If you’re looking to buy a specific business or franchise in Michigan, you may be questioning whether you are up to the task, or whether you will fit into the structure or atmosphere of the new venture.
Questioning how your personality would fit into different work environments is a great first step to becoming self-aware, which can help determine whether the opportunity will work for you.
If you are ready to discover if you are well-equipped to run a business based on personality, you should first do a self-assessment or consult online personality evaluations, then dive into these dynamics may or may not work for your venture.
Assessing Your Business Personality
Who are you? One method that can help you to find out how things will work once you are an owner of a specific business is to make a list of your personality traits.
To determine what personality traits you possess, start by assessing and listing:
- What traits you think you have
- Any input those close to you have
- Personal interests
- Experience
- Any expectations you may have
Further, some questions you can ask yourself include:
- Am I an introvert or extrovert?
- Am I detail-oriented or big picture?
- Am I a hands-on manager?
- Do my skills match the requirements of the business?
- Does the schedule fit my lifestyle?
If you are still unsure, there are a variety of personality tests that can be found online.
Two prominent evaluation methods are the Myers-Briggs Type Indicator (MBTI) and the Keirsey Temperament Sorter (KTS).
An MBTI test will determine if you are:
- Introverted (I) or Extroverted (E) – How do you direct and receive energy?
- Sensing (S) or Intuitive (N) – Do you take in information with your own perceptions or by looking at the big picture?
- Thinking (T) or Feeling (F) – Are you making decisions with logic and analysis or by considering others first?
- Judging (J) or Perceiving (P) – Are you a planner or more spontaneous?
The MBTI assessment assigns a letter for each category and provides a detailed analysis of how the combination (ex. ENTP) determines personality type.
The KTS assessment also uses four ctrategories and sorts people into one of four temperaments that contain four MBTI groups:
- Artisan – optimistic, realistic, focused, bold, spontaneous, playful, creative troubleshooters (ESTP, ISTP, ESFP, ISFP)
- Guardian – factual, dependable, steady, cautious, logistical, detailed (ESTJ, ISTJ, ESFJ, ISFJ)
- Rational – pragmatic, logical, ingenious, innovative, strategic, calm, curious, systematic, independent (ENTJ, INTJ, INTP, ENTP)
- Idealist – imaginative, intuitive, relational, empathetic, authentic, diplomatic (ENFJ, INFJ, ENFP, INFP)
How Does My Personality Fit?
There are certain types of qualities many would argue are important to any business, such being outgoing, strategic, and risk-taking.
However, this does not mean a person could not work on these traits once they are self-aware in ways that fit better into a new business venture, or that other attributes may fit better depending on the type of business.
Here are examples of how a few traits can benefit specific business types:
- Outgoing, Personable (Idealists, ENFJ, ESFJ) – With the ability to build a good social network, these personalities can draw customers, network, and advocate for a new brand or restaurant
- Motivated, Confident (Artisans, ESTP) – Outside-of-the-box thinkers that can jump in with new ideas and make taking on a start-up a good fit
- Proactive (Rational, INTP, ENTP) – A more calculated person who makes good business decisions may be a good fit for health care or finance ventures
- Passionate (Artisan, ESFJ, ESFP) Running you own business requires a lot of time and effort, so being passionate may make a more creative businesses that fits your interests a good fit
- Organized, Visionary Leaders (Guardian, ESTJ, ENTP) – A knowledgeable, successful person people want to learn from can step into established franchises
There are many things that should undergo careful consideration before purchasing a franchise and personality is definitely one of them.
Careful consideration of personality and lifestyle can help you determine what venture will have a better likelihood of success, or provide insight into the attributes that may need some improvement.
Michigan Business Broker Nadir Jiddou is Here to Help
Whether you choose to invest in an established restaurant, hair salon, franchise, or liquor store, the Michigan Business Broker can help you get started.
Having bought and sold businesses for more than 18 years in Michigan, Nadir Jiddou utilizes his contacts and experience to help his clients achieve their objectives quickly.
Call us at (248) 220-3274 or look at the business listings we currently have on hand to see what might be a fit for you.