An entrepreneur is someone who wants to make dreams into reality. They create businesses, jobs, contribute to society, and innovate us with all sorts of new ideas. But, there are many different types of entrepreneurs, and depending who they are as a person, also determines what kind of entrepreneur they will be.
Entrepreneurs need to have a lot of skill, grit, luck, and more to get successful. You need to think in unorthodox ways, make tough decisions, and so much more. Knowing how you handle these things will also help you determine what kind of entrepreneur you are. This may take some time, but knowing it will help you lead you to success.
The Five Types of Entrepreneurs
In reality, there are probably hundreds of different kinds of entrepreneurs depending on location, career field, background, and even what nation they live in. So instead, we will focus on five different entrepreneurs that are the most common type you will see out in the world. Just as a reminder, each of these kinds of entrepreneurs has their own way of going about business. If you are trying to figure out what kind you are, then this list will surely help you.
An important detail about buyer entrepreneurs is that they are known for their wealth. These kinds of entrepreneurs are wealthy and focus on buying up businesses that look like they will be promising and successful. What they do is they search for businesses, asses them, and then buy them. Oftentimes, they will find the best person suitable for running and growing the company.
What’s advantageous about these entrepreneurs is that buying an already established business has a lot less risk than ones that are more in the startup territory. They also have little need for innovation and can instead focus on building something in an already established place. Plus, you already have your demographics and statistics for your products as they are already being sold.
However, there are downsides to them. A buyer typically likes to pay a very high price for a business that really wows them, so be wary of your financial resources and not blow it all. This type of entrepreneur also can face the risk of buying a business that is inherited with problems. If you think you can solve the problems, more power to you, but be wary of what you can actually accomplish.
The hustler entrepreneur is someone who is mainly interested in just working hard and making money. Hustlers will start with whatever they have and just move themselves up until they get to where they want to be. They are not afraid to get their hands dirty and when it comes to being entrepreneurs, they focus on effort, not money. Hustlers are very focused, have little to no distractions, and like to be risk-takers over being comfortable with where they are.
Being a hustler is great if you are thick-skinned, keep getting back up after failure, hard-working, and are determined. However, even a hustler has its cons. A hustler can be an exhausting person to be around and that can cause people, who don’t have that same mindset to grow tired of them. In fact, this can also happen to the hustler themselves, by burning out too quickly. Hustlers also just tend to focus on working hard and not on making capital, which is the important thing you need to be doing in a business.
Just like the name implies, imitator entrepreneurs are those who copy business practices and use them to their own advantage. They seek to ensure that the ideas they use for their business make their products better. The point is that the imitator is trying to gain an advantage in their competitive market. They are a half innovative and half hustler.
They are good at making a business practice into something easier. This comes in handy when you want to compare your performance with that of the prime business idea that you copied. However, imitators will always have the original follow them around, so be sure to make your idea truly special.
The innovator creates and comes up with new ideas that turn into business opportunities. They like to find ways to get people to change how they do things. Innovators are observant, passionate, people who use creativity to create entrepreneurship. Innovators also use different marketing strategies to find their crowd. Plus, instead of standing out from the crowd, they will just make their own.
Being an innovator is great because you are the creator of it all. As in, you make the rules, created the idea, you get all the glory to that. However, even if you have a new idea, so do thousands of others, so getting your crowd can be difficult. Not to mention that as a creator, making something new can often take longer than wanted. This can create tension with shareholders.
Last, but not least, the researcher likes to take their time to gather all the material, and all the data to ensure that the idea is great and that there will be no problems. Researchers want to make sure that there is no failure as they have researched heavily into their business idea.
Being a researcher is great because you can plan for failure, write out detailed business plans, and will minimize the chances of failure by ensuring they have a good understanding of the market. However, they like to move slowly and are not necessarily risk-takers.