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Thursday, July 13, 2006

Are You One Of These 3 types of entrepreneurs?

If your motto is "let's just get it done" you've the drive to become highly successful at what you do. If your motto is "Let's see what happens to other people then copy them for success" you have the potential for success.

Unhappily if your motto is "let's keep trying stuff" you're either broke, bumping along making minimal profits or you're bankrupt.

Years of working with entrepreneurs and others has convinced me that these three types exist. It's not to say you can't graduate from one to another. It's just that typically there's only 3 main types.

When it comes to marketing it's interesting to see how each operates.

Mr. "Let's Just Get It Done"

Typically he will have loads of ideas for his business. They may or may not work. His drive ensures that though he might fail 90 times out of 100 the 10 times he does well more than balances out the failures. Unfortunately it's rare that this type knows enought about marketing to really make the profits he deserves.

Often they'll know about marketing, even use it but not be fully aware of how much more they could provide for their clients. In fact how much more their clients would like them to provide. And in doing so make more profits.

Mr "Let's see what happens to other people then copy them for success"

They'll find an idea they like the look of and investigate and analyse it to death. They tend to spend a long time on the sidelines watching how other successful businesses work. Then once they're happy that the business they've chosen works well they'll set-off, ready to cut their losses if it doesn't go well and retire back into paid employment.

They may know some marketing but in copying another business all they're doing is giving people more choice. More choice means pressure on margins and unless they can differentiate themselves they're doomed to lower profitability than they should have. 

Mr. "let's keep trying stuff"

This type gets into business for a variety of reasons. They don't think through what they're trying to achieve. There is no marketing strategy. Instead there are a series of marketing mistakes. Where typically they "try" a marketing tactic they like the sound of. If it doesn't work then obviously that method of marketing is rubbish, "let's try another."

Because they have not stepped back and positively decided what they're selling and who their target clients are any marketing they attempt will definitely fail. They may stay in business by feverishly selling their product and services. But they'll never be able to relax and they'll always be concerned about where the money is coming from.

Which One Are You?

Be honest with yourself.

If you're the "let's keep trying" type at least you're persistent. And you need to invest in a coach to get you focused on creating a strategy, define your market and then decide the tactics to use to get repeat business.

If you prefer to copy remember if you copy a business that's heading down the tubes that's where you'll end up. Instead work out what your business aim is and think for yourself about the marketing strategy you need to meet your aim(s). Then go implement it.

If you prefer to "just get it done" that's great on one level. The only thing is how do you know that what you're doing is consistent with your long-term aim(s) for your company? Step back for a short while assess what your company is and decide what you need to do consistently and go and do it.

And when you choose your coach make sure they understand your business, make sure they know marketing, make sure they look at strategy with you.

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