Entrepreneurship is the process of designing, launching and running a business, which is often initially a small business. The people who create these businesses are called entrepreneurs.
Entrepreneurship has been described as the “capacity and willingness to develop, organise and manage a business venture along with any of its risks to make a profit.
There are several ways to develop and manage a business. That’s why there are and different types of entrepreneurs.
Let’s review the most common types:
Innovators are entrepreneurs who come up with completely new ideas and turn them into viable businesses. Usually, these entrepreneurs change the way people think about and do things. Such entrepreneurs are passionate and obsessive, deriving motivation from their business idea.
The ability of an innovative entrepreneur to envision a new way of thinking makes them stand out from the crowd and wildly successful in many cases. However, it takes significant capital, patience and commitment to bring true innovation to life.
- The Hustler Entrepreneur
Hustlers work hard, like really really hard, and are willing to get their hands dirty. These types of entrepreneurs focus on starting small to become bigger in the future.
Hustlers are very focused and motivated by their dreams. They will get rid of all distractions and work extremely hard to achieve what they want.
Even though many hustlers never give up, a lot of them are willing to try anything to succeed, which means that they have a lot of hits and misses. Achieving their dreams takes a lot of time and tend to have an emotional burnout. Furthermore, they drain their team members who don’t have the same work ethic.
Imitators copy some business ideas who are good but not execute well and try to improve them. These entrepreneurs are part innovators and part hustlers, who don’t stick to the terms set by other people and have a lot of self-confidence.
Taking an existing idea and improving it can be a great way to develop a business. It certainly does not have as much risk as innovating, since you have the basic idea, but you have to make sure that you will improve it and not make it worse.
When researches have an idea, they take their time to gather all the relevant information about it. Simply said, they rely more on data and facts than instincts and intuition.
Researcher entrepreneurs write detailed, well-thought-out business and financial plans; focus on data and won’t start unless they feel like they know the market. These characteristics minimise the chances of failing in the business.
However, they can obsess over the numbers and focus less on the running of the business. Furthermore, they take a lot of time to launch products and to make decisions.
These types of entrepreneurs have the money to buy promising businesses. Buyer entrepreneurs choose business and assess its viability, then acquire it, and find the most suitable person to run and grow the company.
They play it safe when they take already established business – they don’t have to worry about innovation or market for the products. However, usually, they pay a high price for good businesses and will face risks if they buy a business with problems that they think they can turn around.