SOHO Start-Up -- Capitalize on the Entrepreneurial Spirit

Capitalize on the Entrepreneurial Spirit
by C. Richard Weylman, CSP, The Achievement Group

In my keynote presentations and seminars I am often asked to speak on entrepreneurialism and how one can develop more of an entrepreneurial spirit. Most assuredly, entrepreneurialism is on the rise worldwide. Men and women in all parts of the world are taking control of their own lives and their economic circumstances. The ravages of re-nationalization, downsizing, and rightsizing have created a resurgence of entrepreneurialism. This resurgence bodes well for the financial services industry. Entrepreneurs have many financial needs that need to be met both in the long-term and short-term. They are open to new ideas and realize that relationship building is good for everyone’s business. This creates, in their own mind, an openness that is not nearly as prevalent in the rest of the population.

To benefit from this increase in entrepreneurialism, you first need to understand how entrepreneurs think and make decisions. Entrepreneurs see things differently. They respond favorably to people who they believe are like themselves. They are usually eternally optimistic and see opportunity where others see failure or despair. There have been great stories written about individuals who took a specific challenge or particular frustration in the marketplace and saw the opportunity within it. Entrepreneurs are often said to be risk-takers by nature. This is really less common than you would think. Often, they are simply risk-takers by choice – choice that is dictated to them by circumstances or situations they may or may not have had control over.

The down side is that entrepreneurs are judgmental. Not all possess driver (type A) personalities, yet all make incredibly quick decisions compared to their typical corporate counterparts. They rely heavily on their education, experience and instinct to determine your worth to them and ability to be a resource for them. Entrepreneurs are committee-adverse, skeptical about service promises, and believe few corporate entities really care about who they are. To compensate, they demand more attention (the "if I wanted it tomorrow, I would have asked for it tomorrow" mindset), require real personalization, and seek recognition as a valuable client. Anything less is simply unacceptable.

Secondly, to grow a profitable long-term business with entrepreneurs at the core requires that you demonstrate entrepreneurial behavior as well. Here is a checklist of typical entrepreneurial behaviors and mindsets for your use. Adapt and adjust as necessary so that you can reach this ever-growing portion of the marketplace.

Entrepreneurs recognize that you really cannot be effective being all things to all people. This requires that you essentially personalize every approach to them, whether it is mail, a telephone call, or getting involved in the organizations that they support. They tend to associate and communicate with one another based upon what they do for a living, what they do for recreation, or what their special interests are. They have little interest in speaking to people who want to be generalists. They’ve seen what corporate America has accomplished by attempting to be all things to all people. Many of them have been downsized out of the IBM’s, AT&T’s, General Motors, and Sears of the world.

They are responsive to the market. Perhaps one of the most important hallmarks of an entrepreneur is their ability to respond quickly to their prospects’ and clients’ changing needs. This allows them to not only maintain their existing base of business, but to capture additional market share. They expect no less from you.

Entrepreneurs recognize that if it’s to be, it’s up to me! They are not waiting for someone to do it for them. They have made the decision to do it themselves. They will work only with those financial advisors who are proactive and personally involved.

They typically assess what it will take in effort to successfully hit their goals. Not just the efforts of the people around them, but their own efforts as well. Interestingly, many successful entrepreneurs are still the number one salesperson in their own organizations. Your successful accomplishments and earned credentials give them a sense that you have goals and achieve them as well.

They strategize daily how they are going to be productive, not just busy. Entrepreneurs are desperately concerned about being busy, as they recognize it is not a way to build productivity or profitability. They align themselves with individuals who are like-minded and who recognize that if they don’t do it right the first time, they probably won’t have time to do it over.

They are focused on the future. They have increased their own expectations. Most entrepreneurs set very few limits on their ability or on the opportunity that faces them. They are not as concerned about realistic goals as they are realistic time frames. Under-promise and over-deliver to meet their expectations.

Entrepreneurs are aware of the consequences of their behavior. They recognize that there is a cost for not doing, just as there is a cost for doing. As an example, they know that by not making one additional call per day they can save some time and perhaps get out of the office at a "normal" hour. However, they realize the consequences of the lost opportunity by not putting in that one additional call per day. Be available when they’re available and be aware of the consequences of your behavior.

They invest in themselves so that they continue to get better. Entrepreneurs recognize that they’re either growing or they’re struggling. There is no opportunity or value in standing still. Because they are entrepreneurs, they’re not waiting for someone else to invest in them or to teach them. They are interested in growing themselves. Recommending the latest book or tape you’ve read speaks volumes to them.

Entrepreneurs set and commit themselves to deadlines to increase their decision-making capability. By working from a deadline perspective, it allows them to stay focused and, most important, continue to move themselves and their ideas and organizations ahead.

To implement these entrepreneurial mindsets and behaviors, you should:

Evaluate where you are now and the state of your own individual entrepreneurial mindset.
Create an action plan listing the areas in which you want to improve.
Incorporate that action plan into your daily activities so that you are beginning to practice the behavior that you want to demonstrate.
Share your action plan with someone in your office so that you can get the moral support and accountability necessary to get from where you are to where you want to be.

Those professionals who understand entrepreneurs and develop entrepreneurial skills, behaviors, and mindsets will be the individuals who reap the greatest rewards.

C. Richard Weylman serves as President of The Achievement Group, Inc., a Florida-based marketing firm and publishing house. He is the author of "Opening Closed Doors, Keys to Reaching Hard-to-Reach People" and numerous other sales, relationship marketing and management audio and video programs for entrepreneurs. To receive more ideas and insight on how to market and prospect in today's competitive marketplace hear Richard Weylman live at www.unlimitedprospects.com. To find out how you can have Richard speak at your next meeting or conference, call 1-800-535-4332 or email achieve@theachievementgroup.com. Enroll in Richard Weylman’s free emailed Relationship Marketing Tip of the Week at www.unlimitedprospects.com.

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