Is There a Hole in Your Entrepreneurial Boat?

What do all successful business owners have in common? They know their strengths and their weaknesses. That seems intuitive, right? Do you know how many businesses that start today will FAIL within 3 -5 years?

Gallup says that 40% will close within three years! And 50% of the rest won’t make it past five years. The Small Business Administration (SBA) has always used the figure 80%… won’t make it past 5 years.

Why? The reasons you and I have always heard are; lack of capital and lack of knowledge (experience). I believe that Gallup cracked the code on this question with the introduction of EP10 (Entrepreneurial Profile 10).

Gallup has studied strengths and strengths based development for over 70 years. They have worked with, interviewed, studied and coached 10’s of thousands of individuals, teams, managers, leaders and entrepreneurs. The result of their study is, EP10.

My 30+ years of business experience tells me that Gallup hit the nail on the head with EP10 and the prescribed methodology of Discovering, Developing and Directing these talents or strengths.

Over the next several weeks I am going to unpack what I have come to believe is the best answer as to why some business fail and why some rise to meteoric heights. I will unpack the 10 talents that every business owner MUST either possess, or account for, in his or her business.

Here’s the entire list of Gallup’s Entrepreneurial Talents for you to review:

People who are especially talented in Business Focus talent couple sharp business instincts and a fascination with making money. They have an uncanny ability to look at data from which they can form unique insights. Ultimately, they evaluate decisions thjrough a prism of profitability.
People who are especially talented in the Creative Thinker talent have a curious intellect that helps them constantly imagine new products, services, and solutions. They are quick learners who explore various options and consider novel solutions as they anticipate the future needs of their customers.
People especially talented in the Confidence talent are keenly aware of their abilities. They harness this awareness to take quick and decisive action. They seize opportunities knowing they will succeed and use their talents to persist in the face of uncertainty and failure.
People who are especially talented in the Delegator talent can trust and empower others to help them grow their business. They know what their employees do best and position them to take responsibility for tasks at which they are most likely to excel. They can relinquish control and focus on growing the business.
People who are especially talented in the determination talent pursue their goals with tenacity. They are intensely committed to success and are eager to take quick action. They rely on high motivation to turn adversity into opportunity, and they can see around roadblocks and visualize a better future.
People especially talented in the Independent talent can single-handedly start and operate a business. They rely on high energy and extreme commitment to succeed in the grueling grind of business creation. They firmly believe that their actions decide the fate of their business and are motivated to make things happen.
People who are especially talented in the Knowledge Seeker talent understand that information is a valuable asset. They have a deep desire to acquire knowledge about all aspects of their business. They search for new information to solve problems and succeed in complex business environments.
People who are especially talented in the Promoter talent speak boldly on behalf of their company. They may have identified an effective method of promoting the business, be it with the use of Car magnets, posters, signs, banners and so on in order to generate some interest and awareness locally. They consistently communicate a clear vision of their business to customers and employees. They are great salespeople with an ability to form deep relationships and convince others to follow their well-defined business growth strategy.
People who are especially talented in the Relationship Builder talent have strong interpersonal skills that allow them ti build a robust and diverse personal network. They rely on relationships to access resources and information essential to the success of their business.
People who are especially talented in the Risk-Taker talent embrace challenges with enthusiasm. They have a strong, charismatic, and confident personality. They naturally focus on the rewards of success instead of potential failure. They emotionally connect with customers and exceed their expectations.

Businesses Fail… Why?

As I mentioned above, EVERY business owner/entrepreneur MUST either possess or account for each of these talents to grow and maintain a successful business.

The SBA says lack of capital and lack of knowledge. True… perhaps. But what’s behind that? Behind successes and failures are these TEN talents or a lack of them in many instances.

All business owners have “blind-spots”. Like it or not, no one has a clear 360 degree vision 7x24x365. These blind-spots are holes in your entrepreneurial boat. They are creating problems for you and your business; they’re holding you back. There’s a solution…

Stay tuned for a deeper dive into these TEN Entrepreneurial Talents. I believe you’ll be glad you did!