Starting a Business? First Understand Your 'Entrepreneurial DNA'
Note: This is a guest post by Joe Abraham, author and serial entrepreneur. He shares some of the tips and advice from his book “Entrepreneurial DNA.” We’re honored to have him on our blog:If you’ve ever fretted over how to start a business, which direction to go, what choices are right for you, etc., look no further than your Entrepreneurial DNA to find the answer.
What’s Entrepreneurial DNA?
Put simply, your Entrepreneurial DNA is like a virtual ID card that tells you (and the people around you) who you really are as an entrepreneur. It identifies your strengths, weaknesses and predispositions as a business owner and compares it to the millions of other business owners out there — so you can quickly identify people who are like (and unlike) you in business. You can discover your Entrepreneurial DNA for free at http://www.bosidna.com.
This probably won’t come as a shock to you, but all entrepreneurs are not the same. We’re cut from different pieces of cloth. Some entrepreneurs are built to launch highly scalable national and global brands. Others are built to run a well-respected local business. Some are sales and marketing rockstars. Others can’t sell their way out of a paper bag. Some business owners thrive on having large employee bases. Others hate the very idea of having any employees at all.
You get the point. We’re different.
So it should come as no surprise to you to learn that financing strategy cannot be one-size-fits-all. Just because your buddy got a million dollars in investment capital from a handful of VCs doesn’t mean you will too. The flip side of that can be true as well. You may raise a million bucks in the next 90 days while others fight to get their hands on a $5,000 business loan.
Having personally been involved in the raising of over $5 million in debt and equity capital for businesses I have started or helped get off the ground, hear this from me: You can save yourself a ton of time, headache and frustration by understanding what makes you tick. In my book, “Entrepreneurial DNA,” one of the areas where I share specific strategy for your unique DNA is in the area of financing.
Bankers are pretty smart people. They have invested tens of millions of dollars over the years figuring out how to create “profiles” (they call them guidelines) for who they should finance. You’ve got to understand your profile as an entrepreneur to make sure you present yourself in the best possible financing light to the most ideal financing source. Studying your Entrepreneurial DNA will help you do that. And so will going through Lendio’s system that helps match you with the right business loan.
Having access to working capital is the lifeblood of small business. You can never have enough working capital if you ask me. However, just be prudent to build your story and financing package correctly to highlight the strengths of your Entrepreneurial DNA and offset known weaknesses. You’ll be glad you did!
About Joe Abraham
Joe Abraham is founder/CEO of BOSI, a venture-backed business community and online concierge for entrepreneurs. He is author of Entrepreneurial DNA: The Breakthrough Discovery That Aligns Your Business to Your Unique Strengths (McGraw Hill) – available in bookstores and online. Prior to launching BOSI, Joe was involved in the startup and growth of over 30 companies in industries ranging from IT and Wellness to Consumer Goods and Motorsports. You can connect with Joe at http://www. joeabraham.com