ELITE ADVISOR REPORT
A Blog for Today’s Top Financial Advisors
Are You a Driven Financial Advisor? – Episode 7
- All financial advisors are entrepreneurs—but not all are driven entrepreneurs.
- Driven entrepreneurs have a drive to excel, to learn, and to grow and expand their purpose in life.
- Driven entrepreneurs are much more likely than their peers to belong to a CEO or mastermind group.
As a financial advisor, you are an entrepreneur. That’s true regardless of whether you own your own firm or are affiliated with a larger company. In all cases, financial advisors are working to build strong practices.
But here’s a question: Are you a driven entrepreneur?
Driven financial advisors are exceptionally motivated and highly committed to investing in themselves and their businesses. I like to say that you are a driven entrepreneur if you are reaching for the stars. It’s not enough for you to become successful or even personally wealthy. What you want professionally (and possibly personally) is to be all you can be.
As a driven entrepreneur, you are committed to leveraging every resource at your disposal to achieve your total potential.
And you may even have a secret weapon to help you: a mastermind group.
The three key personality traits of driven entrepreneurs
To help us gain a deeper understanding of the driven entrepreneur, we surveyed 759 North American entrepreneurs who are senior managers (all C-level executives) and have at least a 25 percent stake in their privately held businesses.
Based on self-report measures and using the statistical technique of cluster analysis, we found that about three out of five entrepreneurs in our survey can be classified as driven (see Exhibit 1).
If you’re a driven entrepreneur, you are highly motivated to significantly grow your company. But you’re also determined to grow your personal wealth—because you clearly recognize what you can be worth if you achieve substantial growth by accelerating your success.
But let’s dig deeper. In analyzing the personalities of driven entrepreneurs, we find they’re much more likely than their non-driven peers to have certain traits. Our analysis revealed that driven entrepreneurs generally have three core characteristics:
1. Desire to excel. More than nine out of ten driven entrepreneurs profess to be exceedingly motivated to excel (see Exhibit 2). This trait is characteristic of only about three-fifths of the entrepreneurs who are characterized as not driven.
Many driven entrepreneurs are highly competitive and do well in challenging environments. It’s not uncommon for driven entrepreneurs to have what we call a calculated obsession with achievement. This is also a very pronounced trait of the self-made Super Rich—individuals and families with a net worth of at least $500 million.
2. Quest to learn and grow. About four out of five of the driven entrepreneurs say they are lifelong learners, compared with about a third of entrepreneurs who are not driven. Being open-minded, curious and receptive to new ideas and opportunities can readily translate into greater business success. Driven entrepreneurs are habitually seeking to expand their knowledge. They look for ideas, information and insights they can use to continue to excel.
3. Expanded sense of purpose. The two cohorts really diverge when it comes to having a greater sense of purpose beyond themselves, their loved ones and their businesses. Many driven entrepreneurs are looking to create social value, and many are seeking ways to change the world for the better. They are enthused and determined to have a meaningful impact and leave a meaningful legacy.
Leveraging mastermind and CEO groups
Because running a business is rarely easy, most entrepreneurs look for ways to become increasingly knowledgeable, competent and successful. There are many ways they can become more proficient. Informal self-directed learning and talking to peers are actions that both driven and non-driven entrepreneurs tend to take.
But we see that driven entrepreneurs are much more likely to take an additional step: They participate in formal, structured support groups, such as mastermind and CEO groups. These are groups of like-minded driven entrepreneurs that empower financial advisors and other business owners to learn from the accumulated experience of fellow members and group leaders, test their business-building ideas, and build profitable relationships.
As we can see in Exhibit 3, almost 14 percent of the surveyed entrepreneurs are members of a mastermind or CEO group. Very telling is that almost a quarter of the driven entrepreneurs are members of these types of groups, compared with only two entrepreneurs who would not be characterized as driven.
Clearly, there is a much higher propensity among driven entrepreneurs to join mastermind or CEO groups than among entrepreneurs who are not driven.
It is also quite telling that of the entrepreneurs participating in mastermind or CEO groups, almost two-fifths are in more than one group (see Exhibit 4). The benefits they receive as members have motivated them to participate in more than one mastermind or CEO group.
Driven entrepreneurs—who make up a large percentage of business owners—want to build great, successful companies. It is not necessarily a matter of size or type of firm. Driven entrepreneurs strongly believe they can make their businesses much more than they are today, and they deliberately act on this belief.
One of the ways a solid percentage of driven entrepreneurs are looking to make their firms—and sometimes themselves—much more than they are today is by gaining a meaningful advantage through participation in elite mastermind and CEO groups.
Ask yourself: What steps are you taking as a financial advisor to excel, to learn and grow, and to aim for a larger purpose in life?
Accelerate your pathway to elite advisor status— Schedule your complimentary Strategy Session – Best Year Ever Consultation call to get on the fast track to even more success.
Where you go—and how fast you get there—is up to you.
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