Know Your DNA For Your Startup
I read an interesting article via one of my favorite tech/startup platforms, AlleyWatch (see here for full article). The article, posted by Martin Zwilling, discusses some key important factors that he suggests entrepreneurs should consider before diving into an idea or startup for their product. As an angel investor himself, he notes that many investors nowadays invest more in people versus products.
most investors will admit they invest in the person more than the product. – Martin Zwilling
Even though this may be true, he notes that entrepreneurs should evaluate their own personal attributes and potential first. He goes on to explain a new methodology that seems to be gaining traction in the startup world, called BOSI. BOSI stands for: Builder, Opportunist, Specialist and Innovator. The credit for BOSI has to go to Joe Abraham, an Operating partner to an international portfolio of high-growth companies (See more about him here). Below is taken from Martin Zwilling’s post:
- The Builder excels at constructing a business from the ground up. These people are the ultimate chess players in the game of startups, always looking to be two or three moves ahead of the competition. They are usually described as driven, focused, cold, ruthless and calculating. Many might say Donald Trump epitomizes this category. They usually win, but don’t often get the appreciation and happiness they crave.
- The Opportunist is the dreamer in all of us. It’s that part of us that maneuvers to be in the right place at the right time to make big money. If you ever felt enticed to jump into a quick money pitch on the Internet, that was your Opportunist side showing. These entrepreneurs dream big, go big and too often crash big.
- The Specialist entrepreneur will enter one industry and stick with it for a lifetime. They build strong expertise, but often struggle to stand out in a crowded marketplace of competitors. Picture the graphic designer, the IT expert or the independent accountant or attorney. These types of people start good family businesses, but can’t scale.
- You will usually find the Innovator entrepreneur in the lab working on their invention, recipe, concept, system or product that can be built into one or many businesses. The challenge with an Innovator is to focus as hard on the business realities as the product possibilities. If one of these entrepreneurs teams with a Builder, the sky is the limit, and every investor wants to get a piece of the action.
Upon reading the entire post, I took the time to self evaluate myself, and came to the conclusion that I myself am a builder. It seems this test is really great for entrepreneurs and if you’re in need of some good reading, I suggest you read the full article post from my link above. Startups are tough, but that doesn’t mean they’re impossible. It’s always great to read up one some advice given by those who have previously succeeded. There’s no such thing as too much knowledge, and learning is the only way to excel and reach your potential.
With that, I’ll end my post with a usual STKR from STKR.us! Let’s do this entrepreneurs!