The Different Types Of Entrepreneurs
Types of entrepreneurs explain the various types of entrepreneurs we have in today’s contemporary space. There are several types of entrepreneurs operating in different industries today. Knowing the kind of entrepreneur you are will help you make the most of your business or business idea.
So, if you have ever wondered the type of entrepreneur that you are (or would be), you could identify yourself better with this guide.
What are the types of entrepreneurs?
The definition of entrepreneurship is broad. A commonly referenced definition is that it is setting up a business while taking on financial risks in the hope of profit. However, people have varied environmental influence, personalities, and vision for their business. This affects the type of entrepreneur they become. Some entrepreneurs think that with hard work, success can be achieved. Others may use capital to help them get there. For some other entrepreneurs, profits are less important than providing a social good. Although all types of entrepreneurs might face similar challenges, each one has a unique way of dealing with their crisis. This means that the type of entrepreneur you are or choose to become will affect how you handle your business.
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These are perhaps the most intriguing type of entrepreneurs and the fewest. Disruptors are entrepreneurs who create products, services, or process that disrupts an existing structure. Some of their inventions or products even go as far as creating new markets. These entrepreneurs take the helm of any chosen industry they decide to disrupt despite who was there first. They are often linked to the fast-moving technology industry but can be found in almost any area of business. Some commonly known disruptive products and services of our time like emails, Maps, word processors, and Wikipedia came from disruptors. Email, as we know, replaced postal services, Digital Maps replaced traditional atlases, and word processors replaced typewriters.
Innovative entrepreneurs are quite similar to disruptors as innovators sometimes come up with disruptive business ideas. However, innovators are typically entrepreneurs who come up with unique business ideas and turn them into viable businesses. These types of entrepreneurs tend to be very passionate and obsessive about their business idea. Also, they continually derive joy from the unique nature of their business. These businesses could be on a current market or sometimes an entirely new market. These sets of entrepreneurs also find new and smart ways to market their products by adding product differentiation in their market strategy. They understand branding well enough. Commonly known innovators today are Jeff Bezos, Bill Gates, Steve Jobs, and Mark Zukerberg.
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These types of entrepreneurs have vast capital. Consequently, they specialize in identifying businesses with potentials, acquiring them, and hiring someone to run them. They have substantial capital to invest in a venture. This sets them aside from other entrepreneurs. Also, they can spot promising ventures.
Hustlers are another type of entrepreneurs that prioritize hard work over everything else. This set of entrepreneurs usually start their business small and work hard to scale. They are individuals who are not afraid to get their hands dirty in the pursuit of excellence in their venture.
Hustlers are often motivated and driven by their dreams and will work tirelessly to achieve them. Thus, they tend to be very focused, getting rid of several forms of distractions. Furthermore, these sets of entrepreneurs will put everything aside in pursuit of their dreams. By everything, I mean everything, in most cases, including family.
Imitators are part Innovators and part Hustlers. These sets of entrepreneurs are typically always on the lookout for how they can improve on a particular product or service. Therefore, they use innovation to make processes more efficient and work hard to see their dreams through. They do not bother trying to create new or unique ventures. Focusing solely on already existing products and making them better works just fine for them.
Making decisions based on intuitions and instincts is an intricate part of entrepreneurs. Sometimes there just isn’t enough data to back up your idea, belief, or claim. That is common practice with disruptors and innovators. Since they are always creating unique business models, there isn’t always data to back up their beliefs. However, unlike disruptors and innovators, researchers don’t make decisions based on intuition or instinct. With this type of entrepreneur, everything must be backed with data.
Believably, research entrepreneurs will spend as much time as they need to perform in-depth market research. To them, failure is not an option as they analyze an idea from all possible angles.