lindstrom