152 – Are You Born With Entrepreneurial Genes or Are They Learned Traits?

Are you born with entrepreneurial genes or are they learned traits?   In my opinion the word Entrepreneur is overused and used incorrectly!  The other morning, I was having coffee with a friend and at the table beside us was a guy on the phone talking way to loud.  I heard him say…  I am in between jobs and the moment, I am entrepreneur just waiting for my next BIG Thing!

First off Gary V once said, “If you have a fulltime job you are not an entrepreneur!”  Secondly if you are in between jobs you can use the term Entrepreneur.

Today we will look at what characteristics do entrepreneurs have?  We have a free 21 questions quiz to determine if your have entrepreneurial traits.  In less than 5 minutes you can find out what your entrepreneurial rating is out of 100%

Lastly, you will hear from Brian Tracey describe the 5 traits of entrepreneurs.

James V. Koch is co-author with James L. Fisher of the book Born, Not Made: The Entrepreneurial Personality, which argues that many entrepreneurs are simply wired that way, giving them a natural advantage in the business world.  Do you agree or disagree?  He say’s
"Entrepreneurs are different." They have the ability to deal with uncertainty, to take risks and tolerate ambiguity. They usually have a personality that is impulsive, and they have highs that are really high and lows that are really low. There's good evidence that they have strong self-confidence but also tend to be overoptimistic. They rely extensively on their own intuition.

Does this description resinate with you?  All these things aren't positive. A very large proportion of entrepreneurs fail.

Vern Harnish produced a chart that polled 28Million firms and the national average who produced revenues of $1M to $10 Million dollar mark was only 4% survival rate!

iTunes Link CLICK HERE

Entrepreneurs tend not to be as devoted to consensus decision-making. They violate the status quo more often. Many don't accept defeat or losses gracefully. They are energetic, and a higher percentage tend to be loners and work long hours. All of these things appear in other segments of the population, but they appear more commonly among entrepreneurs. Research shows there's heritability in these traits, and some genetic determinants of these personality characteristics.

According to Brian Hughes

CEO of Integrity Marketing & Consulting

Who wrote an article Are You an Entrepreneur or an Employee?

Brian states the 4 Biggest Distinctions of Entrepreneurs are:

1. The Right Mindset
2. Work Ethic & Perseverance
3. Commitment to life long learning (everyday is a school day)
4. Humbleness ( Authentic Leadership book called Discover you True North Bill George)

Brian’s Bottom line is that

Employees and entrepreneurs differ in several key areas, from mindset to humbleness, but anyone can switch roles by understanding these differences and showing a willingness to change strategies. Success is possible in either arena. An individual just has to choose which one to play in.

I would love to hear your feedback do you agree with James V. Koch that Entrepreneurs are Born, Not Made or do you agree with  Brian that employees can switch with the willingness to change?  My personal opinion is I think it is hard to teach someone risk adversity.   Either you have the ability to tolerate risk or you don’t like it.  If people are not risk takers it would make it hard for them to enjoy being an entrepreneur.

Without risk, there’s no reward, and rather than scaring entrepreneurs away, this knowledge invigorates them. As Peter Drucker said, “Whenever you see a successful business, someone once made a courageous decision.”

How do you rate on the entrepreneurial scale try the 21 questions quiz found in the link below to determine your entrepreneurial traits.  https://www.entrepreneur.com/article/246454

Let’s hear from Brian Tracy on his 5 traits of successful entrepreneurs

We will have the link to Brian’s video on our show notes page along with the quiz at Maxumcorp.com.au/podcast episode 152.  You can also access on your hand held in the description below

If you are looking for a mentor to help you achieve your goals and hold you accountable.  Contact me as I provide monthly 45min online video zoom mentorship calls at $75.00/month. Send me a message on our facebook page @ShelleyRogersPodcast or email Shelley@maxumcorp.com.au

9 'Mindsets' You Need to Switch From Employee to Entrepreneur

Have an Awesome week & remember to continue making great decisions and fight Mediocracy.

Success is actually a short race – a sprint fueled by discipline just long enough for habit to kick in and take over” – Gary W. Keller