Execpreneur
Thank you for taking my Entrepreneurial Profiling Test. Based on your answers you profile as an Execpreneur.
Execpreneurs have usually achieved success in a structured corporate environment (or sometimes in education) before they decide to ‘go it alone’ and create their own business. They like being part of an operation and working within a larger team. They tend to be ‘specialists’ rather than ‘all-rounders’.
They usually opt for a business in the same sector as their corporate expertise, frequently teaming up with colleagues to create their own business.
They enjoyed the structure and routine of a corporate/collegiate existence and may find it difficult to achieve the self-discipline required to work for themselves – especially if they work from home.
However, Execpreneurs are very structured and are good at following projects through to the end, provided the project has been defined at the outset. They find it difficult to work with ambiguity or to just run with ideas and deal with issues as they happen.
As people who are used to being part of a larger organisation, they may find the autonomy and loneliness of running their own business difficult, particularly in the early days.
Rather than starting a business on a shoestring budget, Execpreneurs are better suited to creating a detailed business plan and obtaining funding, to enable them to create the structure they need to work efficiently from the outset.
Risk averse, they find it difficult to cope with the unpredictability of variable revenue streams. They tend to be far better playing with ‘Other People’s Money’ and their business plans almost always feature a monthly salary from the outset. Execpreneurs like the certainty of a monthly pay cheque!
If you profile as an Execpreneur and you are new to business, you may find it easier to achieve success opting for an established business franchise opportunity rather than creating their own business from scratch, as it will give you the rules and structure you tend to thrive in, as well as increased chances of business success.
My Top Tips for Business Success for Execpreneurs
- Consider creating a business with a small team of colleagues based on the same sector where you have enjoyed corporate success, focussing on a niche in the market currently unexploited (or considered too small) by your current employer.
- Alternatively, look at franchise opportunities which give a measure of business independence within an existing proven operating system and support structure, as your first venture into business.
- Execpreneurs are used to having a budget to operate with, so ensure that the business is properly funded from the outset – and that your level of funding provides for at least a year’s trading before you anticipate coming into profit.
- Ensure you spend the majority of your time on driving sales and marketing your business – rather than becoming obsessed with the operational structure.
- Expect to run with imperfection in the beginning – it takes time to hone processes, systems and products/services to the point where the business runs like a well oiled machine.
- Don’t be so rigid in your planning that you can’t respond to new opportunities where these arise through customer demand – you may often open up whole new revenue streams which you had not previously considered. In other words, make the business customer-centric rather than operations lead.
For more information on how the test is compiled, please click on How_The_Test_Works.
If you have any feedback on your result please do write and let me know at rachel@rachelelnaugh.com.
I would value your input.
Regards,
Rachel
