Entrepreneur 5.0

I attended the Entrepreneur 5.0 event conducted by Roger Hamilton — a Bali-based social entrepreneur and founder of Wealth Dynamics

Freelancers are a peculiar lot: supremely confident, at the same time, terribly insecure. Skeptical of advice from experts other than those active in our sphere of work, we freeze in fright if asked to change the way we work. Naturally, it took a bit of convincing for me to attend this event. But I am happy to report that it was time well-spent.

I arrived at the venue just in time to see suits and stilettos walk into the conference room. Roger came on to the stage and the thing that struck me the most was his relaxed attire: the sports jacket, jeans and loafers— carefully put together — were a sharp contrast to the purposeful dressing of the seated crowd. My curiosity piqued, I waited for things to begin.

He started the session explaining the mind-numbing speed at which the digital revolution is taking place. How this digital revolution and access to information has improved our decision-making ability. We no longer need to wait for orders from a chosen few with access to information — we know what we want to do; how to do it and why to do it. There is great satisfaction in working on your own terms, but entrepreneurs are also plagued with the fear of the unknown and burdened with work which is not their core competence. A network of entrepreneurs that help each other is the need of the hour.

We spent a major part of the day understanding the Wealth Dynamics profile test and how it can help build a network of entrepreneurs. According to this test, there are eight wealth profiles. In any given individual, the traits associated with these profiles manifest in varying degree. Your primary profile acts as a guide for your dominant traits. You focus on strengthening them, rather than work on what you are not good at. Apart from focusing on your strengths, teaming up with people who are strong in aspects of business that you struggle with, relieves you of the burden of doing everything.

So, what are these wealth profiles?

Wealth profileStrengths and weaknesses
CreatorIntuitive and creative but easily distracted. They are best at creating wealth by introducing new products, ideas and brands. Good at starting things but terrible at finishing them. Managing day-to-day business is not their cup of tea.
StarCharismatic and highly-energetic but dominating. Their ability to promote, lead and communicate make them well suited for marketing, sales and promotional activities. Carrying out detail-oriented and repetitive tasks is not their forte.
SupporterGreat communicators and team-builders but lack the creative instinct. Strong interpersonal skills and leadership qualities make them ideal as team managers.
Deal MakerDealmakers are best at negotiating and have a great sense of timing. Not the best at starting things and lose focus easily.
TraderGreat at bargaining, patient and work best in a team. They like to be led rather than take charge. Their strength lies in buying and selling assets.
AccumulatorDetail-oriented and dependable but master procrastinators. Down-to-earth and never the ones to take impulsive decisions. They bring order to chaos and ensure things get done on time.
LordNeither impulsive nor communicative; their strength lies in controlling money, time and effort efficiency. People with this profile work well with numbers. Make them a part of your team if you want a steady cash-flow even in times of scarcity.
MechanicHands-on and perfectionists who challenge the status quo. Always looking at bettering things, their strength lies in building reliable systems. They might not be charismatic leaders, but they will see your project through to completion.

To give you an example:

My primary profile is Creator and secondary profiles are Mechanic and Star. Focusing on creation — implementing new ideas and starting new projects — but not burning out my monetary reserves only on creation, is what will work best for me. I must, from time to time, focus on my secondary profiles of Mechanic (building systems and finishing projects) and Star (promote and communicate). It would also help if I team up with someone whose primary profile is that of an Accumulator or a Lord and ensure my business does not run out of money!

An interesting feature was the free “lighter” version of the wealth dynamics test called the Genius Test. Check it out at https://www.geniusu.com/my-genius-test.

In the second half of the day, Roger introduced us to ways of identifying and approaching clients; how to team up with entrepreneurs working in your own field and how to manage the tides and ebbs of your business. How to shake things up if you are stuck in a rut. The last segment highlighted the importance of mentoring. 

My personality test evaluation with a list of actionable items was insightful; implementing the recommendations has brought about small but significant changes in my professional life. It has encouraged me to work out a plan that is more comprehensive than just getting more money in the bank. Money is important, but it is hardly worth the while if you do not enjoy the process of making it.

Attending the event has given me a new perspective on what I want to do and how to go about doing it.

© 2020 Pavitra Baxi