In the fast-paced world of business, entrepreneurs are often praised for making bold decisions, taking risks and seizing opportunities before their competitors. But new research suggests that knowing when to wait could be just as important as knowing when to act. Patience, it turns out, may be one of the most valuable qualities an entrepreneur can possess.
A study from the University of Bath’s School of Management found that patient individuals were not only more likely to become entrepreneurs but also tended to earn considerably more once they started their businesses. Analysing data from more than 21,000 UK employees between 2009 and 2023, researchers discovered that the most patient individuals were approximately 50% more likely to enter entrepreneurship than the most impatient.
The financial rewards were equally striking. Among those who became business owners, the most patient entrepreneurs earned around 40% more than their least patient counterparts. Published in Small Business Economics, the findings suggest that patience can provide a competitive advantage throughout the entrepreneurial journey, from identifying opportunities to building a successful business.
“Entrepreneurship is often portrayed as being about acting quickly and seizing opportunities. While decisiveness matters, our research suggests that patience really is a virtue for entrepreneurs,” said Professor Chris Dawson, a behavioural economist at the University of Bath. He explained that successful entrepreneurs may devote more time to finding promising opportunities and making investments whose returns take years to materialise.
Why does patience matter so much? Researchers suggest that impatient individuals may rush into business ventures without adequately exploring their options. Rather than spending time gathering information, evaluating risks and preparing for future challenges, they may settle for the first available opportunity, even when better prospects could emerge later.
The study also found that a substantial increase in impatience was associated with a roughly 10% reduction in the likelihood of becoming a business owner, relative to the average entry rate. For those who did launch businesses, greater impatience was linked to lower earnings. Dawson noted that searching, planning and investing require immediate effort, while the benefits often arrive much later.
The research drew on the UK Household Longitudinal Study, which tracks individuals and families over time. Researchers examined entrepreneurial ambitions, transitions into business ownership and subsequent earnings, while accounting for factors including age, sex, previous income and attitudes towards risk. Impatience was assessed using a validated psychological measure of delayed gratification.
The findings could have important implications for entrepreneurship education, business incubators and support programmes. Encouraging aspiring business owners to think long term, carefully evaluate opportunities and resist the temptation of immediate rewards may help them avoid costly mistakes. Although patience alone cannot guarantee success, the research suggests that entrepreneurs who are willing to wait, prepare and invest in the future may ultimately have more to gain.
More information: Virgilio Failla et al, Impatience and entrepreneurship, Small Business Economics. DOI: 10.1007/s11187-026-01285-6
Journal information: Small Business Economics Provided by University of Bath