Identifying where your business skills come from: Part III
Your personality determines which kind of entrepreneur you will become
Yes, it does, and being aware of it will prevent you from investing your money into business ventures that do not suit your personality; this can also help you work on your personality so that you will become who you really want to be before undertaking certain kinds of investments.
Practically, imagine that you are a person who thrives in a highly competitive environment; in this case, maybe you will want to engage into business ventures where little business differientation is necessary and where price wars can be played (in order to attack the competition as agressively as possible). At the other end of the spectrum, maybe you will prefer to compete for innovation and come up with products better than the competition's. However, you might not want to invest into an industry where there is little confrontation against the competition because such a business sector won't be fulfilling for you: you would coexist with a lot of competitors, each of them producing similar products with very stable prices.
What if you hate competitive environments ? Well, in that case you might want to prefer the situation described just before, or pick up a niche to develop your business (this way, competition will be scarce). However, it can be difficult to find a profitable niche which hasn't been exploited yet ...
Another case which might be interesting is that of the dichotomy between extraverts and introverts.
An extravert will profitably pick business opportunities that require good social networking skills, while an introvert will prefer to rely on pure creativity and business ventures where business contacts matter less and where customer relationship isn't that important. Interestingly enough, statistics show that there are as many extrovert CEOs as there are extrovert CEOs , so that this personality attribute doesn't seem to be a good indicator of success in entrepreneurship.
Your ambition influences your choice of a business model
Yes, it does. If you are in for the money, you won't be attracted to the same business ventures as if you are in to express your creativity.
In the first case, you might want to do asset management because it takes a rational mind and doesn't require you to be creative nor love the field in which you hold your assets.
In second case, you will surely prefer "big challenges" where you will develop some innovative product and where business risks will be higher, but you won't care because you will be passionate about your business industry.
This is not to say that one way is better than another, but rather that you must be able to identify which one is most likely to work best for you given your ambition ...
Acting upon your personality and motivation to become successful in business
What are the levers that you can use in order to play on the personality and motivation / ambition factors so that you can optimize your chances of success ?
- Take some time off to identify your true business purpose, which must be congruent with your qualities (that is to say with the strong parts of your personality. If such is not the case, then you must act upon your personality first).
- Find the motivation needed in order to carry out this business purpose in the most efficient way. This can be done by reading motivational books, music, etc ...
