Being an entrepreneur is constantly coming up with innovative ideas and executing them. You don’t need to launch a tech company to be an entrepreneur; you can be one with almost any business venture. The term ‘entrepreneur’ has come to mean someone who launches their own business and works in that business rather than for someone else. But what sort of people are commonly known as entrepreneurs?
Are there particular types of people who commonly become entrepreneurs? Do all entrepreneurs have the same skills or abilities or do some have a natural advantage over others?
The answer is that certain types of people are more likely to become entrepreneurs than others – but this isn’t necessarily bad. Each type of person brings something different to the table, which can help them succeed in whichever venture they choose.
Below we look at 9 common types of entrepreneurs you should know.
9 Common Types of Entrepreneurs
1. The risk-taker
If there’s one thing all entrepreneurs have in common, it’s the fact that they’re willing to take the risk of starting their own business. This willingness to take a risk is more prevalent in certain people than in others. Risk-takers are comfortable taking risks and are often willing to pursue new goals with limited resources or help.
If an entrepreneur is a risk-taker, they’re likely to have a higher chance of success in an entrepreneurial venture. This is because entrepreneurs are likely to have a risk-ridden mindset that prepares them for success.
However, this doesn’t mean that all risk-takers should launch a business. Entrepreneurship is a risky career path, and risk-takers need to understand that their choice to become an entrepreneur doesn’t magically reduce the chance of failure.
Risk-takers should remember that they can control how they approach risk and ensure they’re not taking unnecessary risks.
2. The serial entrepreneur
Serial entrepreneurs have tried and failed at being entrepreneurs a few times before. This is often referred to as ‘being a serial entrepreneur’ because they’ve tried to start a business many times before and are likely to take on more ventures in the future.
While most entrepreneurs are likely to experience failure at some point during their careers, serial entrepreneurs often have a high rate of failure in the start-up phase of their businesses. This is likely because serial entrepreneurs are less likely to change their approach each time they attempt to start a business and are more likely to make the same mistakes.
Serial entrepreneurs are one of the common types of entrepreneurs. They may have a natural advantage because they have previously attempted entrepreneurship and learned from their mistakes.
This means that they are likely to better understand the entrepreneurial journey than someone who has never started a business before. This can be beneficial because it allows serial entrepreneurs to make better decisions from the start, which can help them be more successful overall.
3. The technology enthusiast
Entrepreneurs come in all shapes, sizes, and specializations. This type of entrepreneur has a particular affinity toward technology. They love to be on the cutting edge of innovation and may have a high knowledge of new advancements and breakthroughs in the tech industry.
If you’re an entrepreneur who is a tech enthusiast, you’ll likely be interested in the latest gadgets, cloud storage solutions, and how AI and blockchain technology can be used in the future.
This type of entrepreneur may benefit from working in tech-related industries where they can put their knowledge to good use.
However, while having a high knowledge of new technologies can benefit entrepreneurs, it’s important to note that some industries don’t progress as quickly as others. This means that tech enthusiast entrepreneurs may not always be able to apply their knowledge to their businesses.
4. The market researcher
An entrepreneur who is a market researcher has a keen interest in consumer behavior and the trends within their industry. This type of entrepreneur likely has a deep understanding of the market they are operating in and how it has changed or evolved over time. This is beneficial because it allows entrepreneurs to make informed business decisions.
For instance, if market research shows that people are more interested in purchasing products online than in-store, the entrepreneur can adapt their business model accordingly.
This can be helpful because it can reduce the risk of failing and losing money due to a poor business model. However, it’s important to note that market trends do change, and an entrepreneur who is a market researcher must pay attention to these changes to benefit from them.
5. The innovator
An innovator entrepreneur has a keen interest in the latest trends in their industry and the latest available products. They likely consume a great deal of information about the available products and are always looking for ways to improve them.
This type of entrepreneur may create their product or improve upon an existing one. Their keen interest in trends may help them develop new product ideas that people may be interested in purchasing.
For instance, if an entrepreneur notices that people are constantly struggling to find a pair of shoes that are comfortable but also look good with their work uniforms, they may decide to create a shoe line that solves these problems. This is beneficial because it allows the entrepreneur to capitalize on a problem many people are experiencing and provide an easy solution.
6. The problem solver
An entrepreneur who is a problem solver is keen on identifying problems within their industry or with their products. They likely spend a lot of time researching and understanding the issues consumers are experiencing and then looking for ways to solve them. This type of entrepreneur likely wants to improve the world and help people improve their lives.
For instance, if a specific type of computer chip is causing problems for users, an entrepreneur who is a problem solver may decide that it’s necessary to create a new chip or find a way to improve the existing one. This can be beneficial because it allows the entrepreneur to be more productive and solve problems that people are experiencing.
7. The accountant
An accountant entrepreneur has a keen interest in numbers and accounting practices. This type of entrepreneur likely has a thorough understanding of how the financial side of a business works and may decide to launch a business that involves accounting. This can be beneficial because it allows the entrepreneur to track how their business is doing and recognize where improvements need to be made.
For example, an entrepreneur who is an accountant may decide to launch a small business that involves providing financial advice. This allows the entrepreneur to work with numbers and ensure that the business runs as efficiently as possible.
8. The Collapsed Entrepreneur
The collapsed entrepreneur is someone who is too excited about the new business opportunity and goes all in. The collapsed entrepreneur has set his or her sights on a specific opportunity, is consumed by the idea, and wants to pursue it.
The collapsed entrepreneur has given up all other opportunities and is focusing all his or her energy and attention on one business idea. The collapsed entrepreneur has fully committed to the opportunity and is not looking at any other option. Therefore, it is one of the best types of entrepreneurs.
9. The Combination Entrepreneur
The combination entrepreneur has a blend of some of the above traits. The combination entrepreneur is someone who is focused on the short-term and long-term growth of the business.
The combination entrepreneur is efficient at operations and is interested in the business’s long-term vision. The combination entrepreneur is vision-driven, has a passion for the business, and is prepared to make tough decisions for the company’s benefit.
The takeaway
As you can see, there are many different types of entrepreneurs; each brings a unique set of skills and abilities to the table. Entrepreneurship is a risky career path, and it’s important for anyone thinking about becoming an entrepreneur to understand that it’s not something that every person can do. Knowing what type of entrepreneur you are and what skills or abilities you bring to the table is important.
Read More
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Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
