Strategy / Planning
Startup Founder
Overview
A startup founder is an entrepreneur who starts and runs a new business venture. They develop a business plan, secure funding, hire staff, and oversee all aspects of the business. They also make strategic decisions, identify new market opportunities, and manage business risks.
To succeed as a startup founder, one needs a combination of business acumen, technical expertise, and entrepreneurial skills. Some of the tasks involved in starting and running a new business venture include developing a business plan, raising capital, building a team, conducting market research, developing and refining a product or service, and marketing and selling the product or service to customers.
Startup founders must also be willing to take calculated risks and be comfortable with uncertainty, as launching a new business is often fraught with challenges and setbacks. They must be able to adapt quickly to changing market conditions and customer needs, and be willing to pivot their business strategy if necessary.
Common tasks
| Task | Related trait(s) |
|---|---|
| Researching the market to identify needs | Curiosity Resilience Drive for results Open mindedness |
| Developing business plans | Passion and Perseverance Resilience Open mindedness Decision making |
| Hiring and training a business team | Humility Integrity and Fairness |
| Finding and allocating company resources | Building effective teams Integrity and Fairness |
| Developing and maintaining positive relationships with investors | Humility Receptive to feedback Drive for results Accountability |
| Conducting research to improve products and services | Passion and Perseverance Curiosity Drive for results |
| Monitoring the performance of the company including staff and product performance | Humility Receptive to feedback |
| Making key business decisions | Decisiveness Decision making Drive for results Accountability |
| Building and maintaining the startup’s reputation | Passion and Perseverance Receptive to feedback Discipline Drive for results Accountability |
Soft skills measured by TraitForward
| Trait | No of Questions | Cronbach’s alpha (α) | |
|---|---|---|---|
| Passion and Perseverance | 6 | 0.76 | |
| Are they passionate and persistent? | |||
| Curiosity | 8 | 0.71 | |
| Are they curious and inquisitive? | |||
| Humility | 8 | 0.70 | |
| Are they humble and down-to-earth? | |||
| Decisiveness | 5 | 0.70 | |
| Can they make timely decisions, even under uncertain or ambiguous situations? | |||
| Decision making | 9 | 0.72 | |
| Are they effective decision makers? | |||
| Receptive to feedback | 8 | 0.71 | |
| Can they receive feedback positively and derive value from it? | |||
| Building effective teams | 5 | 0.72 | |
| Can they build and manage effective teams? | |||
| Integrity and Fairness | 10 | 0.71 | |
| Do they live up to principles? | |||
| Resilience | 8 | 0.70 | |
| Can they live with some degree of uncertainty and adversity? | |||
| Discipline | 5 | 0.73 | |
| Can they manage themselves? | |||
| People skills | 7 | 0.74 | |
| Do they interact with others effectively? | |||
| Open mindedness | 9 | 0.74 | |
| Do they welcome new ideas and new ways of seeing things? | |||
| Drive for results | 8 | 0.71 | |
| Are they result-driven? | |||
| Accountability | 6 | 0.72 | |
| Do they take personal responsibility and ownership of “what” and “how” is accomplished? | |||
| Learning Agility | 8 | 0.72 | |
| Do they have a learning mindset? | |||
| Coachability | 41 | 0.79 | |
| Are they willing and open to improve on a personal level? | |||
Did you Know?
Source: US Department of Labor – Bureau of Labor Statistics
Median wage:
$140,000 / per year
$67 / hour
The median annual wage for this profession is $140,000. Nonetheless several professionals may not be paid in that rate. A relatively low salary the 10th percentile of the annual wage is $10,000 whilst a relatively high salary, the 90th percentile of the annual wage is $325,000.
Entry Education level:
To become a successful startup founder, one typically needs a strong background in business and/or technology, as well as experience working in a startup environment. Many successful startup founders also have a network of mentors, advisors, and investors who can provide guidance and support as they build and grow their businesses. Additionally, continuing education and training in business strategy, marketing, and entrepreneurship can be helpful for staying up-to-date with industry trends and best practices.
Find out the psychometric properties for the Startup Founder Traitforward questionnaire