In today’s global market for business, opportunity may be at your doorstep. Traditional pathways of chasing a certain career will always be in vogue, but self-employment can be a lucrative alternative. In fact, the business landscape can be argued to have shifted in favour of the entrepreneur outright, with chances to chase a viable dream being made available.
If this sounds like it could describe your mindset heading into entrepreneurship, then congratulations are in order! However, not all entrepreneurs were built equally. As with many things in life, there exists different variations.
Here are the six different types of entrepreneurs that you will commonly find in business:
Type #1: Innovators
Among the many different types of entrepreneurs, the innovator is the most common. If originality is your strong suit, and you are able to flip unique ideas into a profit, you may be an innovator. This type of entrepreneur is someone who is able to curate new businesses entirely, based on imaginative concepts. By the time a product is able to be sold, innovators will have changed the way people think about certain areas.
For example, one of history’s foremost innovators was Steve Jobs, who was the co-founder of the technological powerhouse known as Apple. Apple’s lineup of products have resulted in a shift in public consciousness, in nearly all aspects of technology. If you feel like you have some innovative business ideas, you can potentially be the founder of the next Apple!
Type #2: Imitators
While innovators are in a certain lane of their own, imitators can also be considered to be a unique entrepreneur in their own right. However, instead of chasing after originality, they may base their products on an already-established concept. This isn’t done in ill will, but rather, to improve upon a previous item’s resourcefulness.
Imitators can potentially make an entirely new product, if they choose to push forward with a certain design. As such, all the praise and positive reception will go to them if it is successful. Although the name denotes a negative connotation, being an imitator can result in huge returns in the long-term.
Type #3: Researchers
All types of entrepreneurs have to conduct research at some point. That is to ensure both the longevity of their business ideas, as well as their viability once they can be sold for profit. Research entrepreneurs, however, deal with large amounts of investigation beforehand, in order to ensure the success of their services.
Typically, businesses that are kickstarted through a research lens have very detailed business plans prior to implementation. This virtually guarantees their future success, as you can never be too prepared when it comes to entrepreneurial endeavours. If you are allergic to even the tiniest bit of failure, consider becoming a research aficionado!
Type #4: Buyers
Many variations of entrepreneurs will start from scratch; they will conduct research and conduct a long-term, trial-and-error process. However, if you have the financial assets working in your favour, you may also be a different type of businessperson. Buyers are a type of entrepreneur who seek profitable business investment opportunities, before acquiring it outright.
Once they hold a large enough stake in that specific business, they can focus on taking it to new heights. This move is much less risky, since the liabilities of starting a business from scratch are no longer present. From that point forward, the only way is up, in terms of growth!
Type #5: Hustlers
While a lucky few may have the funds that allows them to acquire start-ups at will, a large majority may have to work for their ideas. The hustler type of entrepreneur is evocative of this sentiment, whereupon they get by just by putting in the necessary amount of work. All entrepreneurs work hard; but hustlers work especially hard.
Motivated by a certain dream, or by plans to secure their family’s future, a hustler will do their best in outworking their competition. Focus and patience is their strong suit, as is their will to implement a vision that never falters. Like innovators, the hustler mentality belongs to very few prospective entrepreneurs.
Type #6: Joint Ventures
When two or more like-minded businesspeople come together for an entrepreneurial vision, it is defined as a joint venture. Start-ups that are materialized out of these circumstances have more manpower, thus increasing their chances of overall success. Although entrepreneurial endeavours can be a selfish type of business, having a partner can have a positive impact.
It all comes down to who you decide to get into business with. Usually, entrepreneurial partners have a shared vision, which will allow work to get done seamlessly. As the old adage goes, two heads are always better than one!
Being an entrepreneur can take up a significantly large part of one’s life. However, with the right mindset, success is only a few years away. With enough hard work and dedication, profits will eventually roll in. Put your nose to the grind, and stay focused!