Whenever I pose the question ‘so what is an entrepreneur then?’ top of the list is always a creator/ideas person/opportunist but you know, some of the richest and most successful entrepreneurs in the world did not create a thing nor did they come up with an idea or unique product. They simply took advantage of what was already out there, capitalised on someone else’s idea, made it better, bigger or slightly different.
We do not all have to possess the maverick, innovative and high frequency creative brains of Richard Branson or Oprah to be successful in business.
Today there are a plethora of opportunities for anyone to get involved in business which do not necessitate coming up with a frame-breaking idea or process, investing considerably in a brand or inventing the next big thing. The world of franchising, licensing and distribution is an ideal option for many entrepreneurs entering the world of business.
But how do you know if this is the right decision for you? For me the key is all about understanding your flow. Your flow is what you are unconsciously competent at, your natural thinking and action dynamic. For example, are you naturally an ideas person, great at starting projects but not so great at finishing? Would you be best described as an intuitive thinker, with your head in the clouds, focused on the future or are you more grounded, with an eye on the here and now, with a preference for caution and research as opposed to gut reaction and feel?
Do you value numbers and facts over people? Is process and the system more important than developing relationships? And how would you feel about being positioned as the brand in the business – the person upfront who personifies the brand values and creates attraction? Several years ago a successful entrepreneur called Roger Hamilton developed a profiling system for entrepreneurs called Wealth Dynamics. Wealth Dynamics, like all psychometric tests is based on I Ching but unlike all others on the market it is focused on revealing your natural flow and route to wealth as an entrepreneur. Hamilton defines only eight types and by aligning those types to some of the world’s most successful business men and women helps us to understand our own personal flow.
This is fundamental in helping us choose the right vehicle to create wealth because wealth follows flow. Each of the eight profiles has a very different strategy for wealth. Richard Branson gets leverage in his business in a very different way than say Simon Cowell or Madonna but they are all multi-millionaires in love with their business and still juiced by it way beyond the need for it.
Before you consider getting involved with any business opportunity you must understand your flow, your path of least resistance. Flow is who we are, not what we do. Successful entrepreneurs focus on their strengths, unsuccessful ones waste time trying to do it all!
As an introduction, here are the eight types:
1. The Creator – Builds innovative products
Examples: Steve Jobs, Walt Disney, Richard Branson, Bill Gates
2. The Star – Builds an influential brand
Examples: Oprah, Paul Newman, Bill Clinton, Tony Robbins
3. The Supporter – Builds high performance teams
Examples: Steve Ballmer, Jack Welch. Meg Whitman
4. The Deal Maker – Brings deals together
Examples: Donald Trump, Rupert Murdoch, Simon Cowell
5. The Trader – Buying and selling commodities
Examples: George Soros
6. The Accumulator – Buying and holding assets
Examples: Warren Buffet, Paul Allen
7. The Lord – Controlling cashflow producing assets
Examples: Lakshmi Mital, Ingavar Kamprad
8. The Mechanic – Creating a duplicatable system
Examples: Michael Dell, Ray Krock
Consider the situation when a creator profile buys into a franchise? How quickly would he/she be out of flow? If a creator cannot turn their ideas into products they will become frustrated and demotivated very fast. This is probably why most successful creators are the franchisor NOT the franchisee. However, someone with a star profile is ideally placed to do well selling and endorsing other people’s products and brands so this would be an ideal win/win situation for them.