TYPES of ENTREPRENEURS
Sep 12th, 2019
Types of Entrepreneurs
There are likely as many types of entrepreneurs as there are people who start and operate their own business. Just as each person is unique, so are Entrepreneurs. However, there is a common thread amongst all entrepreneurs; the desire to create the freedom to be the decision maker, to be able to invent and re-invent to meet the needs of the market in which they operate. Even though most Entrepreneurs might not want to be assigned a “Type” there are common characteristics which lend themselves to categorizing.
Types of Entrepreneurs
Do You See Yourself in any of the descriptions?
An Innovator is defined as “a person who introduces new methods, ideas, or products”. Innovators are the creators; they have the capacity to create unique products and services or make an existing idea better. They can take an idea and create a viable business. They are dedicated to the creation and application of their ideas. Passion, persistence, obsession and high motivation are some of the characteristics of an Innovative Entrepreneur.
Research Entrepreneurs love to learn. They are the type of people who must know all the possible events that may transpire should they act on their ideas. Research Entrepreneurs need to feel they have educated themselves well enough that there isn’t a chance of failure. There is a strong reliance on data and facts, not so much on intuition or instincts. There tends to be more focus on research than implementation, so it can take a very long time to launch a product or open the doors to a new business.
The Determined Entrepreneur works extremely hard, putting all their energy into the creation of their business. Their inclination is to be in the middle of things, getting their hands dirty and making their dream a reality. They may not have “made it” but they will, no matter the odds. Even when others are focused on the negative, the Determined entrepreneur knows that their dream is achievable through hard work and determination.
This entrepreneur is a master at the business game. From inception to operation, the Accomplished Entrepreneur has navigated all the stages of business creation and reached success. Even in success the Accomplished Entrepreneur will continue to scale the business to leave a legacy that outlives them. They continue to be committed to the operations of the business but experience freedom through understanding their most valuable resource is their time.
“Imitation is the greatest form of flattery”, or so it has been said. Imitative Entrepreneurs are usually forward thinkers who can take an existing idea, product or service and improve upon the original idea. There is adaptation and innovation required to be able to create a successful business through what seems like imitation. An Imitative Entrepreneur is a combination of an Innovative and Determined Entrepreneur, looking for a way to improve the product and outsell their competition.
Social Entrepreneurs are motivated by an overall intention of creating social good. There are many different types of social enterprises and legal structures, but the common elements are that those who create them want to find more meaning in their work by helping others, they want to help the planet and share the profits with those involved in the business. Profits are most often reinvested into the enterprise, not distributed to shareholders. Social enterprises differ from charitable organizations as there is an expectation of profit.
The thrill for a Serial Entrepreneur is in the setting up of the business. They make sure that the business is succeeding, at which time they sell or redistribute the operations to free them up to be able to start another business. There is always the need to start the next business, so the cycle repeats itself as often as is possible.
Deliberate choices are made by Lifestyle Entrepreneurs to facilitate the way they want to live. The needs of the person/family come before the business. The business must reflect their passion and be representative of their ideals. Profit is secondary to meeting the personal needs of the Lifestyle Entrepreneur.
As indicated earlier there are many types of Entrepreneurs, however the main quest of any Entrepreneur is to operate a successful business.
What About You? Do you know your style? Do you have ideas for a business?
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