An IELG is more of a new business novice who should beware of moving too fast into a new venture.  The IELG is a real enthusiast in projects with which he or she is familiar.  However, due to the low level of experience with new ventures indicated, this profile type may not know the right questions to ask about a venture, let alone the answers.  This can be a very dangerous posture, because willingness to venture in the absence of requisite elements in the knowledge structure, lead to "over-eagerness".

Despite their willingness then, this limited ability when combined with a belief in "guesswork" and "feeling good" about an investment or venture, leads to conditions which render this type particularly vulnerable to the opportunistic.  It is inadvisable for an IELG to become involved in a new venture alone (or with other inexperienced partners).

WHAT TO DO:

If you are an IELG, (preliminary indications are that approximately 6% fit this profile), and wish to become involved in a new venture, you should find a competent advisor or mentor who has the expertise necessary to "fill in" gaps of knowledge where yours is not developed.  Or, to improve your own venturing profile: find and analyze case studies of both successful and unsuccessful new venturers; read biographies; talk to active venturers -- then prepare your own list of new venturing "dos" and "don'ts".

In addition, systematic exposure to individuals who have expertise can raise your consciousness of the success and failure elements of the new venture expert "script".  As a cross-check before venturing, you may wish to take this profile questionnaire again to gauge your progress.
 

©Copyright 1998-2003 Ron K. Mitchell under license to Wayne Brown Institute