What’s the big deal about Entrepreneurial DNA (or BOSI)?
That’s a question I have been asked a few times already (and I’m sure I’ll be asked that question a thousand times again).
Everything! Is my initial answer. But I know I need to qualify that claim.
In the book, I describe some real-life scenarios in which Entrepreneurial DNA plays a game-changing role in the outcome.
Business selection is one of those areas.
So many first-time (and repeat-entrepreneurs) jump into a venture for what appears to be all the right reasons.
1. The timing is just right.
2. There is strong market demand.
3. There is a niche that is left untapped.
4. There is a need that has not yet been filled.
5. There is expertise at the founder level to deliver to a need.
The list goes on and on…
In the classrooms of “old-school-entrepreneurship”, these are many of the key reasons given to start a business. But is that really the reason to pull the trigger?
Our research is showing that an entrepreneur’s “DNA” (their modus operandi, gifting, tendencies and predisposition) should be a much bigger driver in business selection than any of the items above. After all, there are thousands of “Groupon-like” companies out there – but only one Groupon. If it was just about the list above, “luck” would be the only reason Groupon won the race.
Within just the technology space are tens of thousands of very talented developers who identify the same market niche or unmet need. Yet only a handful build a successful and scalable enterprise around it. Have you asked yourself why that is – and if there was a way to predict who had the better opportunity for success?
The fact is, the entrepreneur/founder’s modus operandi, gifting, tendencies and predispositions (their Entrepreneurial DNA) drive whether or not they will build a small, medium or very large enterprise.
Certain entrepreneurs are pre-wired to build certain types of businesses.
Some are built to start up and build highly scalable entities. Others are built to create copy-cat ventures. Some are best suited to leverage existing brands like Subway, Northwestern Mutual, State Farm and Amway. Others are pre-wired to invent breakthrough products and technologies that change the world.
A ton of money, stress and headaches can be saved if entrepreneurs just understand who they really are and select businesses they are best suited to operate. Just because a guy named Andrew started Groupon and a gal named Doris started Pampered Chef doesn’t necessarily mean you will do the same. It might, but it might not. So why not find out before taking the plunge?
When an entrepreneur selects the type of business best suited for them, they have a more fulfilling and rewarding journey…period. When they simply let timing and market need control the selection process, they often find themselves struggling and frustrated.
The entrepreneurial journey begins at the point of business selection – and Entrepreneurial DNA plays a critical role in that decision. In upcoming pieces, I will share other areas impacted by one’s Entrepreneurial DNA. Trust me when I say, it is a long list!