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The Three Personalities of a Business Owner. Which are you?

By Sean M. Hugo, CPA

Running a small business is often difficult, and the responsibilities associated with being a small business owner are often overwhelming. Your business, whether family-owned or not may be thriving, but there is almost always room for improvement with any operation.

Business Owner Personality Types 

3 Personalities of Business Owners.pngOne of the most important factors to keep in mind is your personality type and how that may affect conducting business. Leadership style is greatly affected by personality type, and how work is managed and delegated. 

Employees often look to their bosses to be part mentor, part visionary and part consultant. Juggling these roles while still keeping the business running is often difficult but not impossible.

Understanding your personality type is imperative because it offers insight into how to market yourself and your ideas while still conveying a strong message.

3 Common Personality Types of Business Owners

People tend to fall into one of the 16 personalities categorized, but there are 3 personalities associated with business owners: Which are you? 

 Perhaps there is one that you will identify with most - use this knowledge to fuel your business and craft a strategy that taps into your strong points. 
 
 

1. The EntrepreneurBusiness-Owner-Personality-Types---Entrepreneur-Graphic.png

Entrepreneurs are strategic, and are always thinking about the big picture. For them, the business is never quite "there" yet, and still needs developing in order to serve the wants and needs of the owner. The entrepreneur values their time greatly, and ensures that there is always time carved out in the day to think about the company's strategic needs and its future plans. 
 
The entrepreneur is always finely tuned to the fiscal viability of the business, and understands that business value is inextricably tied to equity. The end game is to sell the business and move on, therefore it is vital that the business remain fiscally healthy. 
 

2. The Manager 

Business Owner Personality Types - Manager Graphic.pngManagers engage in both strategic and tactical work, with a heavy focus on the present. Managers like to achieve results through others, and are characterized by their pragmatism, planning and organizational skills. Managers are the ones who execute vision to action.

Managers are also keenly aware of how precious of a resource time is, and strive to ensure that everyone's time commitment is valued and utilized. Managers are more likely to understand both the short-term and long-term goals of the company, and what actions must be taken to turn these visions into reality.

They are also characterized by their focus on playing the role of the accountant - they understand that costs must be controlled and profits need to be increased. Always attuned to the day-to-day financial health of the business, managers know how to use both time and personnel resources to make adjustments as required.

 

3. The Technician 

Business-Owner-Personality-Types-Technician-Graphic.pngTechnicians are generally guided by managers and adhere to the overall structure of the company while working. Technicians are generally mired in the present and are content doing hands-on work to keep the business running. In fact, that is their very purpose, to keep track of what needs to be done in the present and make sure tasks are completed. 

This philosophy is driven by the notion that work product produced directly correlates to money made. Money is looked at from the perspective as earning for work performed, and therefore it is imperative that work is done the day of to justify earnings. 

For technicians, efficiency is their key focus and what drives them to work for maximum profitability. This feeds into their competitive strategy development and strong marketplace positioning efforts.

 

Understanding Your Personality Type as a Business Owner

These are just general overviews of personality types found in business owners. Chances are, there may be strong identification with some of these, or with just one.

Nonetheless, it is important to use this as the first step to understanding how your personality type and business are linked and how to use your skills to your advantage.

Part of being a small business coach is helping with the process of developing tools for small businesses as well as small business ideas which are sustainable and have long-lasting impact.

This entails understanding different personality types, and how that informs leadership and strategic goals for a small business. To learn more about our small business coaching services, please contact us.