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A study of twins showed how genes help make entrepreneurs.

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FT's Executive MBA Rankings
1. Wharton, U.S.
2. Hong Kong UST, China
3. London Business School, UK
4. Instituto de Empresa, Spain
5. Fuqua, Duke, U.S.
6. Chicago GSB, U.S.
7. Columbia, U.S.
8. Kellogg, U.S.
9. Stern, NY, U.S.
10. Cass, City University, UK
Source: Financial Times 2006

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(CNN) -- Apart from those hoping to climb the corporate ladder, a lot of people sign up to business school with the aim of gaining the necessary skills to one day make millions as the boss of their own company.

However, a new study has some sobering news for them. While education plays a big role, it seems there is another factor helping determine whether or not someone is a successful entrepreneur -- their genes.

The study's authors argue that this apparent genetic propensity towards entrepreneurship could even one day help business schools select the best candidates.

In an innovative joint study project, researchers from two business schools joined with hospital scientists to study hundreds of pairs to twins and determine their relative likelihood to go into business alone.

The study was carried out by researchers from Tanaka Business School, part of London University's Imperial College, and Case Western Reserve University's Weatherhead School of Management in Cleveland, in association with the Twin Research and Genetic Epidemiology Unit at St Thomas' Hospital in London.

The authors studied self-employment among 609 pairs of identical twins, who share all their genetic make-up, and compared it with self-employment among 657 pairs of non-identical same-sex twins, who have 50% of their genes in common.

They found that identical twins were far more similar than the non-identical twin group when it came to starting their own business.

In fact, they concluded that genes accounted for nearly half -- 48% to be precise -- of an individual's propensity to become self-employed, with the rest determined by environmental factors such as home life and education.

"Until now, scholars believed that the tendency to engage in entrepreneurial activity was accounted for by learned individual differences and by being present in an opportunity-rich situation," said Dr Nicos Nicolaou from Tanaka Business School.

"The study challenges our notions of why some people and not others become entrepreneurs, but does not negate the importance of environmental factors, such as education, in influencing the tendency towards entrepreneurship."

But business schools are not useless, he stresses -- presumably a relief to his employers.

While you might have the perfect genetic make-up to become the next Bill Gates or Donald Trump, Nicolaou notes, your actual success in setting up and running your own company depends on the skills and techniques you have picked up, whether from your surroundings or through an MBA.

Selection process

Another of the report's authors argues that business schools and companies could look at genetic make-up when selecting candidates.

"This relatively high heritability suggests the importance of considering genetic factors to explain why some people are entrepreneurial, while others are not," said Professor Tim Spector, director of the Twin Research Unit.

"The research is important for business schools and employers who in the future could identify ways of selecting those who were most likely to succeed," he argued.

"Evidence has shown that genetic factors influence a variety of business-related areas from job satisfaction to vocational interests and work values. But the role of genetic factors in explaining the tendency of people to engage in entrepreneurial activity has not been explored.

"Although entrepreneurs are vital to the economy, as they create wealth and jobs, no-one knows precisely what drives people to become an entrepreneur," Professor Spector said.

"Until now, it has been assumed that the tendency to engage in entrepreneurial activity is explained by learned individual difference or factors relating to a person's situation."

The specific genetic factors that could make someone more entrepreneurial could include a predisposition to being sociable and extroverted, the report argues, characteristics which bring the salesman-like skills needed by many start-up businesses.

However, it did not attempt to pinpoint any particular "millionaire's genes" responsible for this.

Nature or nurture?

Study shows how genes help make entrepreneurs

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Selection process