When it comes to analysis, research and advice, Gallup is at the top of the tree. So when Gallup publishes a new book about finding your entrepreneurial strengths, it’s worth sitting up and taking notice. Available at the end of September this year, Entrepreneurial StrenghtsFinder claims to “delve into the psychology of the entrepreneur,” and to show that “decisions and actions, influenced by the personality of the entrepreneur, affect the survival and growth of any venture.” The book’s author, Gallup’s chairman Jim Clifton, lauds the role entrepreneurs play in reviving the global economy, stating that the solution for the worldwide problem of job creation is not in pursuing innovation but encouraging entrepreneurship. On the basis of his vast experience at Gallup, Clifton advises leaders to abandon the misguided belief that innovation and entrepreneurship are like the chicken and the egg, which keeps them wondering which one comes first. He explains that the right analogy to use is the one of the cart and the horse, and writes: “Entrepreneurship is the horse and innovation is the cart. It doesn’t matter how brilliant the innovative idea is if there’s no one to create a business that sells it.” Clearly identifying entrepreneurship as the solution for a worsening job creation picture around the world, Gallup’s decade-long and worldwide-spread research focused on three questions crucial to the development of entrepreneurial talents... 1) Who Should Focus On The Development Of Entrepreneurial Talents? Clifton explains that when it comes to creating economic growth and good jobs, local leaders who understand how to build a thriving economy can make a huge difference. He further points out that the war for jobs and sudden economic growth will be fought between cities which develop their own highly individualised plans based on their own unique entrepreneurial talents. 2) When To Do It? The answer to the question is: Early! Clifton sees a gap in identifying the rare, innate ability to build a company. Spotting entrepreneurship is not like testing for a high IQ or trying out for a sports team. In his opinion, this gap has existed for a reason – research unveils that high entrepreneurial talent is much rarer than high IQ. Only about five in 1,000 people have the aptitude for starting and growing a big business, the book states. In comparison, 20 in 1,000 have IQs high enough to be accepted into MENSA. Therefore, Clifton highlights: “Early identification of rare entrepreneurial talent will be the most significant turning point in recent human history.” 3) How To Do It? The main trait of a successful entrepreneur has often been described as ‘gut instinct’. This instinct comes largely from an individual’s characteristics or talents, and can lead to positive results in sales and profit. But quantifying it properly can been difficult. Having researched 4,000 entrepreneurs and almost 20,000 working age adults and high-school students to understand the innate talents that highly successful entrepreneurs possess – their ‘gut instinct’ – Gallup has developed it Entrepreneurial StrenghtsFinder assessment. The assessment is based on identifying 10 talents of successful entrepreneurs: 1) Business focus: You make decisions based on observed or anticipated effect on profit. 2) Confidence: You accurately know yourself and understand others. 3) Creative thinker: You exhibit creativity in taking an existing idea or product and turning it into something better. 4) Delegator: You recognise that you cannot do everything and are willing to contemplate a shift in style and control. 5) Determination: You persevere through difficult, even seemingly insurmountable, obstacles. 6) Independent: You are prepared to do whatever needs to be done to build a successful venture. 7) Knowledge-seeker: You constantly search for information that is relevant to growing your business. 8) Promoter: You are the best spokesperson for the business. 9) Relationship-builder: You have high social awareness and an ability to build relationships that are beneficial for the firm’s survival and growth. 10) Risk-taker: You instinctively know how to manage high-risk situations. The degree of an entrepreneur’s natural ability in each of them will determine where he or she will be successful or fall short. For that reason, the assessment evaluates three levels of ability for each talent. It advises that you consistently and naturally lead with your dominant talents, and should use them to your advantage. It adds that you must deliberately apply your secondary – or ‘contributing’ – talents to achieve success, and should not spend too much time on them. Finally, it says you shouldn’t lead with your tertiary – or ‘supporting’ – talents, and should reinforce them with partnerships and support from others. Furthermore, these 10 drivers of entrepreneurial success are additive, meaning that the more areas you are strong in, the more business outcomes you can influence. But if you don’t score highly, don’t be put off. Gallup’s research shows that many entrepreneurs with fewer dominant talents can still be very successful. Armed with details of your own entrepreneurial talents and strengths, the book advises that you should create a road map of future action, using your talents as the signs on the road.
Subscribe to MENA Opportunities and get more...
