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Assessing entrepreneurs: how entrepreneurial are your coachees?
In this 3 minute blog, I’ll tell you more about assessing entrepreneurs, quickly and accurately. Above all, to further develop their entrepreneurial mindset.
Being an entrepreneur isn’t easy; it’s hard work. Moreover, having and running a business doesn’t mean someone is equally entrepreneurial. So, entrepreneurs differ in the degree of being entrepreneurial.
We create entrepreneurial profiles through E-Scan for many coaches, daily. Above all, to further develop the entrepreneurial mindsets of their clients. Based on their profile, we also calculate their Entrepreneurial Index.
The Entrepreneurial Index
The Entrepreneurial Index is a free indicator of how entrepreneurial they are. The index ranges from 0 to 100. If people have an entrepreneurial score of 30 or lower, for sure they show many weak points. However, should they be way more pro-active, market-oriented and willing to take risks to create something new that wasn’t there before, they could score an impressive 90.
Our mission is to develop entrepreneurship, worldwide. So, to further develop the entrepreneurial mindset of your clients; how entrepreneurial are your coachees? In other words, what would their Entrepreneurial Index be?
Definition of entrepreneurial
That brings us to the question, that is often debated: what is entrepreneurial? Well, there are many scientific views on the definition of what an entrepreneur is and does.
The scientific definition of entrepreneurship I designed for my research is made of two crucial aspects of entrepreneurship. The first aspect is not only owning a business but also running it. That is to say, being responsible for profit and loss. The second and foremost aspect is being entrepreneurial. At least entrepreneurial enough for the market the owner is targeting. So, our definition is:
An entrepreneur sees opportunities, exploits them by creating value for themselves and others in a sustainable way.
E-Scan participated in a television program, called ‘100% entrepreneur’. In a study performed under a little over 8,000 business owners that participated in this TV program, the following typical entrepreneurial profile emerged.
Based on their E-Scan entrepreneurial profile, the ‘100% entrepreneur’:
- Uses his manipulating power
- Gives his opinion without being asked
- Creates vision
- Is (too) critical
- Works focused
- Likes to organize and manage things
- Sees problems as challenges
- Takes criticism personally
- Does well around others
- Wants to be the leader of a team
- Knows how to make others enthusiastic
- Is at his best when things run smoothly and orderly
- Is a pain in the ass when things don’t run (at all)
- Thinks constantly about the goals to reach
In short, a dreamer who acts. The entrepreneurial business owner puts his vision into practice. Read the inspirational story of Mr Selfridge.
What if you’re not entrepreneurial?
Do all entrepreneurs score like this? No, of course not. Do all business owners need to score precisely like this? Again, no. Did anyone score 100? No, at most one or two. The average score was 58.
So, the more critical issue is that they have to be entrepreneurial enough for the business they run. The competencies they miss out, need to be complemented one way or the other. So, the better they know themselves, and how to add different profiles to their weaker points, the bigger the chances of success.
A recent study conducted by Infusionsoft and Emergent Research, “Defining and Achieving Small Business Success,” discovered that small business owners are increasingly using paid coaches for overcoming challenges.
To overcome these challenges, they need business coaching to improve their management and leadership skills. In other words, to help them set and achieve goals and work through difficult business problems and decisions.
Everyone needs a coach. – Eric Schmidt, Executive Chairman, Google
Assessing and developing entrepreneurs
E-Scan is a scientific and reliable assessment test and helps you to further develop the entrepreneur. E-Scan gives you – in an instant – a detailed and accurate insight into the entrepreneurial profile of your client.
It helps to have that discussion about the entrepreneurs themselves. As a result, they start reflecting on their behavior, which otherwise tends to be discussed superficially. In other words, it will increase their self-awareness.
Did you know that only 28% of small business owners have accurate self-knowledge? Chances are small business owners make the wrong decisions based on their wrong self-image. Without coaching, that could have devastating consequences.
If you want to see how E-Scan can add more value to your clients; request a coach demo.