As an entrepreneur, everyone is unique and different. The term ‘entrepreneur’ is used to describe a person managing his own work. But the reality is that there are different type of entrepreneurs.
For an entrepreneur ‘Blue ocean strategy’ is to be a pie in the sky while at the same time another entrepreneur interprets it as the most valuable thing.
In fact, success will be different too. The ingredients for success vary according to the kind of entrepreneur you are. But one thing is same that is the desire to create freedom in our work through entrepreneurship.
Success or growing your business could take a lot of time but the entrepreneurship freedom you will get is worth waiting. Some of you are still stuck in your business. If you can’t figure out the reason that why you are not making progress or what to do next to grow your business, it’s better to face the truth and made the required changes.
The missing link could be ‘which type of entrepreneur you are?’ May be you are not the type of entrepreneur you want to be or you should be.
Wondered! Whether you would fit in the group of other entrepreneurs? According to a research if the startup founders know which type of entrepreneur they are, they are more likely to succeed. They would know what are their strengths and weaknesses and who to partner to grow their business.
We have compiled the series of entrepreneurs with details. Perhaps, now you can find out which type of founder you are and align the actions accordingly with the kind of entrepreneurship.
The Whiz Kids
What does an average entrepreneur look like?
You must be thinking of a 40-year-old cubical refugee. That’s not only your perception. According to a survey, it is found that when a founder launching his first company his middle age is 40 on an average instead of a dorm-room genius.
Typically, when people tired of working for others and think they haven’t made anything big yet, this is the stage which spurs the entrepreneurial spirit.
The young entrepreneurs especially college students working out of their dorms is not the right way of doing business; the commonly held belief.
But on contrary, the image of the entrepreneur as a whiz kid has a serious currency in business lore. The whiz kids entrepreneurial of today could be our business success stories for tomorrow. Some of the legendary young people share some common traits that have to pave the way to their paths.
The survivalist entrepreneurs are forcefully in business mostly led by circumstances just as a means of economic survival. They just run small businesses to feed their families. They simply sell to survive.
Those youngsters who tried looking for jobs after college or high school but unluckily could not even find one; they move to the business world to find means of survival.
Survivalists keeping the business just for the sake of living on profits day to day. They are not creating long term wealth because if they get employment opportunity, they may simply quit the entrepreneurship.
A good number of entrepreneurs belongs to this category. They see the success of others and emulate it to ride in the tide as well.
The copycat entrepreneurs do not innovate themselves, they only adopt the techniques and technologies innovated by the successful innovators. They follow the path already created by the innovative entrepreneurs.
The imitative entrepreneurs are perfect for the underdeveloped sector for bringing the combinations of factors already available for imitation. In every field of business, you can find a large number of such entrepreneurs.
Modeling success is actually a smart way to grow the business but there is a very fine line between modeling and copying. If you are copying, switch to modeling.
Well, mostly imitators lose the business within the first year of operation but few are lucky to survive.
‘Hit when the iron is hot’, these words exhibit the right characteristics of the opportunistic entrepreneurship. They share a common trait that they are very quick decision makers.
The entrepreneurs who can identify and executes the new opportunities regarded as the opportunistic entrepreneur. The opportunists have the ability to catch the fruits of the developed technologies at the right time. The entrepreneurs belong to opportunist class can create well-timed money making opportunities. They know what is the right time to jump in or jump out.
The dynamic environment always offers opportunities to everyone equally but everybody is not equally capable to utilise the opportunity on time. They have to keep looking for the emerging opportunities to survive.
Innovating entrepreneurs are the one who has the ability to think newer, introduce new methods of production and reorganize the business. They are the leaders of the business world.
When the business reaches to the certain level of development and people start looking forward to the change, this can be the best work circumstances for the innovative entrepreneurs.
They use to research every possible scenario for the outcome of the new strategies to grow a business. Innovative entrepreneurs are the big contribution to economic growth.
Most innovating people become an entrepreneur; this is not planned instead it comes eventually with the advent of an idea. A measure of the success of the business for them does not relate to how much money they make but the impact of their products.