Self-made millionaires have more people than just themselves to thank for their climb up the entrepreneurial ladder, a new study has revealed.
Researchers say that a joint project between the US and the UK has found that nearly half of an individual’s inclination to become self-employed is due to genetic factors.
Contrary to popular belief, family environment, education and upbringing have little influence on whether a person becomes an entrepreneur or not.
The researchers examined 609 pairs of identical twins alongside 657 pairs of same-sex non-identical twins.
The identical twins have the same genes, whereas their same-sex non-identical counterparts typically share only half.
The researchers wanted to find out whether independent business ownership was more likely among identical twins, even though start-up rates among twins is the same across the general population.
Their test showed that if a pair of twins were identical, then there was a much “greater” chance that both would be self-employed than if they were non-identical same-sex twins.
The finding is important for policy makers, business schools and employers, as it could help identify more accurate methods of focussing on the ‘individuals who are most likely to succeed’, the researchers said.
Professor Tim Spector, director of the Twin Research Unit at St Thomas’ Hospital, explains: “This relatively high heritability suggests the importance of considering genetic factors to explain why some people are entrepreneurial, while others are not.
“Evidence has shown that genetic factors influence a variety of business-related areas from job satisfaction to vocational interests and work values. But the role of genetic factors in explaining the tendency of people to engage in entrepreneurial activity has not been explored.”
He added that until now, it has been assumed that the tendency to engage in entrepreneurial activity is explained by learned individual difference or factors relating to a person’s situation.
The research proposes that there are several ways that genetic factors might influence people’s tendency to become entrepreneurs.
This includes a predisposition to develop traits such as being sociable and extroverted which, in turn, can facilitate skills such as salesmanship which is crucial to entrepreneurial success.
The researchers conceded that while their probe does not pinpoint the specific genes responsible for entrepreneurship, it does enable other studies to proceed to identify them.
Jun 7, 2006
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