I require: 1 pager (single spaced – NO REFERENCE) that reflects on the following:
your desire (or not) to be an entrepreneur or more entrepreneurial AND your current capabilities (areas of strength, where there’s room for improvement) to pursue entrepreneurial endeavours.
Strengths and weaknesses mentioned toward the end of the document were taken from: https://www.16personalities.com/estp-strengths-and-weaknesses
These are entrepreneurs who are driven by a greater purpose, usually to change the world in some way. Social impact entrepreneurs usually fit into this archetype, but so do those who use technology or some proprietary intellectual property to do really big things. On the social impact end of things, Muhammad Yunus, founder of Grameen Bank and creator of micro-credit and micro-finance would be a member of this archetype.
These entrepreneurs value creativity and originality. They can conjure up and create products or services that can be breakthroughs in the industry. They are found in a variety of industries, from the arts, to tech, to food, innovation and new designs and concepts are brought to fruition. One might put Fred Smith, the founder of FedEx into this category, given the use of his own PhD research to optimize logistics in the parcel business. Elon Musk, founder of Tesla and SpaceX (to name but a few), would certainly fit here as well.
These entrepreneurs are quick to spot a new innovation or business model. They seek to simply replicate and perhaps marginally improve a “hot” new business. You can think of the founders of Endy, who brought to Canada a version of the very successful Casper “online mattress” business. These entrepreneurs love spotting new and working business models, replicating them quickly, and taking advantage of a new growing industry or industry segment.
These entrepreneurs have an uncanny ability and desire to spot gaps in the marketplace. They see an opening, and they go for it. This archetype is often viewed as the “classic” entrepreneur, or similarly as a “serial” entrepreneur. They don’t fall in love with one business, they can fall in love with many businesses and often move from one to the other. Michele Romanow, President and co-founder of Clearbanc might fit this archetype.
The expert is an entrepreneur who starts his or her business after accruing years of experience in their field. They have expertise or a specialty they know will be valued and believe they can run a business better than their boss can or better than their current company. These entrepreneurs are laser focused on quality work and typically start an entrepreneurial journey with a customer base already in hand. In short, they often leave employment to do exactly what they were doing before, but “better” or less encumbered. Brian O’Higgins, an original co-founder and CTO of Entrust Technologies – a spin-out of Nortel Networks – would be typical of this archetype as would many corporate spin-outs.
These entrepreneurs start businesses because they want a certain lifestyle such as a flexible work schedule, chunks of time for travel, or working from home. They like control over their time and seek business opportunities which provide flexibility and don’t require a whole lot of time. You might put any number of microbusinesses and the entrepreneurs who founded them in this category – bloggers, solo consultants, influencers, etc.
Six Core Themes
Commitment and Determination
- Tenatious and decisive, able to recommit/commit quickly
- Intensely competitive in achieving golas
- Persistent in solving problems, disciplined
- Willing to understake personal sacrifice
- Self-starter; high standards but not a perfectionist
- Team builder and hero maker; inspires others
- Treats others as he/she wants to be treated
- Shares the wealth with all the people who helped create it
- Honest and realiable; builds trust; tractices fairness
- Not a lone wolf
- Superior learning and teacher; courage
- Patient and urgent
- Has intimate knowledge of customer’s needs and wants
- Market driven
- Obsessed with value creation and enhancement
Tolerance of Risk, Abiguity, and Uncertainty
- Calculated rsik taker
- Risk minimizer
- Risk sharer
- Manages paradoxes and contradictions
- Tolerates uncertainty and lack of structure
- Tolerates stress and conflict
- Able to resolve problems and integrate solutions
Creativity, Self-Reliance, and Adaptability
- Nonconventional, open-minded, lateral thinker
- Restless with status quo
- Able to adapt and change; creative problem solver
- Quick learner
- No fear of failure
- Abl to conceptualize and “sweat details” (helicopter mind)
Motivation to Excel
- Goal-and-results oriented; high but realistic goals
- Drive to achieve and grow
- Low need to status and power
- Interpersonally supporting (versus competitive)
- Aware of own weakness and strengths
- Has perspective and sense of humour
Desirable Attributes of Successful Innovators & Entrepreneurs
Being an entrepreneur is hard work. The research further indicates that there are other desirable attributes that make the entrepreneurial journey just that much easier:
- Creativity and Innovativeness
- Energy, Health, and Emotional Stability
- Capacity to Inspire
Which of these attributes do you bring to any entrepreneurial pursuit? Rank order the attributes on the web page that follows, then take a screen capture or your arrangement. Keep this screen capture for later
Also of interest as we discuss what it takes to be a successful entrepreneur, is the reverse – what are red flags or non-entrepreneurial attributes associated with would-be entrepreneurs who often don’t make it:
- Outer locus of control
- Knows it all
- Being anti-authoritarian
- Being “macho”
I’m sure you can think of some very successful entrepreneurs who exhibit all of the above characteristics. The names you might come up with illustrate an important caveat to any and all of these sorts assessments – there are always outliers who ‘don’t fit the mold’ and in fact, there is no one mold.
Following is reference from:
Bold – People with the Entrepreneur personality type are full of life and energy. There is no greater joy for Entrepreneurs than pushing boundaries and discovering and using new things and ideas.
Rational and Practical – Entrepreneurs love knowledge and philosophy, but not for their own sake. What’s fun for Entrepreneur personalities is finding ideas that are actionable and drilling into the details so they can put them to use. If a discussion is completely arbitrary, there are better uses for Entrepreneurs’ time.
Original – Combining their boldness and practicality, Entrepreneurs love to experiment with new ideas and solutions. They put things together in ways no one else would think to.
Perceptive – This originality is helped by Entrepreneurs’ ability to notice when things change – and when they need to change! Small shifts in habits and appearances stick out to Entrepreneurs, and they use these observations to help create connections with others.
Direct – This perceptive skill isn’t used for mind games – Entrepreneurs prefer to communicate clearly, with direct and factual questions and answers. Things are what they are.
Sociable – All these qualities pull together to make a natural group leader in Entrepreneurs. This isn’t something that they actively seek – people with this personality type just have a knack for making excellent use of social interactions and networking opportunities.
Insensitive – Feelings and emotions come second to facts and “reality” for Entrepreneurs. Emotionally charged situations are awkward, uncomfortable affairs, and Entrepreneurs’ blunt honesty doesn’t help here. These personalities often have a lot of trouble acknowledging and expressing their own feelings as well.
Impatient – Entrepreneurs move at their own pace to keep themselves excited. Slowing down because someone else “doesn’t get it” or having to stay focused on a single detail for too long is extremely challenging for Entrepreneurs.
Risk-prone – This impatience can lead Entrepreneurs to push into uncharted territory without thinking of the long-term consequences. Entrepreneur personalities sometimes intentionally combat boredom with extra risk.
Unstructured – Entrepreneurs see an opportunity – to fix a problem, to advance, to have fun – and seize the moment, often ignoring rules and social expectations in the process. This may get things done, but it can create unexpected social fallout.
May Miss the Bigger Picture – Living in the moment can cause Entrepreneurs to miss the forest for the trees. People with this personality type love to solve problems here and now, perhaps too much. All parts of a project can be perfect, but the project will still fail if those parts do not fit together.
Defiant – Entrepreneurs won’t be boxed in. Repetition, hardline rules, sitting quietly while they are lectured at – this isn’t how Entrepreneurs live their lives. They are action-oriented and hands-on. Environments like school and much entry-level work can be so tedious that they’re intolerable, requiring extraordinary effort from Entrepreneurs to stay focused long enough to get to freer positions.