Every Myer-Briggs Type can become an entrepreneur, but what type of entrepreneur will you be? What kind of struggles will you face? Here are some possible scenarios based your personality type:
Possible Scenario: You’re full of big ideas and passionate about your business; it is also likely that your business will have some sort of humanitarian cause to it. When you first start, you will find that your charisma and PR skills will get you very far in making the right connections, whether with potential business partners or investors. Your drive and desire for excellence will serve you well in most parts, but you find a challenge working with your partners. You have a clear set of standards, but your partners are not meeting them. You don’t want to disturb the harmony of your team, so you end up doing everything yourself.
Growth Pointers: You can learn how to assert yourself firmly yet gently without disturbing the harmony of the team, and also take time to slow down and consider the input of your partners before coming to a conclusion. Hire someone to take care of everyday details of your business so that you can focus your energy on networking, selling, and marketing.
Possible Scenario: You found a great business idea because something or someone triggered a great idea, and suddenly you’re all excited about starting it. Your natural charisma convinces many people that this venture is going to succeed in no time. However, you find that your excitement dies off after a while and then something else catches your attention. If you manage to stick to running a business, you will find the everyday tasks of running a business like accounting, bookkeeping and organize to be a pain. You rather someone else do the boring stuff while you get to the ‘exciting’ stuff.
Growth Pointers: Learn to stay focused on a single project; don’t get distracted by your many inspirations and stick to the daily grind. Find a business that resonates with your deeply held values, you are less likely to move on from it if you deeply believe in it. Hire someone else to do the everyday details while you go out there to market and sell your business.
Possible Scenario: You have a grand plan on how you want to make this business the top in the industry and you are driven to make it happen. More than that, you have a great plan on how to make it happen. Your confidence in yourself and your product impresses investors, partners and customers alike. However, your brash and stubborn approach does cause you to offend your partners or staff alike, leaving them unhappy or resentful.
Growth Pointers: Consider the people element in your decisions; sometimes it’s better to go slower with a team than go fast and lose your team along the way. Stay open to other possibilities and don’t be too hasty to make a decision. When people offer alternative solutions, try not to criticize it and get the positives from their pointers.
Possible Scenario: You spotted a great business idea or were inspired by someone, and you went ahead with making that business happen. You are a person of enthusiasm, zest and energy, full of creative ideas and strategies. No doubt, many ideas have crossed your mind in a short span of time. However, even though you like coming up with ideas, you don’t exactly like to execute. If you actually get down to doing it, you’ll still find that you are quite averse to the everyday tasks required in doing the business.
Growth Pointers: Slow down a little and listen to the opinions of others; resist the urge to criticize and give an opinion about everything. Consider human elements in your business decisions as well; sometimes people matter more than results in the long run. Consider hiring a secretary to help you in everyday tasks of the business.
Possible Scenario: Out of desire for material success, you decide to venture out on your own to start a business (with a like-minded partner). You find that you enjoy the social side of entrepreneurship – the side that allows you to meet different people to socialize. You’re always on top of executing the daily tasks of the business like accounting and bookkeeping. Another challenge for you is to adapt and adjust, especially in the uncertain early stages of your journey.
Growth Pointers: Learn to be comfortable with uncertainty; see it as a part of the entrepreneurial journey. Stay open to changes and new ideas, entrepreneurship is all about innovating your methods and business to stay current with the industry.
Possible Scenario: You hate your job because it doesn’t allow you to interact with people and to sit in front of your desk is so boring; so you joined up with a friend to do a business venture. The part you really enjoy most about this business is that you get to talk to so many different people daily. What you really don’t enjoy is the part where you have to sit down and plan how to bring the business forward; you rather leave this to your partner who seems to be more concerned about it than you.
Growth Pointers: Balance your social needs with the need to sit down, plan and strategize. Besides just enjoying the day to day workings of your business, think about the long-term goals and check if you are moving towards those goals.
Possible Scenario: You probably are in business because you joined up with a friend or you inherited a business from your parents. Because of your dislike of uncertainty, you are far less likely to start up a new venture, much less alone. However, if you’re in business already, you are probably displaying an ability to keep up with the demands of it. You are a good manager of people and resources; at maintaining the business. However, you tend to be more resistant if your partner suggests the business evolves and innovates.
Growth Pointers: Learn to be more comfortable with changes and uncertainty; it’s all part of the entrepreneurial journey. Don’t be too impulsive in making decisions; stop, reflect and ask for opinions before you move forward.
Possible Scenario: You spotted an opportunity, and you proceeded to take advantage of it very quickly by adjusting yourself and leveraging on resources and people around you. Nimble, adaptable and flexible, you are the classic entrepreneur. You run circles around your competitors long before they’ve realized it. Your challenge is to build some sort of semblance of a system and organization into your company in order to scale up the operations; you are often so nimble that your employees can’t catch up or get frustrated with the constant changes.
Growth Pointers: Slow down, and build some structure into your life and business. Do some planning and strategizing before starting the business. Think about long term plans on top of executing your daily tasks.
Possible Scenario: You have thought about how you want to make a positive change in the world, and you intend to use a business (maybe a social enterprise) to do it. However, because you often over-rationalize things, sometimes to a point of inaction, so it was actually a huge step for you to start. You find that you really just enjoy the strategizing and planning, and you don’t particularly enjoy going out to network with others.
Growth Pointers: Learn to articulate your ideas in a concise manner so that you can engage others in your vision. Stretch yourself by going out to network with different people; you may discover new possibilities as you talk to other business people.
Possible Scenario: You are unfulfilled at your job, and you’ve been toying with the thought of starting a business for a long time now. The idea of having free time and flexible hours appeals greatly to you, but you were contented to let it stay as a thought. One day you finally take a step to start; you start off excited and passionate: but you find your attention turns to elsewhere when the business starts getting more mundane. The challenge for you is to follow through on your initial plans and stick with it through the hardships.
Growth Pointers: Follow through on your initial inspirations. The best business ideas for your personality type are those that are core to your deeply held values; you are far more likely to follow through if it’s not just a good idea, but something you deeply believe in.
Possible Scenario: You have a wonderfully thought out plan on what type of business you want to start and how you’re going to run it. You have thought through all intermediate steps you need to take to get there. When you’ve finally overcome the inertia of starting, you are a highly driven business person who will push yourself all the way to success. However, your issue comes in articulating your ideas and vision which are often too complex for others to understand.
Growth Pointers: Slow down so that your partners, associates, and employees can catch up with your thought processes. You need them to be on board with your ideas for your business to work. Try to network with more people so that you can see new possibilities for your business.
Possible Scenario: You are brilliant and have many great business ideas. However, because you are thinking and strategizing rather than executing, you took a long time to get down to making the business happen. When doing the business, you have great ideas that can truly make an impact in your industry. However, you may realize that it’s not as interesting as you hoped it to be, and the daily tasks of running the business bore you.
Growth Pointers: Take more proactive steps to execute the business; come up with a task list and stick to that task list. Push yourself to go out to network with other people and learn to make small talk.
Possible Scenario: You are unlikely to start a new business because of your strong desire for certainty and stability. However, you would do it if it means helping somebody close to you or that you inherit the business from your parents. Your desire to serve others has led you to take over an existing business or join a partner. Even though it may feel uncertain at times, you soon discover your ability to administrate and plan helps a lot in the running of the business. However, you tend to be averse to networking and meeting new people if you so need to.
Growth Pointers: Be more comfortable with uncertainty and change; it’s all part of growing a business. Learn how to assert yourself more firmly, your desire for harmony may get in the way of results.
Possible Scenario: Running businesses is not your thing, but perhaps you hate your job so much that you’ve decided to come out and do something that actually interests you. You are likely in a business that requires you to use your hands to craft something or in the service industry: trades that you most enjoy. Your challenge is in trying to organize and plan everything. Also, you have to overcome your reluctance to actually networking with different people in the course of your business.
Growth Pointers: Overcome your reluctance to network, see it as a fun activity you can do instead of seeing it as a business. Get someone to help you strategize a long term vision for your business, your involvement in day to day activities means you often don’t think of longer term goals.
Possible Scenario: Because of your strong need for certainty and job security, you are far more likely to inherit a business than actually start one. Even if you do, it is likely that you’re doing it with a partner. However, if you’ve managed to get started, you will find your strong administrative ability helps you keep on top of everyday tasks of the business. However, you probably dread the part of the business where you have to network with people. You very much prefer to work alone and focus on your tasks.
Growth Pointers: Push yourself to network more. Learn to be more comfortable with uncertainty and see it as part of the entrepreneurial journey. Consider the long-term strategic vision of the company; don’t get too involved in everyday tasks and lose sight of the bigger picture.
Possible Scenario: Your strong desire for freedom from the regimented working world has sent you into the entrepreneurial world. However, you may discover things to be not so easy because of the amount of planning and strategizing you actually have to do. You also dread the part where you actually have to network with other business people in order to form partnerships and possible collaborations. However, you are highly nimble and aware of the demands of the market, and you have learned to adapt and adjust accordingly.
Growth Pointers: Go out and network more, and learn how to make small talk. Slow down, plan and organize your life and business. Building some structure in your life can do wonders in ensuring that your business runs smoothly.
The author Ethan Lin is an INFP, and finds that his favorite activities as an entrepreneur are mainly content development and writing - hardly tasks required for an entrepreneur.
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