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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.
As a financial advisor, 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:
1. Evaluate where you are now and the
state of your own individual entrepreneurial mindset.
2. Create an action plan listing the areas
in which you want to improve.
3. Incorporate that action plan into your
daily activities so that you are beginning to practice the behavior that you
want to demonstrate.
4. 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 financial advisors who understand entrepreneurs and develop
entrepreneurial skills, behaviors, and mindsets will be the individuals who reap
the greatest rewards.
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