What is Your Entrepreneurial DNA? You’ve heard the saying before, “every business is different. Therefore, strategies and practices should also be different.” However, this is often not the case when it comes to shaping strategy or processes within an organization. It is also not the case for entrepreneurship preparation and entrepreneurs, yet, we see course after course, seminars after seminars, and books after books that have some “success formula” for entrepreneurs. The assumption is that all entrepreneurs are the same and the process of becoming, sustaining, and growing as an entrepreneur is the same. The assumption couldn’t be farther from the truth. The purpose of this post is to introduce and reflect upon a thought-provoking perspective based on the Joe Abraham’s Entrepreneurial DNA Model and BOSI Evaluation.
Yep. Entrepreneurs are different. Does this screw up your entire plan? If you have an extra 18 minutes, check out Joe Abraham’s Entrepreneurial DNA TED Talk. Abraham hits home on the fact that entrepreneurship failure rates are still significantly high, even in an information-saturated the world to help with entrepreneurship. He proposes that the “bottleneck” that contributes to the same failure rates of entrepreneurship is that entrepreneurs are prepared as if all entrepreneurs are the same. Our society categorizes all entrepreneurship as the “same” based on the what works for one, will work for all. Here is the problem. Entrepreneurs are different, and, therefore, the “one-size fits all entrepreneurs” doesn’t work for all. It may work for some to get a head start, but it most certainly doesn’t work for all.
The BOSI Framework. Joe Abraham went on to investigate the problem deeper and created a BOSI evaluation to identify the type of entrepreneurial DNAs. B stands for “Builder”. This profile is the serial entrepreneurial that builds companies. These people tend to have the ability to get what they need to build the type of businesses that they do. They are also very driven by the infrastructure of the organizations that they have created and continue to excel and develop a strategy around that drive. O stands for “Opportunist”. This profile sees “opportunities” to get rich quick mentalities. This type of behavior looks at business as a vehicle to get where and what they want from the business. Opportunists are driven to income, residual income, and diversification to get to their objective of making money faster and over the long-haul. They also have peaks and valleys of making and losing a lot of money and rebounding to get back at making it again. S stands for “Specialist”. Specialists are people that went to school or studied a specific type of specialty to become the expert in that field and stay with that subject throughout their career. The goal for Specialists is income driven. The common method of getting sales from this type of entrepreneurs is through referrals because they dislike selling or lead generation. I stands for “Innovators”. Innovators become entrepreneurs typically as a result of doing something that they loved and creating something. Most of the time they don’t want to be a business owner, they are are focused on the “mission, not the money”.
Why Entrepreneurial DNA Matters. The “aha” moment with the BOSI evaluation is that the path to entrepreneurship is DIFFERENT. The behaviors, attitudes and perspectives associated with entrepreneurs is a pivotal piece to entrepreneurship. The key is to understand oneself as an entrepreneur and with that understanding build a business that fits you, not using a cookie cutter method and hope it fits. As such, the ability to know yourself, partners, employees, or whoever else is with your organization EntrepreneurialDNA. Then take that knowledge and learn what it means specifically to you. You can take the assessment for free via bosiDNA.com. After you complete the evaluation, you’ll receive a breakdown of your EntrepreneurialDNA. Identifying key characteristics, strengths, and weaknesses that can be helpful to understand and implement a specific strategy that works for you and your organization. It can be a thought provoking game changer to the world of entrepreneurship.
In conclusion, information is all around us, yet we still have high failure rates within entrepreneurship. The issue with entrepreneurship is that it is treated as if we are all the same. We are not. The resources, advice, and strategies employed may contribute to the high failure rates because the focus is starting the business, instead of starting, sustaining, and growing a business that works with the entrepreneur. One way that worked well for someone isn’t necessarily going to work for the next person. Likewise, just understanding your Entrepreneurial DNA doesn’t mean that it will automatically make you a successful entrepreneur. Identifying your Entrepreneurial DNA will provide you with a starting point to learn, apply, and grow. What you do with that knowledge is totally contingent upon your action. Identification is the first step, check out bosiDNA.com to complete your EntrepreneurialDNA evaluation. For more information about the Entrepreneurial DNA, Abraham’s book Entrepreneurial DNA: The Breakthrough Discovery that Aligns Your Business to Your Unique Strengths is a great weekend read.
Have a wonderful day.
by Katie Doseck, PhD MBA
Chief Visionary and Strategic Ace Up Your Sleeve | Viral Solutions LLC
Copyright 2015 by Viral Solutions LLC
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