Old-school entrepreneurship didn’t care about how the entrepreneur was wired. It assumed one could walk up to a buffet of business strategies served up by gurus, educators, experts and consultants - try a bit of everything - and see what works. That is where the systemic frustration, which we see now in the entrepreneurial community, comes from.
Based on my study of "Entrepreneurial DNA",I found that there are four distinct groups of entrepreneurs, not just one. Each encompasses their own unique modus operandi, strengths, weaknesses, needs and buying behaviors. Here are some of the highlights from this project.
- “The Builder”, or B DNA, make up 10% of business owners. These are the individuals who create highly scalable companies and grow them to millions (and billions) of dollars in revenues almost effortlessly. They are built to deploy high-growth systems and lead large teams.
- “The Opportunist”, or O DNA, make up around 30% of business owners. They are drawn to ground floor opportunities and tend to dabble in multiple industries (often at the same time).
- “The Specialist”, or S DNA, represents around 45% of all business owners. They go through years of schooling, apprenticeship or on-the-job training to develop expertise in an area. They tend to pick one industry and stay in it for 10-30 years.
- “The Innovator”, or I DNA, make up around 15% of business owners. These are the mad scientists. They want to change the world with their innovation. They would much rather be in the lab of their business than in the office or at the cash register.
Knowing your Entrepreneurial DNA allows you to filter decisions, people and solutions to find the ones best suited for you. It’s a guideline for best practices tailored to your strengths and weaknesses as an individual. You can find out which type of Entrepreneurial DNA you have by taking a free test, available at www.bosidna.com.
We found that the decisions entrepreneurs make are often tied to their primary and secondary DNA. It was also interesting to learn that unlike personality profiles, one’s entrepreneurial profile (BOSI Profile) changes and shifts over one’s entrepreneurial journey. We also discovered that when entrepreneurs implement best practices of opposing DNA types they struggle and in some cases, fail. For instance, some entrepreneurs are behaviorally built to generate new business using an employed sales force. Others are much better suited for referrals through networking. Some are behaviorally “social” so they thrive with social media. Others spend thousands of dollars to implement a “social media blueprint” but struggle to get follower #38 on Twitter.