As an innkeeper you are an entrepreneur. Reading this article, as well as the other research you are undoubtedly conducting, is part of the education needed to be an entrepreneur in the business world, even in the lodging industry. What is an entrepreneur? What characteristic of an entrepreneur is useful in the inn field? This article will help you define entrepreneur for your research and share characteristics of entrepreneurs for this business you are considering — or already in.
Accept this challenge: take the personality quiz and see if you have what it required of being a successful innkeeper.
This is an excerpt from my ebook — “Building a Good Foundation — So You Don’t Find Yourself in a Hole”.
If you were as smart today as you will be a year or ten into the business, you possibly would never become an innkeeper. Being able to anticipate all the problems you will face would be the deterrent in any dream pursuit. However, just as you underestimate your project’s roadblocks, you will also underestimate your ability to overcome those hurdles. Let your creative juices flow. During the course of your research you will see the most common industry challenges and innkeeper pain points and prepare yourself for the unforeseen, and you will gain the tools you need to deal with everything you’ll face. Once you are aware of all that is required, either your innkeeping desires will be validated, you’ll see that you can adapt to what’s needed, or will turn away from this endeavor. Whatever you do, don’t ever ignore reality. Risk takers fall into three general groups: non-risk takers, calculated-risk takers, and speculators/gamblers. Which are you?
It’s not too late to start to understand what kind of entrepreneurial spirit you have. Naturally, entrepreneurs have different strengths and weaknesses. You want to understand yours so you can work with them and to explain to others why you are a good risk for them. Knowing your strengths and weaknesses also lets you create a team that fills in around your entrepreneurial characteristics. Here’s a list to start working with as you start learning about your entrepreneurial spirit.
What Are Your Entrepreneurial Traits?
The Entrepreneurial Personality Profile, as presented by Larry Kutt (co-founder of the School of Entrepreneurship at Metro State in Denver and now Chairman, CEO, and founder of Colorado Altitude Training in the Denver metro area) addresses the possible styles common among entrepreneurs. How many of these apply to you?
• Action oriented? For you is it Ready! Fire! Aim! (yes, I mean in that order)?
• Follow your own vision. Innovative; don’t follow conventional wisdom?
• Independent. Do things your own way; don’t fit in; strong ego?
• Non-analytical, emotional, intuitive, and/or right brained?
• A poor delegator. Do you need to figure out where the money is?
• Practical and get down to work, know the value of money, thrifty?
• Resilient: Is your attitude if you fail when you’re poor it’s no problem to you?
• Optimistic — blindly so?
• Sales oriented — influential, convincing?
• See an opportunity; take initiative, or control?
• Deal well with ambiguous information, from different angles and directions?
• Not deal well with authority; have you been fired (several times, maybe)?
• Have a good sense of humor?
• Like excitement and not like team sports as much as individual sports?
• Love your freedom?
• Need to prove yourself?
• Have a relative lack of fear of risk and failure. Take calculated risks?
• Work well under pressure?
• Think work is synonymous with play?
As far as the entrepreneurial innkeeper is concerned, consider these personality musts. You must:
• Be a problem solver.
• Be flexible.
• Have a sense of humor.
• Be humble.
• Be willing to serve your guests
• Have respect for others’ differences.
Furthermore, successful innkeepers should have stability of personality and relationship with your partner (be that life-partner, children, or business partner), and posses a strong sense of self and sound management skills. These are some of the traits that will help you thrive in this industry.
Will your set of entrepreneur characteristics serve you as an innkeeper? Is buying and running an inn the best use of your style and characteristics? Through your journey toward innkeeper, repeatedly take the above test to see how you might change through this growth process.
Do you feel that your entrepreneurial skills will contribute to your successful innkeeper career and lifestyle? Do you know people who will fill in you gaps? Are you still interested in being an innkeeper?