Wednesday, August 29, 2012

Before you start that business! How 3 Entrepreneurial Personality Types are needed for business success

Part I: Intro

When I started my first brick and mortar business in 2009, I had the perfect recipe for success: business plan, research, strategic partnerships, solid client source, financial plan, employees, and systems. Everything I was taught about effectively creating a business was in place. However the harsh reality hit me that I didn’t have nearly as much in place as needed and as a result the business failed days before it opened.

How does that happen? Simple, I didn’t know my Entrepreneurial personality and therefore missed the gleaming warning signs that my business was doomed to fail.

I write about the details of this story in my book Embrace Your Journey, in it I share that through that experience I discovered three important Entrepreneurial personality types needed for every startup or new business venture even if it’s a business of one.

The Firestarter

The Strategic Planner

The Consistent Finisher

Your business must have its own identity its own flow and rhythm, even if you are the business as a solo-entrepreneur, if you are determined for your business to leave a legacy, it’s important to understand how to create a business that reflects your values but isn’t dependent completely on you. In other words: You must learn how to create systems and let go.

Three personality types don’t mean you must have three separate people, it means that your business must be limber enough to navigate through the ebb and flow of entrepreneurship. In Parts II-IV of this blog I will explain and give examples of each of these types in detail but to illustrate. Each personality type depends on the other to push the business forward. As a solo entrepreneur this is challenging because you are the business and the business is you. However, understanding which type you are empowers you to know what type of vendors to hire, how to seek after partners and employees and even when it’s time to sell your business and move on. For example: If you are like most entrepreneurs, a Firestarter, a person who has tons of ideas and finds it challenging to ever finish or stick with a business idea, often developing a business idea and selling it is a much more realistic business aspiration than trying to run 1 business.

When you embrace that there are (at least) three entrepreneurial mindsets or personality types you can then move forward in your journey with clarity and intention on how to make your dreams come to life. You learn how to push yourself, not haphazardly but with intention and clarity. You know what to say “no” to and when it’s time to call in support. You understand that in some cases you may have to invest time and money in things that will create a solid foundation for your purpose. Delaying gratification just enough to make your vision long lasting and keeping your pride at bay while you push forward. Knowing who you are (personality type) is more important first than knowing what you were intended to do. There is liberation in knowing and trusting which type of entrepreneur you are, you relieve yourself of judgment of needing to be perfect as a business owner and learn to focus on your strengths and delegate your weaknesses. It’s about riding yourself of personal judgment which is the most important path to unlocking your wealth journey. For me, it was then that I learned to “stay in my lane”

In Part II we will I explore the Firestarter Personality type, what type of business best suits this person and how they can build a sustainable business.

To keep up with this 4 part blog series follow Katrina Harrell at @katrinamharrell 

1 comment:

  1. I agree with your assessment,I needed the clarity of the journey.
    Diane Osborne