Profiling entrepreneurs

Entrepreneurial personality 

In this 4 minute blog, you learn more on how to assess the personal entrepreneurial competencies (pecs) of owner-managers. An accurate evaluation of the entrepreneurial personality traits. But, above all, aimed to further develop their entrepreneurial personality and business growth.

Running a company isn’t easy. It’s hard work and demands a certain personality trait. And I am not even talking about entrepreneurial success. Moreover, starting and running a business doesn’t mean someone is very enterprising too.

So, entrepreneurs differ in the degree of being entrepreneurial. Like, Mark Zuckerberg doesn’t have the same entrepreneurial personality as Jeff Bezos. And Richard Branson doesn’t have the same risk attitude as Steve Jobs.

We create entrepreneurial personality profiles through E-Scan for many entrepreneurial coaches, daily. It gives them and their coaching clients invaluable insights. Mainly to further improve the enterprising personality of their clients. Based on their personality type, we also calculate their Entrepreneurial Index.

Index 

The Entrepreneurial Index is a free indicator of how enterprising someone is. The index ranges from 0 to 100 and indicates how someone scores on the most important entrepreneurial behavior.

If people have a score of 30 or lower, for sure they show many weak personal entrepreneurial competencies. However, if they have an impressive score of 90, they are more likely to score high on innovativeness, market-awareness, and risk tolerance.

Our mission is to develop entrepreneurship worldwide. To further develop the entrepreneurial potential of business coaching clients, we first have to assess how enterprising coachees are? In other words, what is their Entrepreneurial Index? If you would like to know what your Entrepreneurial Index is? You can test it here.

What is an entrepreneurial personality?

That brings us to the question, that is often debated: what is entrepreneurial? Well, there are many views on the definition of what an entrepreneurial personality is and does.

The definition of successful entrepreneurship consists of two crucial aspects.

The first aspect is not only about owning an entrepreneurial venture but also running it. That is to say, being responsible for profit and loss. That says something about the entrepreneurial activity, an entrepreneurial CEO is responsible for.

The second and foremost aspect is being entrepreneurial. It refers to a competency. At least if the owner is enterprising enough for the market he is targeting.

So, our definition of an entrepreneurial personality is:

An entrepreneurial personality sees opportunities and exploits them by creating value for themselves and others, sustainably.

Still, this definition doesn’t say much about the typical characteristics of a practicing entrepreneur. So, if we would like to typify a true venture creator’s personality, what entrepreneurial trait, skill come up?

E-Scan was used in a television program, called ‘100% entrepreneur’. The participants in this program needed to demonstrate entrepreneurial behavior. In total, a little over 8,000 business owners participated in this television program. Based on the E-Scan, which was part of this program, the typical entrepreneurial personality emerged.

The ‘100% entrepreneur’

So, what is the common entrepreneurial personality type? What is the true skill set of an entrepreneurial CEO? What’s the answer to the question many people ask: “What are the personal entrepreneurial competencies?”

Based on the participants’ business personality profiles, derived from the E-Scan, reveal important personal entrepreneurial traits. The personality of a true entrepreneur could be described as someone who:

  • uses his manipulating power.
  • gives his opinion without being asked.
  • creates a vision and a novel idea for a competitive advantage.
  • is (too) critical.
  • works focused and shows conscientiousness.
  • likes to organize and manage things.
  • keeps an open mind.
  • has a different perception and sees problems as an opportunity.
  • 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 and entrepreneurial strategies.

In short, a dreamer who acts. The enterprising venture owner puts his vision into practice. This blog by Barry Dunlop describes a colorful image of the mindset of a successful entrepreneur.

Curious about your entrepreneurial personality profile? Test it now.

Read this wonderful example where the entrepreneurial behavior comes to life even more: the inspirational story of Mr. Selfridge.

What if you are not entrepreneurial?

Do all entrepreneurs score like this? No, of course not. Does anyone with an entrepreneurial intention, also have a strong entrepreneurial spirit? No, even that will not apply.

Do all founders and owners need to score precisely like the above personality? Again, no.

Did anyone score 100? No, at most one or two owners.

Maybe a surprising conclusion, but the average score was 58.

So, the more critical issue is that they have to be enterprising enough for the company they run. The competencies or the traits of an entrepreneur they miss out need to be complemented one way or the other.

Thus, the better entrepreneurs know themselves, the bigger the chances of success. That is to say, at least as long as you can help them to learn how to cooperate with others. Can they work with different personality profiles to complement their weaker competencies?

Entrepreneurship programs have shown to increase individual characteristics. And, research shows, with coaching core competencies can be developed.

Entrepreneurship programs

Infusionsoft and Emergent Research conducted a study called: “Defining and Achieving Small Business Success.” To become successful, venture owners need to overcome challenges. However, more challenges than a few decades ago. Even more so, because more and younger people start their own business. That’s why they increasingly make use of paid coaches. Read in this blog: benefits of business coaching what entrepreneurs say about their coach.

One of the main challenges owners of small businesses need to improve is their management, systematic planning, and leadership skills.

In other words, to help them set goals and achieve success and work through difficult business problems and decisions, they need a coach.

Not every coach is good at getting more clients. So, do you have trouble finding the right clients? Are you struggling to meet entrepreneurs? Read 5 marketing methods for business coaches.

Everyone needs a coach. – Eric Schmidt, Executive Chairman, Google

How to assess entrepreneurial skills?

There are many personality tests, but E-Scan is based on science on the psychology of an entrepreneur and proved to be a reliable self-assessment tool in assessing your entrepreneurial competencies. However, it is designed to help you grow your entrepreneurial clients further. Hence, it is a different type of assessment, like no other. Moreover, it works well with student learning too. E-Scan gives you – in an instant – a detailed and accurate insight into the personal entrepreneurial competency of your client.

In coaching, it helps to have that discussion about your clients themselves. As a result, your clients start reflecting on their behavior concerning the important competencies of a firm owner. Otherwise, this tends to be discussed superficially. In other words, it will increase their self-awareness.

Did you know that only 28% of entrepreneurs have accurate self-knowledge? Chances are that they make the wrong decisions based on their wrong self-image. Without coaching, that could do a lot of harm.

Request Your Free E-Scan

Would you like to see how E-Scan can help you to turn customers into ambassadors, and how assessing your personal entrepreneurial characteristics look like? Get your free E-Scan now.

 

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