Factors Paper of RO18177

In finding what are the key success factors of entrepreneurs, I took the opportunity of reviewing the Myers-Briggs Type Indicator (MBTI).  I found a site that clearly and concisely summarized the salient points of MBTI:http://www.myersbriggs.org/my-mbti-personality-type/mbti-basics/

Based on the MBTI, successful entrepreneurs are mostly found to be ENTP.  They are dominant on these behaviors:  Extraversion, Intuition, Thinking and Perceiving.  

1.  Extraversion.  Most entrepreneurs enjoy interacting with others.  They are very sociable and can easily establish networks.  They are interested in working with others to achieve a goal.  

2. Intuition. Rather than taking things as is, entrepreneurs try to add more meaning, color, and interpretation.  They are very creative and can see things differently.  According ti Naveen Jain, CEO of Intelius Inc., one of the key success factors of entrepreneurs is "gut feel".  One cannot interpret the real world in numbers and excel.  The world has so many variables and sometimes, you have to listen to what your gut tells you.  (http://business.financialpost.com/2011/03/18/five-key-success-factors-for-entrepreneurs/).  

3. Thinking.  Entrepreneurs can also see a realistic, empirical world view.  Most have early interest on science and technology.  But the most telling behavior is that they want to design and build a system from scratch.  They take extreme pleasure in seeing their creation unfold and take flight!  They are excited when the systems in place and the different components / departments are working together to achieve his purpose.

4.  Perceiving.  While they value relationships, they will find it easier than the other personality types to leave those relationships behind.  They can stay open to new options and can leave anything behind to pursue that.

How do I compare against this?  Based on my latest MBTI, taken by Singapore based Center for Creative Leadership, my personality type is ESTP.  It would seem that I hit three out of four dominant behaviors.  I can readily admit that I have the propensity to be more objective (thinking) than intuitive at times.  I do have the tendency to over analyze things, looking for empirical data to support every decision I make.  I believe that this is something that has been inculcated through several years of training as a political scientist and later, an operations manager.  

I can definitely say that I am an extravert.  I am able to speak to a group, work with a group and create my own network of friends and business associates.  I have no fear in being in front of a crowd and talking about the company and strategic initiatives.  

On Perceiving, I have always stayed open to new options, especially exciting ones.  I am always ready to take a calculated risk, even in my career decisions.  This enabled me to become the youngest Operations Director at 27 years old in my current company.

In theory, the MBTI looks promising in describing the qualities of successful entrepreneurs.  What about in real world practice?  I interviewed one of the most successful entrepreneurs in the country.  He is the Chairman/CEO of Royce Motors, one of the largest motorcycle dealership and financing in Central and Northern Luzon with over 100 branches.   I approached him for advice when I started my lending business in Cabanatuan City. He said that to be successful in this business you have to make you have have this qualities:

1.  You have to take care of your people.  Your employees are the key to your success.  You must talk to them frequently, know their experiences with their customers, and ask them for advice on how you can improve the way they are doing their job. (Extraversion)

2.  You have to know your customers.  Sometimes, especially in lending, you cannot be 100% sure that the credit investigation report is accurate. Over time, as you learn the types of customers, your gut feel can easily tell you if a customer will be a good one or a delinquent one.  (Intuition)

3.  You must understand your business well.  By that, you need to understand the language of the business, which is Accounting.  Draw up your short term and long term goals and steps to reach those goals.  Anticipate problems and prepare to face them.  (Thinking)

4.  There will come a time that you will have to take a "monumental risk".  There will be a time in your business when you will have to take the courage to take a big risk such as taking a huge loan to expand your business.  Will you be ready to take that option in the future?  (Perceiving)

As I look back to that conversation, I feel that despite getting a ESTP type personality, I still have a lot to learning to do.  Learning not from the textbooks, but from actual experiences to hone the behaviors and skill I needed to display to help me become successful.  

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