If you haven’t read the article that precedes this one I’d encourage you to do it now… Here’s the link… Is There a Hole in Your Entrepreneurial Boat? Go ahead, I’ll wait here. Is there a Hole in Your Entrepreneurial Boat
Holes in Your Entrepreneurial Boat is the overarching theme for this series of articles. All Entrepreneurs have them… until they learn how to patch them. I believe that these could be the most important articles you will have ever read. When you have seen all ten, you can make that judgement for yourself.
There is no hierarchy to these talents so I will review them in alphabetical order.
Business Focus is one of the 10 Entrepreneurial talents that Gallup’s 70+ years of research has uncovered. One of ten critical talents that business owners and entrepreneurs MUST possess or MUST account for to grow and sustain a successful business.
But first, here’s the entire list for you to review:
Today we focus on Business Focus. Here’s how Gallup defines Business Focus.
Business Focus – People who are especially talented in the 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 through the prism of profitability.
Between calculated risk and reckless decision-making lies the dividing line between profit and…
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In your business, do you have a “natural” ability to see more in the numbers than meets the eye? Can you look at the same figures that others see and just “get it”? If so, you probably have Business Focus as one of your innate entrepreneurial talents.
Your Business Focus talent allows you to be consistently profit-oriented. You make decisions in your business based on how they will affect the bottom-line.
Rule No. 1: never lose money; rule No. 2: don’t forget rule No. 1. – Warren Buffett #Business Focus
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BUSINESS FOCUS IS THIS YOU?
- Are your goals and objectives are measurable? Do you measure them in terms of dollars and cents?
- Are the decisions you make regarding opportunities and relationships gaged on their financial benefit or their detriment to the financial well being of the company?
- Do you invest time and energy into growth, planning and strategizing on ways to grow and improve the business.
- Are you impatient and intolerant of perceived unnecessary speed bumps, delays and roadblocks? Do you believe that these things are costing you money?
- Do you have a keen sense of how to align personnel and responsibilities related to achieving company goals and targets?
- Are your business instincts are typically sharp and focused?
- Do you have a knack for pricing your products and services for maximum profitability?
- Are unnecessary operational costs are met with intense scrutiny? Do you have a keen eye for trimming out the fat?
- Are profitability is the lens and the yardstick by which You scrutinize and measure decisions.
- Do you sometimes put profitability before people… including customers.
- How would you put your Business Focus talent in your own words?
- How do you believe your Business Focus talent helps you?
- When was the last time you used your Business Focus talent? What was the result?
PERSONAL APPLICATION FOR BUSINESS FOCUS
I started my first business when I was 19. It was a landscaping and lawn maintenance business. Here’s a pic of my business card…
Pleasant View Lawn Care 1984
Don’t call the phone #… that was 31 years ago!
That business never made any money. I had customers, I had revenue, I was busy… but at the end of the month expenses were greater than revenues. I was constantly buying new equipment (that I didn’t need), I was hiring labor (that I didn’t need). My business acumen was lacking. Now I have a name for it… It’s called Business Focus.
Over the proceeding 30 years I have been involved in many “startups” companies. Some of them wildly successful from a financial perspective! Why? Well primarily because I or we partnered with someone who had Business Focus as a strength.
BUSINESS FOCUS… IT’S NOT MY THING
We can not ALL be talented in all TEN of these talents, however they are all required to achieve long term business success… You don’t score high in Business Focus? Now what?
The key here is that you have a desire for long term success. If you start a business let’s assume you have that desire. Great, there’s hope. The lack of dominance in Business Focus is not a business death sentence, however, ignoring it or not accounting for your blind-spot can wreak havoc in your business.
IF YOU’RE NOT DOMINANT IN BUSINESS FOCUS:
Put a process in place to align your financial goals with your daily habits. Manage and measure early and often!
Find help! Partner with someone who is strong in Business Focus. Ask them to help you identify gaps in your daily activities. Trade your strength for theirs.
Next Up… Confidence
I am thrilled to bring you this series. I believe that these 10 Talents from Gallup are so important to sustained business success. You as a business owner, an entrepreneur MUST; Determine yours, Develop them and Direct them towards your ultimate purpose. I wish you all the best!