People with higher levels of patience are more likely to become entrepreneurs and earn more once they do, according to new research from the University of Bath’s School of Management.
Analysing data from more than 21,000 UK employees between 2009 and 2023, the researchers found that the most patient individuals were approximately 50% more likely to move into entrepreneurship than the most impatient.
Those who became business owners also earned substantially more than their less patient counterparts. Entrepreneurs who scored higher for patience earned around 40% more than the most impatient business owners.
The findings, published in Small Business Economics , challenge a common finding in entrepreneurship research that the same traits that encourage people to start businesses, such as risk-taking and optimism, often undermine their performance later. Instead, patience appears to benefit entrepreneurs at every stage of the journey.
Professor Chris Dawson , behavioural economist at the University of Bath, said: “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.
“The most successful entrepreneurs may take more time and effort to identify the right opportunities and may be more willing to make early financial investments when the benefits might not materialise for years.”
The researchers say impatience influences entrepreneurship in several ways. More impatient people tend to spend less time searching for business opportunities and are more likely to act on the first opportunity rather than waiting for a better one.
The study found that a significant increase in impatience reduced the likelihood of becoming a business owner by around 10% relative to the average entry rate. Among those who did start businesses, higher impatience was associated with significantly lower earnings.
“Impatient people often want to act now rather than continue searching or planning. Much like financial investments, these activities have immediate costs and delayed benefits – activities not suited to the impatient. This can mean having fewer high-quality options to choose from, pushing people into accepting lower-quality opportunities that a more patient person would reject,” said Professor Dawson.
“In business, waiting a little longer for better opportunities to arise, gathering more information and investing more effort in preparation can make a substantial difference to outcomes.”
The study draws on data from the UK Household Longitudinal Study , a major UK research study that follows the same individuals and families over time to see how their lives and circumstances change. It collects information on areas including work, income, education, health and wellbeing, family life and social circumstances.
The researchers examined entrepreneurial aspirations, transitions into business ownership and subsequent earnings, while accounting for factors such as age, sex, prior earnings and risk preferences. They measured impatience using a validated psychological scale of delayed gratification.
The findings have implications for business support programmes, incubators and entrepreneurship education. The researchers suggest that helping aspiring entrepreneurs adopt a more long-term mindset could reduce costly mistakes and improve business outcomes.
Impatience and Entrepreneurship is published in Small Business Economics at: Impatience and entrepreneurship | Small Business Economics | Springer Nature Link
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For more information, or to set up an interview, contact Alison Jones, University of Bath Press Office at aj250@bath.ac.uk or +44 7966 341322.
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Small Business Economics
Data/statistical analysis
People
Impatience and entrepreneurship
26-Sep-2026