There is a common misconception that only extroverts can be successful business owners. However, research has shown that the majority of successful entrepreneurs around the world today are actually introverts. This is because introversion brings with it a number of different benefits. Introverts tend to listen more than they talk, which is great for collecting feedback and understanding customers.
In addition, entrepreneurs on the introverted side of the personality spectrum tend to be more independent and comfortable working alone, which is usually necessary in the early days of setting up a business. The UK is a nation of introverted entrepreneurs, according to new research. One-third (36%) of entrepreneurs surveyed described themselves as introverts, compared to only 15% who said they were all-out extroverts. The findings are part of Virgin Money's campaign to celebrate the “Upstarts”, the people who have taken the leap and launched a business on their own. Although introverts are more likely to be successful entrepreneurs, there are still a greater number of extroverted entrepreneurs. Outwardly confident, eye-catching and articulate, the extroverted entrepreneur finds it easy to convince people to buy his business, and he is a networking expert.
They'll probably find things a lot easier, especially in the start-up phase, where it's important that both you and the people you employ believe relentlessly in what you're doing. It is possible for an introvert to succeed as an entrepreneur, even though he can't expect to start and build a business alone. You must establish business relationships with partners, team members, investors and customers. If you can't make a decision without having a full and clear view of the circumstances, you might not make it as an entrepreneur. Similarly, successful entrepreneurs delay immediate gratification for the sake of a goal that may be a long way down the road. The key is to play the hand you are dealt so that you can thrive as an entrepreneur in an unpredictable environment.
Unlike those who require the security (real or imaginary) of a full-time job, successful entrepreneurs have a greater fear of getting stuck in their comfort zones and not reaching their potential. As an introverted entrepreneur, you can apply Grant's findings to your own business by encouraging employees to talk and make suggestions. The account has been designed for entrepreneurs, start-ups and small businesses with an annual turnover of less than £1 million, and is digital-first so that people can access their online business account however they want and wherever they are. Not all entrepreneurs have personalities that exude optimism, but they all possess it deep down, largely because of this ability for detached and tenacious experimentation. So what about entrepreneurship? Both introverts and extroverts can be business owners, but how is each different in their approach? What are its strengths and weaknesses? Entrepreneurs can't be innovative or successful without taking business risks, so practice the discipline of stretching your personality, as well as business rules, on a regular basis. Entrepreneurship requires getting used to operating in uncharted territory, with little first-hand experience to deal with a new situation. In addition to being excellent listeners, introverted entrepreneurs are always looking for the best solutions. They understand that taking risks is necessary for success but also know when it's time to take a step back and reassess their options.
Extroverted entrepreneurs may be more outgoing and confident in their abilities but they may also be more likely to take unnecessary risks or become too attached to their ideas. It's clear that both introverts and extroverts have something unique to offer when it comes to entrepreneurship. The key is finding out which type best suits your personality and goals so that you can make the most out of your entrepreneurial journey.