ADVERTISEMENT

Latest Posts Business Mindset

Types of Entrepreneurs: Which One Are You?

Although your thoughts, career path, and experience seem to be leading you towards entrepreneurship, you aren’t sure if it is the right choice for you. The potential rewards can be great for both yourself and your finances, but you need to consider the pitfalls.

You might already be aware that nine out of ten new businesses fail.

You are a risk-taker. Your professional record shows a relentless drive to succeed. It is not your idea to live in an insulated bubble. Instead, you are all about solving real-world problems.

These are the 4 primary types of entrepreneurs

These are the most popular types of entrepreneurs. As you conduct your research and collect assets, ask yourself some fundamental questions to help you marshal your talents.

This category will be the first to be discussed as the vast majority of entrepreneurs will opt to start a small business.

1. Small Business Owner/Operator

Small business owners/operators are far and away the most popular type of entrepreneur. [2]

This type of opportunity is appealing for many reasons. However, the most attractive reason is always greater freedom. There are many hard-working people who would rather be their boss. SMBs are crucial in maintaining a healthy economy.

The Primary Characteristics Of A Successful SMB Owner/Operator

Being your boss can be a double-edged weapon. You are your only source of accountability when you’re your boss.

This is why “hard worker” should be the No. This is the most important characteristic you need to have before this becomes a career goal. You should think hard about whether you are a self-starter or not before you invest in a new business.

You can take a variety of personality tests, many of them free and easily accessible online. The process can give you great insight.

Of course, you will need capital as well as a business plan. Remember that your primary asset to any venture is you. A champion is a tireless and indefatigable leader who makes entrepreneurship a success.

A key trait of a successful SMB entrepreneur includes the ability to adapt and pivot to changing circumstances.

These past years have taught us a lot about what happens when there is resistance to change. With 3.3 million business owners closing their doors in the three-month period from February 2020 to April 2020, it was the most devastating loss.

It is not acceptable to resist change in the 21st Century with an “We’ve always done this this way!” attitude.

Ask Yourself: What’s my immediate reaction to changes that I didn’t anticipate? Are you more emotional than analytical?

SMB success is possible even if you have an instinctive emotional response. You are simply trying to be more self-aware, and making allowances for any flaws you find.

Let’s take, for example, the fact that you react faster than you think. To counteract this tendency, you can create a self-policing program. You can simply take a 20-minute walk every time you have to make a decision in the face unanticipated situations.

Persistence is the last personality trait that must be present for any small-business entrepreneur.

Many people are familiar with Thomas Edison’s famous quote. He took a different approach to his failure to achieve immediate success.

You will face setbacks and obstacles as a budding entrepreneur. Remember your vision and adjust your expectations as necessary.

How can I handle frustration and failure?

Be attentive to not only what is being said, but also your emotional reaction to it. Do you get defensive? Do you immediately start refuting the claims?

2. Agent for Social Change

Social advocacy is a hot topic. Professionals are no longer content to earn a living.

Finding work that utilizes your skills and makes a positive impact is the sweet spot. When faced with setbacks, it helps to be driven by a cause that is more important than oneself.

The primary characteristics of an entrepreneurial agent of change

You might be the right person to change the world if you are constantly questioning accepted practices and customs that most people accept. This is especially true when accepted behaviors have to be sacrificed in order to cause serious downstream problems.

Ask yourself: What are you passionate about? [4]

Are there any negative aspects to the industry you work in? What complaints have others made about your business?

Social entrepreneurs are more likely to pay attention when they come across issues that others will dismiss as their job.

Entrepreneurs who want to be agents of positive change are able to anticipate opposition and not be easily deceived by naysayers. Instead, they look through the feedback to find any gems of wisdom that might be missed.

This type of entrepreneur is able to find value in places where others may not.

3. An Innovator within a Larger Organization

Many mid-career professionals find it more feasible to work within larger companies to bring about mutually beneficial changes. This option is particularly appealing for those who are not able to take on the risks of solo entrepreneurship.

One way to innovate is to work with C-suite executives to establish a foundation, align with company products, and suggest other uses for resources that may be lying dormant.

The Primary Characteristics Of A Large-Company Innovationator

Recognizing areas of waste in any organization can help you repurpose resources or reduce future orders. Entrepreneurial spirit focuses on the bottom line, but also considers the welfare of the community.

A large-company entrepreneur will have the ability to build relationships with both executives and workers on the factory floor. This type of innovator is known for his ability to build a network of supportive employees throughout the organization.

Ask yourself: Does my company have a positive effect on the community? What initiatives am I willing to lead?

Where can this company realistically hope to make an impact on the economy without sacrificing its revenues, other than providing jobs and a larger tax base? Does my company participate in local efforts to increase sustainability, affordability, and overall quality of living? What can be done to increase or enhance these efforts?

4. The founder of a Scalable Enterprise

This type of entrepreneur creates a new venture using an existing exit strategy. This means that the success of their startup does not mean the end of a chain.

Once the business is launched, the founder will work to stabilize the “mothership” and make it available to potential investors who want to duplicate its success. The founder might even decide to sell the business and take on a new challenge.

Continue reading the article by scrolling down

Continue reading the article by scrolling down

A high margin of profit, a large demand for the product/service, and enthusiasm from potential investors are all benchmarks that will help you move forward with a scalable business.

Silicon Valley is a prime example. Many of the technology giants of today were born in someone’s garage, or spare bedroom. They grew as they received more revenue, interest, or market response.

Principal Characteristics of a Scalable Entrepreneur’s Founder

The most risky of all the four types of entrepreneurs is the one who wants to start a scalable startup. Although you might have a great idea, there is a good chance that it has not been fully realized. However, it is safe to assume that the competition will be fierce and relentless.

Scaling up is possible only if you are a rare type of person who can do right-brain thinking and left-brain thinking. They will usually find a partner who has the same skill set as them.

Ask Yourself: Is there a product/service that you think would make a difference in the lives of others? Do I have something unique and innovative? What could this idea look like in other markets?

Are I able to access the resources and people I need? Are there any other people who are willing to help? Who are they willing to put their money on the line? Do I want to be in intense competition?

For scaleable businesses, more investment is required on the front end. Profit should increase as a business grows.

Diverse Opportunities for Entrepreneurs

These four types of entrepreneurs aren’t fixed or immovable.

An example: A large company’s innovator might eventually start their own business. Many entrepreneurs can do both. There are many paths to entrepreneurial success, just as many innovators who are willing to take risks.

Begin with a rigorous and fearless self-assessment. Be honest about who and what you are.

ADVERTISEMENT

Leave a Comment