Your Comments - Part 3 - "Born or Made"

We promised to provide you with some of the feedback being received on our Linkedin Poll, where we asked the question: Are Entrepreneurs Born, or are they Made?

Our Linkedin Poll was launched on December 18, 2011 and your response has been overwhelming!  Thank you to all who contributed to the debate or voted in our poll.

Below are just a few of the comments that were provided. We have generally not edited what you see below. We trust that it being place on this BLOG will allow opportunity for other to join in the discussion.  Enjoy and please ADD your COMMENTS to this POST!

Ed Davies • HI Jim, good question. I believe that entrepreneurs are created by the example of family and friends, business experience and by being blessed with the abilities needed to get the job done. It's not what we have been given however ,its what we do with it that makes the difference. The greatest support an entrepreneur has is a strong sense of self worh based on a solid understanding of who you are. It's like any other relationship if you don't love yourself you can't love others. And in a business relationship if you don't have a good sense of who you are, what's important to you, and that what you have to offer is of value life will be difficult. 

Dawna Allard • Such a great question as we strive to support Alberta's entrepreneurs realize their aspirations. I agree enterpreneurs can be made however, they fall under the 80-20 rule where the minority are the truly successful ones that have a natural born trait. When this trait is mixed with the other necessary ingredients of timing of education, work and life experiences - we get our Great Entrepreneurs. So both born and made applies!  

Stever Robbins • It's interesting how many of the comments here deal with willingness to take risks. The research I was exposed to when working at Babson College (#1 in the world for entrepreneurship for 15 years at both grad & undergrad level) is precisely the opposite: entrepreneurs are NOT more risk-seeking than anyone else. They are often obsessed with minimizing risk, in fact. Entrepreneur-as-risk-taker is a very, very common stereotype that is unsupported by the data. See: http://www.jstor.org/pss/255515 http://www.crainsnewyork.com/article/20100331/SMALLBIZ/100339984# http://davetroy.com/posts/tag/effectuation 

The work of Saras Sarasvathy doing cognitive profiling of successful serial entrepreneurs suggests that (successful) entrepreneurs bound their risk to what they can afford to lose and work within that budget. They don't perceive it as risk because they've made the a priori decision that they are willing to lose the resources on the table. See http://www.effectuation.org for details on her fascinating and extremely applicable research. 

Also see http://actiontrumpseverything.com/ for her work as it's being brought out of the academic community into the mainstream. 

Your Comments - Part 2 - "Born or Made"

We promised to provide you with some of the feedback being received on our Linkedin Poll, where we asked the question: Are Entrepreneurs Born, or are they Made?

Our Linkedin Poll was launched on December 18, 2011 and your response has been overwhelming!  Thank you to all who contributed to the debate or voted in our poll.

Below are just a few of the comments that were provided. We have generally not edited what you see below. We trust that it being place on this BLOG will allow opportunity for other to join in the discussion.  Enjoy and please ADD your COMMENTS to this POST!

Oliver Baezner • I believe that entrepreneurs are made, but it's not completely cut and dry. Having completed dozens of behavioural assessments on entrepreneurs, I have found that often they have strong Director type qualities. It takes these qualities to have the "guts", "determination" and "drive" to break out on their own.

Dan Ohler, ACC, Relationship Specialist & Coach • Great question, Jim. I believe that anyone can be an entrepreneur. However, based upon behavioural style assessments, and a new profiling system I'm learning (called M_DNA), I think there are some people who are born with the hard-wiring that makes entrepreneurship more natural. They have the internal drive, tanacity, passion, and willingness to fail forward. That said, anyone can learn these things, and I believe it comes down to values. When clear on values, people will do almost anything to support those values. 

Neil Kaarsemaker • My vote was based on the premise that while anyone can seek to be entrepreneurial, you need some inherent attributes to thrive at being an entrepreneur. You can teach the skills & disciplines of being an entrepreneur but those who are hot wired for risk and with a strong self-believe and focus for achievement will generally find greater success as entrepreneurs. A voice from the dissenting camp.

Colin Christensen • I was born to be almost anything I want. My skills to be an entrepreneur are native, yes. But, my willingness to deal with risk are the choices I make. A great quote I saw. [Entrepreneurialism] is like jumping out of an airplane with all the materials needed to build a parachute. -- Glenn Bickenstaff

Your Comments - Part 1 - "Born, or Made?"

We promised to provide you with some of the feedback being received on our Linkedin Poll, where we asked the question: Are Entrepreneurs Born, or are they Made?

Our Linkedin Poll was launched on December 18, 2011 and your response has been overwhelming!  Thank you to all who contributed to the debate or voted in our poll.

Below are just a few of the comments that were provided. We have generally not edited what you see below. We trust that it being place on this BLOG will allow opportunity for other to join in the discussion.  Enjoy and please ADD your COMMENTS to this POST!

Greg Gazin • If you agree with Toastmasters new tag line, where leaders are made, you would have your answer. Before I joined, leadership, especially talking on the role as District Governor, akin to a CEO, was never on my radar. Toastmasters - the people & the program helped open that door for me. Therefore.... Leaders (Entrepreneurs) are Made! 

Stever Robbins • Once upon a time, EVERYONE was an entrepreneur. The "company man" (or woman) phenomenon is only about 150 years old. Entrepreneurship is a behavior that can be learned by anyone who really wants to learn it. (In fact, I would argue we're naturally entrepreneurs and train it out of people when we send them into the corporate world.)  

Michelle Devlin • I concur with Stever in that we are ALL entrepreneurs in some way - we're born with it. Our whole life we are "selling" ourselves, so in my mind the question is, who keeps that burning desire, takes risks and puts finances on the line to do it? Had the question been: Are SUCCESSFUL entrepreneurs born or made?... I believe they are MADE - through their experiences, mentors and knowledge. 

David Abday • Entrepreneurs in my opinion are made but I believe that there are a number of factors that influence how difficult the "making of an entrepreneur" becomes 1) The personality type and the associated approach to risk, 2) childhood experiences associated with entrepreneurs (success/failures and associated emotions of those affected), 3) mentors, parents and other heroes/villains, 4) motivational factors (rebellion against authority, factors that drive success, seeking approval of specific people) ... etc. Overall making of an entrepreneur is a transforming process usually involving pain, growth, failure and success.

Entrepreneurs ... Born, or Made? (Follow-up Part 3)

HERE is our third segment related to the question: Are Entrepreneurs Born, or are they Made?

BTW - this may be your last opportunity to participate in our Linkedin Poll related to this question, please do so before the poll closes at the end of January 2012.  Take a moment to review the responses and feedback that people have provided!  Cast your vote, and learn from the many who have have already posted. For those unable to access Linkedin, we'll post some of the best comments that we've seen to this BLOG, so be sure to watch for updates!

Here are a few additional findings from "Nurture or Nature: Decoding the Entrepreneur," the report that was released a few months ago by Ernst and Young.  (A survey of 685 entrepreneurs from E&Y's worldwide and in-depth interviews with winners of the Entrepreneur Of the Year award.)

Entrepreneurs share common traits

While our research suggests that entrepreneurs are made, rather than born, the survey did find entrepreneurs will typically exhibit a combination of behaviors and attitudes that are likely to be different from many of their peers in more well established corporate organizations.  When asked what the top three most important qualities of an entrepreneurial leader are, over three quarters of the entrepreneurs identified ‘having a vision’, 73% ‘passion’ and 64% ‘drive’.  The scores for flexibility (33%), relentless focus on quality (18%) and loyalty (14%) were much lower.  

Maria Pinelli, the new Global Vice Chair Strategic Growth Markets for Ernst & Young concludes: “These findings highlight that most successful entrepreneurs share a unique combination of seeing opportunity where others see only risk.  And they tend to be optimists and believe they can succeed despite the fact that everyone else is telling them they cannot.”

Source:  http://www.ey.com/GL/en/Newsroom/News-releases/Entrepreneurs-are-made-not-born

“From Business Dream to Business Plan”

It's great to 'dream' of having a successful business, but where does the path to business success begin?  Where do those who want to start a business of their own begin?   (Let me come back to that in just a moment ...)

There are in fact many places that people can go to get additional information and training.  One group that I've had the privilege of helping over the years is Edmonton Public Schools Metro Continuing Education. 

Jim Ewing with Kevin Stevenson

In fact, I recently shared a wonderful evening together with many of their staff and instructors.  It was great to get to know them a little better and build relationships that I believe will be mutually beneficial in the future.  I was fortunate to be able to speak with Kevin Stevenson - Director, Metro Continuing Education.  Kevin and other presenters addressed the outstanding history of the organization and tribute was paid to those who greatly contributed to that history. 

One thing that I learned that evening - I did not know that Edmonton Public Schools Metro Continuing Education was able to trace their beginnings to having provided night school programs for adults in 1891.  Since then, courses have significantly expanded to meet the diverse needs of Edmonton's growing population - something that remains as driving force.

One of the programs that I am pleased to instruct: “From Business Dream to Business Plan” provides attendees with an opportunity to take their business idea through a process of evaluation in order to help them better determine what they need to do prior to starting a new business.  Participants are introduced to exploring business ideas, start-up considerations, marketing, planning, financing, operation and managing a business. Experienced guest speakers address some of the challenges that can be expected along the way.

 * If you are in the greater Edmonton area and would be interested in participating in the 4 session series, they are being held on Wednesday evenings from 6:30 pm - 9:00 pm.

Start date is February 8, 2012, and the last class is on February 29, 2012.
More information about this program is listed on the Metro Continuing Education website (course number: 43000033  -01 in the Adult Continuing Education: Business & Management section.)

Click here to open the website where programs are listed in alphabetic order.

Entrepreneurs ... Born, or Made? (Follow-up Part 2)

HERE is another segment related to the question: Are Entrepreneurs Born, or are they Made?

BTW - if you have not yet participated in our Linkedin Poll related to this question, please do so before the poll closes at the end of January 2012.  Take a moment to review the responses and feedback that people have provided!  Cast your vote, and learn from the many who have have already posted. For those unable to access Linkedin, we'll post some of the best comments that we've seen to this BLOG, so be sure to watch for updates!

Here are a few additional findings from "Nurture or Nature: Decoding the Entrepreneur," the report that was released a few months ago by Ernst and Young.  (A survey of 685 entrepreneurs from E&Y's worldwide and in-depth interviews with winners of the Entrepreneur Of the Year award.)

Entrepreneurship is rarely a one-off decision

For the majority of entrepreneurs launching only one business venture is clearly not enough.  Sixty per cent had started three or more companies, 20% six or more and 10% said they had founded more than ten companies in their career to date.  That doesn’t mean that having created these companies they automatically cut all ties with their previous interests.  Among the survey respondents, 45% say that they have retained some ownership in each of their previous ventures, and 28% say that they have retained a stake in some of them.

Funding, people and know-how are the biggest barriers to entrepreneurial success

Among the 6 out of 10 respondents who experienced obstacles in their ventures, the most common barrier to future growth cited (33%) is the lack of funding or finance.  This reflects the current environment, where many entrepreneurs said they continued to experience problems with accessing finance, despite a gradual easing of credit conditions in many countries.  The two other most-cited obstacles are recruiting the right people with appropriate expertise.

Source:  http://www.ey.com/GL/en/Newsroom/News-releases/Entrepreneurs-are-made-not-born

Globe and Mail's Top 10 Business Books of 2011

A colleague provided me with a link to the Globe and Mail's Top 10 Business Books of 2011

http://www.theglobeandmail.com/report-on-business/careers/management/management-book-excerpts/top-10-business-books-of-2011/article2270068/

While each may make for some great reading, one that jumped out for me was, "Great by Choice" by Jim Collins and Morten Hansen (HarperBusiness).  The article makes the following comments:

"After his towering bestseller Good To Great, a number of critics seemed to be waiting in ambush for Mr. Collins when this book came out, looking for faults to pick. Ignore them. This is another lively, clearly written book, with his partner this time, University of California’s Prof. Hansen. It has a solid research base that adds some more clues on how to manage for success."

If in fact, this book is anything like, Good to Great, I would also recommend it to business owners wanting to discover what it takes to build a business that stands the test of time. Look for many new and wonderful lessons to help move your business forward and take it to new levels of success1"

Entrepreneurs ... Born, or Made? (Follow-up Part 1)

We asked the question: Are Entrepreneurs Born, or are they Made?

Since we began our Linkedin Poll on December 18, 2011 we've been amazed to see the response and feedback that people have provided!  If you have a Linkedin Profile, we encourage you to visit the poll, cast your vote before the poll closes at the end of January 2012, and learn from the outstanding comments that many professionals and entrepreneurs have posted. For those unable to access Linkedin, we'll post some of the best comments that we've seen to this BLOG, so be sure to watch for updates!

While the question of whether entrepreneurs are 'born' or 'made' has been asked by many people over the years, I came across a report that was released a few months ago by Ernst and Young addressing this same thing.  Here are just a few of the findings from their survey of 685 entrepreneurs from E&Y's worldwide and in-depth interviews with winners of the Entrepreneur Of the Year award.

- Nearly 60% of them have worked in a corporate environment; 

          FYI - 33% say this was key to their success

- 45% of entrepreneurs start their first business after age 30
- 10% of entrepreneurs started ten or more companies

The research challenges the stereotype that all entrepreneurs start their companies without completing a formal education and without any experience of corporate life. Although many of the entrepreneurs that were surveyed started at a young age, 45% of the respondents said they did not start their business until they were 30 or more. 

And nearly 60% described themselves as “transitioned” entrepreneurs, who have previously worked in a corporate environment before setting out on their own.

When asked what was the most important source of learning in terms of their career, one third of all entrepreneurs (the highest ranking) said it was their experience as an employee. Thirty per cent highlighted higher education and 26% mentors.

Maria Pinelli, the new Global Vice Chair Strategic Growth Markets for Ernst & Young explains, “Entrepreneurial leaders are defined as much by their early business experience, cultural background and external environment as they are by any innate personal characteristics. Nurture not nature does appear to be more important in shaping the entrepreneurial mindset.”

Source:  http://www.ey.com/GL/en/Newsroom/News-releases/Entrepreneurs-are-made-not-born

Secrets to Networking Success!

One of the keys to great client service involves developing and maintaining a solid network of key contacts.  Building, strengthening and tapping into those contacts are important to the advancement of what you do! 

READ THIS POST and then share some of your "Secrets to Networking Success" by adding a comment below.

The attached link by Rick Spence of the Financial Post was provided by my friend, Michael Hughes.  Michael has developed a reputation as North America's top networking guru!  The full article offers some great tips that can help each of us maximize the value of our individual and business related networking activities.  I encourage you to read the entire article and here are a few key points that I’ve pulled out for your benefit.

Tips from the full article:

1.      Look for an area of "need, interest or value" to your business or organization, and a way to participate that will make a difference.
 

2.      Most of your business and referrals will come from the 5% of your contacts who matter most.  So you have to identify these VIPS and focus most of your attention on them and their networks. "It's not a shotgun strategy, but a laser strategy," he says.

3.      To prioritize your leads, Hughes suggests making a list of all the important contacts, clients and influencers in your business, and then rate them (from 1 to 10) according to key attributes: 

• Your level of comfort with each other; 
• The amount of trust in your relationship; 
• The potential of each individual (and their network) to your business objectives; and
• The amount of fun in your relationship.  

The people with the highest composite scores are the high-value relationships you should focus on most.  Get to know them better and develop a contact plan and follow-up strategy for each. Your goal is to build the relationship on three pillars: trust, value, and reciprocation. Before you can expect anyone to do anything for you - or even pay attention to you - you have to demonstrate your value to them.  

Why not try to complete the suggested exercise that is noted in #3 above?
  

Here’s the link http://www.financialpost.com/news/network+design+default/5811115/story.html

Visit the Website for Michael J. Hughes, Canada's Networking Guru
www.NetworkingForResults.com