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Discussion Starter · #1 ·
Are you an entrepreneur? Have you ever fancied being an entrepreneur? How does your personality type fit in with your entrepreneurial side? Do you think certain personality type is better for becoming an entrepreneur? I want to hear from you about your ideas, comments, experiences, and suggestions.

I am interested to discuss anything about entrepreneurship and MBTI. Looking forward to have a great discussion with fellow forum members.
 

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I'm an INTP and I've always wanted to be an entrepreneur. I think the hardest part for me, however, is finding something "low risk" that I can do part time.

I certainly could not deal with the stress of quitting my day job and being forced to make it work or go broke.
 
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Discussion Starter · #3 ·
Part-time involvement is ideal for starting a new venture. There will be a time to get fully engaged. Have you tried buying out an established business? Think about a running businesses that is working, but you can make it better. No need to start from the scratch. Do you think this can be attractive?
 

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I'm a stay at home mother, but I have done entrepreneurial projects. I haven't come up with anything on my own, but I'm good at getting ideas off the ground. A project took off a couple of years ago and gathered more momentum than we had time or energy to deal with, so we sold the business for a tidy profit. I enjoy smaller projects but I don't want to run a full businesses and neither does my husband. He likes his career and he's busy enough as it is. Running your own business is guaranteed to eat up all of your free time, even if you make it your full time job.

So I guess I'm entrepreneurial as long as it is small scale. I enjoy making things happen. I enjoy being the catalyst.
 

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Part-time involvement is ideal for starting a new venture. There will be a time to get fully engaged. Have you tried buying out an established business? Think about a running businesses that is working, but you can make it better. No need to start from the scratch. Do you think this can be attractive?
I've dabbled a bit. Here are my experiences so far:

I did run a computer repair business out of my house while I was in college. It was all word of mouth, so I didn't have a ton of clients, but it worked well at the time for me to help pay bills, etc. The problems with that business full-scale is that the margins are too low and people generally will start throwing away and upgrading rather than repairing. Although, this really stopped because I got steady work and was too busy with school and work to keep doing it on the side.

Actually before that I was also into network marketing businesses for a while. Quixtar.com (formerly Amway), Pre-Paid Legal (now LegalShield, I think), and some others I researched but didn't get involved with. I believe in the legitimate network marketing business; it's really just a commission sales structure where you can create residual commissions. However, I'm not a people-person, so I never really cared much for the actual meeting people and trying to convince them to join. (The motivational speaking and training was all very great, however, and I've heard some people join them just for that and don't even engage in the business.)

I also looked into buying and running an existing website for a while. I'm a computer programmer by trade, so I figured it was something I could pick up easy. The programming wasn't the tricky part though - it's all the online marketing I know nothing about. Not to mention, most of the websites I could afford were really mindless dribble gossip websites about "10 things you need to know about car insurance" or "24 hottest sports cheerleaders" or whatever. That doesn't really cater well to my personality.

What I'm into now is stock options trading. I found a good strategy that works for me and a legitimate firm to trade with. I'm in their training program right now and it's going well so far. It caters to my INTP-ness because I can do it at home from my computer with little-to-no human interaction. :) There's also a lot of interesting statistics involved which tickles the math nerd in me.
 
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Discussion Starter · #8 ·
Congratulations @monemi on selling your first entrepreneurial venture. Well done! I wonder if perceiving type personalities struggle a lot with anticipations. Do you have any entrepreneurial suggestions on how you balanced your personality and your entrepreneurial passion?
 

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Discussion Starter · #9 ·
Hi @aShipOffCourse,

Your experiences suggest you have made a good connection between your personality and your entrepreneurial side. The best thing you can learn from your stock trading venture is how to manage risks. Statistics and probability games are just tools to prepare you more for making better speculations. Once you get a grip on risk management, there are more opportunities out there waiting for you. You can look into apps market and see if there are opportunities in making new apps, for example trading games. New ideas often come from connecting the dots. If you connect your experiences, you will see there are so many opportunities hidden in it.
 

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Discussion Starter · #10 ·
Hi @Lucky Luciano,

You clearly show a head on approach to the stress and possible negation associated with any entrepreneurial venture. Some personalities are not very apt to deal with bombardments of criticism. However, it would be interesting to know about how you have avoided making risky moves by having some due diligence. Do you always go for everything you envision without getting afraid or do you sometimes take a step backward and evaluate all aspects of your plan? A deeper understanding can really help the readers.
 

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Discussion Starter · #11 ·
Hi @niss,

You are right to point out that there is a long standing debate about who is an entrepreneur. There are three views of entrepreneurship: identification, discovery, and creation of opportunities. Again the Global Entrepreneurship Monitor (GEM) differentiates between need based and opportunity based entrepreneurship. So, recent entrepreneurship discussions are not as much focused on finding who is an entrepreneur as they were 20 years ago. The challenge these days seem to be coming up with ideas that will attract venture capitalists and warrant a high rate of return. If the investors do not find the idea worth investing, then the person may end up having a really small business. Again, the venture capitalists are quite industry specific in specific countries. Thus if a person comes up with a brilliant idea in a wrong country, there will be no investor to give the idea the incubation support it needs. These issues make it difficult to determine who is an entrepreneur. Certainly I would like hear more from you on your views regarding personality types and entrepreneurship.
 

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Hi @Lucky Luciano,

You clearly show a head on approach to the stress and possible negation associated with any entrepreneurial venture. Some personalities are not very apt to deal with bombardments of criticism. However, it would be interesting to know about how you have avoided making risky moves by having some due diligence. Do you always go for everything you envision without getting afraid or do you sometimes take a step backward and evaluate all aspects of your plan? A deeper understanding can really help the readers.
Hey, good questions

I was born with this temperament, I always wanted to become successful, studying enneagram has helped me understand why: my supposed tritype is 378, I admit I am image focused person and maybe a bit of show off sometimes, but that is not really the thing that keeps me motivated, I get my energy to entrepreneurship from the excitement of action and seeing the fruits of my labor. I would not get that same adrenaline rush from normal day job at office, there I would probably have zero motivation.

I started young.. (ok I still am 17) I have made many acquaintances, I got a business idea so I invited my classmate to help me program an application, eventually I managed to contact one of most influential investors in Finland, he wants to invest in IT business and is interested to hear about our business idea and we are going to present it this summer. This alone is a achievement for me, moments like these, it´s not just about money.

My weakness is that I´m bit lazy at making plans, I tend to jump straight in but I am trying to learn to write everything down and evaluate it. Hope this is what you were looking for, feel free to ask more.
 

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I love entrepreneurship. I've started a few businesses since I was a teen and I have a few ideas for potentially very successful albeit risky startups. However, the opportunity needs to present itself and the business climate needs to be favorable. Neither are seemingly adequate right now so I'd have to wait on the entrepreneurship front.

In the mean time, I have a pretty dang useful degree I can fall back on so that's always good in case it becomes apparent that the ship's sailed on building a startup. ;)
 

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Discussion Starter · #14 ·
I love entrepreneurship. I've started a few businesses since I was a teen and I have a few ideas for potentially very successful albeit risky startups. However, the opportunity needs to present itself and the business climate needs to be favorable. Neither are seemingly adequate right now so I'd have to wait on the entrepreneurship front.

In the mean time, I have a pretty dang useful degree I can fall back on so that's always good in case it becomes apparent that the ship's sailed on building a startup. ;)
Hi @MNiS,
It looks like you have a good understanding of the external environment around you and when you talk about business climate this sense of market comes out. This is an interesting aptitude. It shows that you are not just focused in your world and you are keen to find your space in the greater reality, in this case the market. The other way of looking it can be that you can tweak your idea to fit in with the present climate and may be to do that you need to change the resource base. What many businesses, specially in the IT world, do is that they create many services within the company and they buy and sell these units of businesses to other players in the industry. So, if you start your idea now, may be one day you can sell it for a fortune. It is a dynamic game of acquiring and selling off part of the company, where the company exists but everything in it moves to maintain the interests of the shareholders. Since, you have a good inclination to read the external climate, you can do well in this model of acquiring and selling off.
 

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Discussion Starter · #15 ·
Hi @Lucky Luciano,

All the best with your project and hope to listen from you again with a reflection on how things went with the investor. I will get back to you with more questions then. Again, all the best.
 

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It shows that you are not just focused in your world and you are keen to find your space in the greater reality, in this case the market. The other way of looking it can be that you can tweak your idea to fit in with the present climate and may be to do that you need to change the resource base. What many businesses, specially in the IT world, do is that they create many services within the company and they buy and sell these units of businesses to other players in the industry. So, if you start your idea now, may be one day you can sell it for a fortune. It is a dynamic game of acquiring and selling off part of the company, where the company exists but everything in it moves to maintain the interests of the shareholders. Since, you have a good inclination to read the external climate, you can do well in this model of acquiring and selling off.
Thanks for the kind words. You're correct of course but I don't mind waiting indefinitely is a clear opportunity never presents itself and I would have no problem passing on this sentiment to say my children if/when I do have a few kids. Most successful entrepreneurs have happened to be at the right place at the right time and if it weren't my time then I'd have no problems passing off to someone younger.

Plus you've touched on one of my major fears of entrepreneurship: Building something successful but becoming so intertwined with the business that it'd be impossible to separate oneself from it without making major compromises. Plus I've failed enough times to know when to and when not to oppose sentiment. :p
 

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Discussion Starter · #17 ·
Too Many Ideas?

A lot of people are always bombarded with ideas and the creative juice just keeps flowing. Is having many ideas ideal for becoming an entrepreneur? Entrepreneurship focuses on opportunities and there is a fine line between what is an idea and what is an opportunity. MBTI literature perhaps deal a lot more on traits like generating ideas and creativity, but I have not seen much discussion on opportunity identification trait within the personality related discussions. Who is out there in PerC who is very good with generating ideas? Who is very good in seizing opportunities? I want to know if it is possible to convert every idea into an opportunity.

Looking forward for some interesting replies and thank you for keeping the thread alive.
 

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Congratulations @monemi on selling your first entrepreneurial venture. Well done! I wonder if perceiving type personalities struggle a lot with anticipations. Do you have any entrepreneurial suggestions on how you balanced your personality and your entrepreneurial passion?
Reading Niss's link, I suppose I fall within entrepreneur. I'm not content with running a business. I'm always looking for the next project. Admittedly, I don't start big or risk much of my own money. We've invested small amounts of money to see if the idea would work. Then if it shows signs of promise and I can see how we could make a profit from it, I look for investors and get to work. There is a lot of risk involved. We've been sued before. It was total bullshit and we'd covered our arses as we always do, documenting everything. We had all of our emails and communications recorded and archived. It wasn't difficult to counter-sue and get all of our expenses recovered. Still, you definitely have to be prepared and able to handle stress.

My husband and others are better at coming up with ideas. I'm better at seeing potential profit in those ideas and figuring out if this is something that I can make happen. My husband has become more social and is able to handle the mix of social and business elements in gatherings. I think he tends to strictly see the world in business or pleasure. And while they are two different things, you don't want (potential) clients or investors to have a solid sense between the two. You want to mix the two for them while remaining reasonably professional.

It's not like I go for anything big. But some ideas have so much potential it would be wasteful to let them pass you by. Admittedly, my husband has provided most of the balance. I'm pretty quick to jump on an opportunity. He's the one that documents and archives and covers my arse really. He would be quite fine without me. Without him, I'd probably be broke in some foreign country calling my father for funds to get me home. He's taught me to slow down and consider risks and I've learned to be less impulsive either with age or from being married to an ISFJ. Not sure which.

I do think that ESTP's are drawn to entrepreneurial opportunities. We see a good idea and damn if we don't want to make it real. Although, I suppose this where that con-artist stereotype might start. We could find a really good idea that's not real and use that same conviction to try to convince other people that we could make it real. Not that most of us would do that.
 
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Too Many Ideas?

A lot of people are always bombarded with ideas and the creative juice just keeps flowing. Is having many ideas ideal for becoming an entrepreneur? Entrepreneurship focuses on opportunities and there is a fine line between what is an idea and what is an opportunity. MBTI literature perhaps deal a lot more on traits like generating ideas and creativity, but I have not seen much discussion on opportunity identification trait within the personality related discussions. Who is out there in PerC who is very good with generating ideas? Who is very good in seizing opportunities? I want to know if it is possible to convert every idea into an opportunity.

Looking forward for some interesting replies and thank you for keeping the thread alive.
I like finding diamonds in the rough. I don't like country music, but sometimes I've heard a song and cut through the arrangement and the style and instruments and pulled out the words and the melody and thought: That's a great song. I hate how it sounds right now. But with the right arrangement and instruments and the right singer, this would be a fantastic rock song. I've found fabric in a ugly store front of a textile shop in the fashion district and pictured a dress and gone to someone with a drawing and said: 'I'll pay you to make this for me.' I know how to sew but hate doing crafty crap. Wore it out a few times but as gorgeous as it was, it stands out a lot and I want fresh new looks. Not the same look over and over again. I put it on Craigslist, got a bidding war on it too.

Anyway, I like finding new. I don't need to come in fancy wrapping and a gold seal of approval. I talk to people. I hear their thoughts and ideas. I go out. I see creations and experiment with what is right in front of me. I explore my world. I find places and things that other people passed over and missed out on. I tend to lead to a certain degree. I've had a rain barrel since my first house just like my Grandfather always had rain barrels at his farm. I've had a vegetable garden since my first house because as much as I'm not a gardener, I hate to see waste. I don't wait to see if an idea will catch on. I see a good idea and I go for it.

Not all of the things I've gone for have caught on. Our family is car free and have been for years. We use a car share program. Most of the time we walk, bike, take transit or call a taxi if it's an emergency. I don't care that the idea hasn't taken off, although the cycle population has exploded and people have bought bikes like the ones I bought. While some of them have picked up cycling as transportation, the Escalade is still parked in their driveway. I'm willing to stick my neck out, even if no one else is.
 
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I would like to try my hand at owning my own company. But I want that goal to work in conjunction with my other life goals, and now isn't the time. So I'll wait.
 
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