The UK is a nation of introverts, according to a new study
One-third of the entrepreneurs surveyed describe themselves as an introvert, compared with just 15% who said they were a total extrovert. The findings are part of Virgin Money’s celebration of ‘Startups’ – people who took the leap and set up their own businesses.
The study also revealed seven entrepreneurial tribes to showcase the rich and talented example of the UK startup scene. The tribes include the lone wolves, the pros, the humble heroes, the primitives, the hapless, the seeker and the hustler.
Businessmen misunderstood
The top personality traits among 1,000 real-life small business owners and entrepreneurs surveyed across the UK were thoughtfulness, flexibility and consideration – qualities that often go hand-in-hand with personality types more introspective.
This is in stark contrast to the public perception of what an entrepreneur should be. A poll of 2,000 UK consumers discovered the belief that the top qualities needed to run your own business are confidence, competence and creativity. This gap between perception and reality shows that there is still much work to be done to encourage more people to believe they can go it alone and become a ‘Starter’.
Graeme Sands, Interim Director of Corporate Banking at Virgin Money “You don’t have to be fussy or overzealous to start and run a successful business,” says the person who commissioned the study. The UK startup scene is made up of so many talented and motivated individuals. Some of our nation’s most successful entrepreneurs are self-proclaimed introverts – so no one should feel like they have to have certain traits to be a powerful force in business. “.
The Seven Tribes Begin
There is no one right scale to be a successful upstart. Virgin Money’s research assessed the work styles and motivations of entrepreneurs to identify seven different types of Startups:
1) Lone wolves (33%): Have a clear vision and know they can achieve their ambitions independently
2) Professionals (17%): Have a sought-after skill set and know they can deliver
3) Humble Heroes (16%).
4) Original (12%): Offer something inherently different to stand out in the market
5) Lucky people (9%): No need to map everything but can turn it around in an instant
6) Prosperous people (8%): Had a bright business moment but still finding the time every day
7) The hustlers (6%): Life is busy, but they can’t resist getting caught up in more projects
What all these tribes have in common is self-belief and tenacity. The majority of respondents (88%) said they believe in their own skills to succeed and 4/5 (81%) say that the key to success is seizing every opportunity that comes their way.
Emmanuel Asuquo, small business owner and financial advisor to various entrepreneurs, commented: “We need to celebrate and support all types of Entrepreneurship – whether it be direct, outgoing, adaptive. or analyze. Just because people don’t like the limelight doesn’t mean they don’t exist, or that they don’t do excellent work.
“If people can see and hear many examples of entrepreneurs from different backgrounds and backgrounds, they are more likely to believe they can do it for themselves. This could be the key to unlocking more invention and innovation in the UK startup scene. We want budding entrepreneurs to look at these tribes and feel they can belong.”
The research comes as Virgin Money launches a new business checking account for Upstarts to build their business. M Account for Business has no monthly fees and free digital transactions to control the Restart process. The account is designed for entrepreneurs, startups and small businesses with an annual turnover of less than £1 million and is a top priority digital account so anyone can access the account their business online any way they want and anywhere.
