High-growth entrepreneurs, whether they are running big or small firms, have a group of common challenges they must address, according to a new white paper.

The issue is a key one for wealth managers, as understanding entrepreneurs’ mindset is a way of forming links with wealth creators.

The report, released by Credit Suisse and Dr Helena Yli-Renko, associate professor of entrepreneurship at the Lloyd Greif Center for Entrepreneurial Studies at the University of Southern California, finds that high-growth entrepreneurs must address challenges related to: people, financial resources, business networks and environment jolts. Furthermore, using an individual case-study approach, it finds that these individuals have common ways of dealing with these challenges.

When it comes to dealing with people, “the popular conception of entrepreneurs is that they are lone wolves — fiercely independent individuals seeking to forge their own paths,” Credit Suisse says. However, successful entrepreneurs actually tend to be humble and collaborative, skilled in communicating their vision and getting others to help them, according to the findings.

They accord to the “there is no I in team” principle, says Credit Suisse, and are persistent but, crucially, not “bull-headed”.

When it comes to tapping financial resources, high-growth entrepreneurs are “extremely resourceful when it comes to capitalizing their growth,” the report says, and will often turn to unconventional means. In this sense, they live by the “bird in the hand” principle.

Meanwhile, entrepreneurial business networks are multi-dimensional, encompassing friends, family advisors, customer, suppliers and even competitors. These ecosystems provide the necessary “checks and balances” for entrepreneurs to adjust their personal approach and business model, using the “it takes a village” principle, the report says.

Operating a business will always be subject to unexpected, external shocks, and dealing with this is a pre-requisite for a high-growth entrepreneur. Because of this, these individuals have a “little engine that could” mindset, says Credit Suisse, with little fear of failure, and excelling when there is an opportunity to turn the unexpected into the profitable.

Finally, the most “surprising” finding of the report, the authors said, was that entrepreneurs running smaller businesses did not see large rivals as threats but as “motivating forces.”

The report is available here.