Personality matters in becoming a successful entrepreneur. Recent studies show that successful entrepreneurs share a number of common personality traits that are the predominant indicators of success, outweighing education, family ties, skill, and experience. Personality itself can be defined through four interacting factors: Dominant versus Accepting, Sociable versus Analytical, Relaxed versus Driving, and Compliant versus Independent. These four factors function on continuums from high to low, so that we can measure how much of each factor every individual has.

While every individual is unique, in practice we can divide personalities into two broad types: "Generalist" and "Specialist." Generalists are more dominant than compliant, while Specialists are the opposite. Generalists are more strategic and results-oriented in their thinking. They enjoy autonomy and independence, and are stronger risk-takers. Their Specialist brethren are more detail-oriented, and prefer being responsible for their areas of expertise. They think more tactically and prefer environments that provide them with both security and stability. Specialists are typically more risk-averse unless they are dealing within an area of their expertise.