Unlocking Success In Teams: A New Evidence-Based Approach

Hewlett Packard founders William Hewlett (L) & David Packard (R), the iconic duo behind . . .

[+] Hewlett-Packard. Their unique partnership – combining Hewlett’s technical genius and introspective nature with Packard’s charismatic leadership and business savvy – laid the foundation for what would become a cornerstone of Silicon Valley’s innovative spirit. (Photo by Jon Brenneis/Getty Images) How Personality Diversity In Teams Mirrors A Successful Marriage Schopenhauer, the renowned 18th Century philosopher, once proposed a fascinating theory about successful marriages: opposites attract.

The idea is that partners with complementary personality strengths and weaknesses come together to form a stronger whole. In a similar way but in a different domain, evidence large-scale global study illustrating the power and potential of personality diversity in teams. This new research , led by a collaboration between Oxford University, Melbourne, UTS, and UNSW, focused on startups but its principles and findings are likely to be equally applicable to any multifunction team within an organization, including boards of directors, project teams, and innovation teams.

The study used a multifactor approach to analyze the success of over 21,000 startups worldwide and uncover what factors were most important in their success. The study included many well-known startups that have gone on to become huge companies like Airbnb (San Francisco, CA), Spotify (Stockholm, Sweden); Atlassian (Sydney, Australia) as well as many others that have since folded. A groundbreaking machine learning study analyzing over 21,000 startups worldwide, showcasing the .

. . [+] intricate relationships and variations among six distinct personality types of startup founders.

The study found that specific combinations of these personality traits can enhance a startup’s success probability by as much as tenfold, highlighting the critical role of founder dynamics in entrepreneurial ventures. The research used machine learning to infer the Big5 personality features of over 30,000 startup founders in 30 dimensions from their posts on twitter – a process that has been shown in other research to be as accurate as spousal assessments and found that the personality of founders trumped many of the other factors in terms of its relationship to success. However, what made the most difference of all was the combination of personalities in the foundation team.

Teams comprising founders with a combination of different patterns of personality traits were up to ten times more likely to succeed. Take the example of Airbnb. The founding team of Brian Chesky, Joe Gebbia, and Nathan Blecharczyk combined diverse personality traits – Chesky’s visionary leadership, Gebbia’s creative problem-solving, and Blecharczyk’s technical expertise.

This diversity was key to Airbnb’s ability to innovate and disrupt the hospitality industry. Brian Chesky, Joe Gebbia, and Nate Blecharczyk, co-founders of Airbnb, engaging in a lively Q&A . .

. [+] session at the Los Angeles Theatre during Airbnb Open LA – Day 3 on November 19, 2016. Their unique blend of creativity, technological insight, and entrepreneurial spirit has not only transformed the hospitality industry but also serves as a prime example of how diverse founder personalities contribute to startup success.

Complementary personalities among co-founders have often been a key driving force behind some of the most successful companies in history. This synergy of traits and skills has proven essential in building dynamic and resilient businesses. While this new research focused on startups, the principles and findings are likely to be equally applicable to any multifunction team within an organization, including boards of directors, project teams, and innovation teams.

For instance, a board of directors might benefit from a mix of strategic thinkers, detail-oriented implementers, and big-picture visionaries. Forming diverse teams is not without its challenges. Differences in personality can lead to conflict and misunderstanding.

However, with effective communication and conflict resolution strategies, these challenges can be overcome. It’s also important to foster a culture of respect and appreciation for different perspectives. Industry experts and psychologists have long emphasized the importance of diversity in teams.

According to Dr. Meredith Belbin, a British researcher and management theorist known for his work on team roles, “What is needed is not well-balanced individuals, but individuals who balance well with each other. ” Indeed, the concept of diverse teams is not new and has been beautifully illustrated in popular culture.

Consider the heist movie trope, where each member of the team is introduced with a specific skill and a distinct personality. This diversity is key to the team’s success. Take the example of the Ocean’s movie franchise.

The team, led by George Clooney’s character Danny Ocean, is composed of individuals with unique skills and personalities. Rusty Ryan (Brad Pitt) is the right-hand man and a con artist, Linus Caldwell (Matt Damon) is a pickpocket, Basher Tarr (Don Cheadle) is an explosives expert, and so on. Each member brings something unique to the table, and it’s their combined skills and personalities that enable them to pull off the heist.

Matt Damon, George Clooney, and Brad Pitt at the Cannes Film Festival premiere of ‘Ocean’s Thirteen’ . . .

[+] on May 24, 2007. Much like their characters in the film, these actors embody a synergy of diverse talents and charisma, reminiscent of the dynamic ensemble in startups, where each character’s unique skills and personalities are pivotal to success. This trope underscores the importance of personality diversity in teams.

Each member’s unique skills and personality traits contribute to the team’s overall success, much like the findings of our research. As we move forward, it’s crucial to remember this lesson, whether we’re assembling a team for a startup, a corporate project, or even a heist! As we step into the New Year, these findings offer a fresh perspective on team formation and success. It’s not just about assembling a group of high achievers, but about finding the right mix of personalities that can work together to create something greater than the sum of its parts.

This new research shows that personality diversity is a key factor in the success of startups and other teams. By forming teams with members who have different strengths and weaknesses, teams can leverage their collective potential and overcome their individual limitations. However, personality diversity also poses some challenges, such as conflict and misunderstanding.

Therefore, teams should also develop effective communication and conflict resolution skills, as well as a culture of respect and appreciation for different perspectives. How can you apply these insights to your own team? What are the benefits and challenges of personality diversity in your context?.