Is Your Definition of Entrepreneurship the Same as Gallup’s?

Is Your Definition of Entrepreneurship the Same as Gallup's?

According to “Entrepreneurial StrengthsFinder,” Gallup defines entrepreneurship as “the art of turning an idea into a customer.”

I think Bezos, Ford and Drucker would probably agree.

With technology changing how we work and live more rapidly than ever before, our need to harness entrepreneurial talent is urgent. Jim Clifton, Gallup Chairman, concisely presents the high stakes of getting our country’s entrepreneurial act in order.

Simply put, we need to start and grow more successful businesses.

“Until 2008, startups outpaced business failures by about 100,000 per year. But in the past six years, that number suddenly turned upside down. There has been an underground (entrepreneurial) earthquake,” Clifton says, citing data from the U.S. Census Bureau.

Surprisingly, the U.S. currently ranks 12th in terms of startup activity among industrialized nations. Reinvigorating the importance and idea of entrepreneurship is urgently needed, especially with our young people.

While our educational system does a fine job of identifying the intellectually gifted, we fail at identifying entrepreneurial talent. Our schools can stratify students by SAT scores, class rank and grade point averages. These students rarely get “missed” by our educational system. Yet, we need better ways to discover and focus our young entrepreneurial minds. This effort can and should begin at the local level.

Our cities can be a huge help in systematically finding and fostering local entrepreneurial talent. Identifying, developing and providing specific programs will create a “culture of entrepreneurship.” Clifton highlights the already built-in leadership and dynamism of our nation’s cities to help make this happen. Action must be taken, however.

The remaining sections of “Entrepreneurial StrengthsFinder,” or “ESF,” include the assessment itself and Dr. Sangeeta Badal’s extensive research on the defining talents of over 2,500 highly successful entrepreneurs. Gallup analyzed the research and determined the key ten talents observed in successful entrepreneurs.

The key traits are listed below, but check out the book, take the assessment and read the detailed descriptions to gauge your own ESF quotient.

Who knows? You may be the next Jeff Bezos. Or, you may be the new business owner opening her store at the corner of the neighborhood shopping plaza.

Either way, “ESF” will help you better understand your dominant entrepreneurial talent. It’s also a great way to assess your blind spots (and figure out where you may need a partner) on your way to building the Next Big Thing.

1. Business Focus
2. Confidence
3. Creative Thinker
4. Delegator
5. Determination
6. Independent
7. Knowledge-Seeker
8. Promoter
9. Relationship-Builder
10. Risk-Taker

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