on 21/03/18 15:00
Can a banker think like an entrepreneur ? The quick and short answer is yes.
But let’s take a step back. Picture an entrepreneur, what do you see? Passion, flexibility, responsiveness, ideas, inspiration, energy … the list goes on.
Now, picture a banker…
Quip aside, financial services are a ripe market for entrepreneurship, and this is exemplified by the surge in fintech companies; startups disturbing the banking space through technology.
Luckily, you don’t need to work for a fintech to have an entrepreneurial mindset. A number of factors can help corporate employees (including bankers) to adopt an entrepreneurial attitude:
- Having a business owner mindset and acting as if you “own the show”
- Understanding the why, being aligned with your mission and having a sense of purpose
- Attitude to failure and learning, understanding that these are huge personal growth attributes
- Putting customer value at the centre of everything you do
Now that you have the mindset, how can you put this new-found entrepreneurial energy to work?
Strike out on your own
This is definitely an option. Assuming you have the necessary accreditation / exams under your belt (this will depend on where you operate), the actual process of setting up shop will vary according to your country but will most likely involve finding a custodian, establishing a company, creating an investment adviser depository user account and well-finding clients.
Planet of finance was originally created to help independent financial advisors connect with each other to maximise collaboration, M&A deals or buy/sell portfolios.
Although we are still seeing an increase in the number of bankers looking to strike out on their own, the costs of starting a boutique investment bank can be prohibitively high and the connections needed to fund deals can be elusive.
Be an Intrapreneur within your organisation
The concept of ‘intrapreneurship’, an entrepreneurial approach where teams and individuals are driving new venture ideas from within the organisation is growing in popularity within the financial services sector. Intrapreneurs are like entrepreneurs, they drive innovation and growth but they operate within a company.
The challenge is working out how to realise these opportunities and bring these ideas to life. Large banking companies have become very focused on risk, compliance and tech challenges and are now beginning to transform their business. This is where intrapreneurship can come in.
One example is bPay by Barclaycard, where Barclays disrupted the payment marketplace with the launch of its range of wearables for banking.
How can you unleash the entrepreneur in you?
Log on to Planet of finance — explore the space around you. There's a dedicated Business Corner to post opportunities, a client acquisition portal to seek out new business and an internal messaging system to facilitate communication with the Planet of finance network.
Our experience tells us that finance professionals are more than ever seeking specialised platforms to connect with each other to find new opportunities to either grow their sales pipeline or to create new business opportunities.
Maybe it's time you also unleashed your inner entrepreneur.