Guest Post: The Biggest Myth in Entrepreneurship Dispelled (Part 3 of 3)

I hope you are armed with your BOSI Entrepreneurship Profile. If not, read my last post so you can get that done.

Remember Bob, Omar, Sue and Ingrid? (HA! you just figured out that their names are the acronym for BOSI).  Let’s go back to their top frustrations…

Bob: People who didn’t take ownership and perform to his extremely high standards.  Bob is showing signs of having a dominant “Builder” DNA. You’ll recall from the BOSI Entrepreneurship book that the Achilles heel of the Builder is relationships. Bob blows through people faster than a tornado in Wichita. Bob also tends to be very controlling around his subjects so talented people tend to leave his kingdom for greener pastures.

In order for Bob to achieve his vision for the company, he must modify his strategic plan for life to focus on slowing down for key relationships. This includes his staff, key management, spouse and children. If not, he’ll always find himself far ahead of the pack wondering why they are whimpering in the corner or following at a great distance. Empathy and meekness need to become a pursuit for Bob. He also needs to give up ownership and control to his key executives if he wants them to perform. He has to give them the freedom to fail. That has to go far beyond rhetoric and actually manifest itself in operating systems and reporting structures. He has to keep Mr. Hyde locked up in the dungeon and focus on being Dr. Jekyll.

Strategically, Bob should consider outsourcing work rather than trying to keep control of every single task within his employee base. Areas like social media and internet marketing are growing at such a fierce pace that trying to deliver those initiatives in-house just to say it is done in-house could prove to be a competitive dis-advantage.

Susan, the CPA: Standing out in a crowded marketplace.  Susan is a classic “Specialist” DNA. She has worked hard to build her expertise but unfortunately falls short when it comes to marketing it. Susan’s Achilles heel is asking for help. She is great at helping and consulting for others, but highly doubts that someone else could provide the same quality of help. Susan, that must change for your business to thrive.

Take your business development strategy as it exists today and toss it out the window. Chances are, it is safe, predictable and the mirror image of your average competitor. Do something different and out-of-the-box. Sit down with some smart marketeers. People who are just as good at what they do as you are at doing what you do. Design a new plan from the ground up and execute it. You’ll leave your competition so far in the dust, they’ll be scratching their heads wondering what just happened.

Omar, the MLM Leader:  Success is a moving target.  Omar my friend, you are the “Opportunist”. A highly optimistic and energetic promoter of any financial opportunity that promises a very large and shiny pot of gold. You are the ultimate risk taker but you need to cool those jets just a bit. There are two key strategic decisions you must make to achieve your goal of financial freedom. First, you must pick one business opportunity and pledge to love, honor and cherish it till death (or insolvency) do you part. Dump all the mistresses (so to speak) and focus on #1.  Second, sit down and build a 3-year strategic plan and then engage a coach or advisory board to hold you accountable to execute that plan. Give them the permission to smack you around if you get off course or get distracted by shiny little objects in the sand. Focus – and you’ll have your goal.

Ingrid, the Scientist: Overwhelmed by business operations.  Ingrid must find a team to run her company for her. She needs to spend her time and passion doing R&D. Ingrid needs a trustworthy team of advisors around her who can help her make key decisions. She also needs a team (in-house or outsourced, but preferably outsourced) to take her product(s) to market. Ingrid will be much happier working from a home office than sitting in the corner office. She will be much more successful with a network of dealers/distributors than a full-time sales team doing trade shows and submitting expense reports.

The biggest myth in entrepreneurship is that we are all the same. Bob, Susan, Omar and Ingrid are proof of it. Their DNA is different and so should be their strategic, marketing and operating plans.

Share your thoughts, comments and questions about your BOSI Entrepreneurship journey above.

The entrepreneur’s biggest fan, Joe Abraham is a serial entrepreneur who has been involved as founder, executive or advisor in the startup and growth of companies in over a dozen industries from financial services to motorsports. Today, he is managing partner at En Corpus, a startup and small business accelerator that serves closely held companies. Joe is a featured speaker at industry events and an expert to the media on the topics of entrepreneurship, small business development, business startup and free enterprise. He lives in the Chicago area. You can connect with Joe and learn more at http://www.JoeAbraham.com.

Tweet This (and such)

Hide Sites