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Four types of entrepreneurs: how to know what type you are

Your thoughts, experiences, and career trails seem to move you towards different types of entrepreneurship, but I wonder if you’re still cut out for it. Sure, the potential rewards are great personally and financially, but the pitfalls give you a pause.

You may already know that 9 or more of the 10 new businesses will fail, and you will be properly calm with its daunting statistics.

you Those who take risks.. Your professional track record demonstrates a non-stop impetus for success. I don’t like the idea of ​​working well in insulated foam. Instead, it’s all about finding ways to help solve real-world problems.

Four major types of entrepreneurs

If it sounds like you, consider the four most common types of entrepreneurs. Ask yourself some basic questions as you conduct research, collect assets, and marshall your talents.

This category is covered first and in the most detail, as the overwhelming majority of entrepreneurs choose to become small business owners.

1. Small business owner / operator

Far away, small business owners / operators are the most common type of entrepreneur. Small and medium-sized enterprises (SMBs) make up more than 99% of all entrepreneurial enterprises.

This kind of opportunity is very attractive for many reasons, but enhanced freedom is consistently ranked at the top. There is no shortage of hard-working workers who want to be their bosses, and SMBs play an important role in keeping the economy healthy.

Key Features of Successful SMB Owners / Operators

But being your own boss is like a double-edged sword. Being your own boss means that you are usually your only source of accountability.

This is the main reason why “hard-working workers” should be considered the most non-negotiable feature before they consider it a career goal. If you are not voluntary, think long and hard before you start investing in opening a new business.

Ask yourself: I really Spontaneous in my heart?? Do others who know me agree with that self-assessment?

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There are several personality tests you can take, many of which are free and accessible online. Submitting yourself to the process can provide great insights.

Of course, you need capital and business planning. However, always keep in mind that the main asset you bring to your venture is yourself. Every successful company starts with at least one insatiable and indomitable champion.

Another valuable feature common to successful SMB entrepreneurs is their ability to pivot and adapt to changing situations.

Over the past few years, the urgent need for flexibility has provided a difficult lesson on what happens when a persistent resistance is encountered. The three months from February to April 2020 were the most significant business owner losses to date, with 3.3 million people closing their businesses.

In the 21st century, we resist change with “We have always done this!” Attitude does not cut it.

Ask yourself: What is my immediate response when faced with an unexpected change? Do I tend to be more emotional than analysis?

Instinctive emotional reactions do not prevent SMB from succeeding.Instead, you just want to be more Self-awareness Take into account the weaknesses you find.

For example, suppose you know that you tend to react much faster than you do. Knowing that this is true about yourself, you can develop self-management policies to counter this trend. Whenever you face an unexpected situation and need to make a decision, just force a 20-minute walk before responding.

Persistence is the last essential characteristic of personality to become a small business entrepreneur.

Many are familiar with Thomas Edison’s famous quote. Thomas Edison took a very different approach to his lack of immediate success.

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“I haven’t failed. I’ve found 10,000 ways that don’t work.”

As an up-and-coming entrepreneur, you will definitely encounter obstacles and setbacks. Keep your vision in mind As you move forward, adjust your expectations as needed.

Ask yourself: How do you deal with frustration and failure?

Pay attention not only to what is being said, but also to your emotional reaction to it. Will you be defensive? Do you immediately start refuting the claim?

2. Social change agents

Have a lot of interest in Social advocacy.. More and more professionals are not just satisfied with living a good life.

Sweetspot is to find a job that leverages your skill set and makes a positive contribution. Being driven by a cause that is more important than you helps keep the fire burning when faced with a setback.

Key Features of Change Entrepreneur Agents

If you find yourself relentlessly questioning established habits and practices that most others seem to accept, you may have what you need to succeed as an agent of change. not. This is especially true when long-accepted behavior is accompanied by trade-offs that cause serious downstream problems.

Ask yourself: What am I passionate about? What are the opportunities to make a positive difference and at the same time make a profit?

Do you know the shortcomings of the industry in which you make a living? What other people complain about your business?

Social entrepreneurs tend to pay close attention every time they encounter a problem that many people wipe out as “someone else’s job.”

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Entrepreneurs trying to be agents of positive change anticipate opposition, but don’t easily discourage Negative.. Instead, they sift through feedback and look for random pearls of wisdom that they may have overlooked.

In short, this type of entrepreneur finds value where others may be empty.

3. Innovators in large companies

For many mid-career professionals, working to bring about mutually beneficial changes within a large company is a more viable option. This path is especially appealing to those who may not be in a position to take risks associated with a single entrepreneurial spirit.

Possible innovations include working with C Suite decision makers to partner with local nonprofits, establishing foundations that work closely with the company’s products and services, or resources that may occasionally dormant. For example, suggesting alternative uses.

Key Features of Large Corporate Innovators

Indeed, finding an area of ​​waste within an organization is an opportunity to reuse unused resources or at least reduce future supply orders.Ann Entrepreneurship We are keeping an eye on profits while actively considering the welfare of the local community.

In particular, entrepreneurs in large companies will be equally skilled in fostering relationships with executives and factory employees. The ability to form a supportive employee coalition across the organization is a key feature of this type of innovator.

Ask yourself: Does my company have a positive impact on the community? What kind of efforts do I personally want to lead?

Beyond providing work and an expanded tax base, where can this company reasonably want to make dents without risking income? Is my company already participating in local efforts to improve sustainability, affordable housing, or overall quality of life? How can these efforts be strengthened or strengthened?

4. Founder of a scalable company

This type of entrepreneur launches a new venture with an existing exit strategy. In other words, the success of their startup is only the first step in the chain.

After launching the new business, the founder has been working to support the stability of the “mothership”. Initial public offerings are then available to potential investors seeking to recreate their success. Ultimately, the founder may even plan to sell himself and move on to another challenge.

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Benchmarks for moving forward in a scalable company are high rates of return, stagnant demand for products or services, and potential investor enthusiasm.

Silicon Valley, for example, is the most obvious example. Many of today’s tech giants started out in someone’s garage or spare bedroom, but grew as revenue, interest, and market reaction grew.

Key characteristics of the founders of scalable companies

Of all four entrepreneurs, aiming to be the founder of a scalable startup is arguably the most risky. It’s easy to come up with great ideas that aren’t fully utilized, but it’s definitely competitive and unforgiving.

Entrepreneurs who scale well tend to be that unusual type of being equally proficient in both Right brain and left brain idea. If not, they tend to have partners with the skill sets they lack.

Ask yourself: Do you have any ideas for products or services that can significantly improve the lives of others? Have you ever come up with something innovative and unique? How does this concept work in other markets?

Do you have access to the people and resources you need to achieve this? Did you find an avid partner? Who puts their money on the table? Am I willing to keep moving forward in the face of fierce competition?

Usually for scalable businesses More investment in the front end.. As your business grows, your profit margin should increase.

Different opportunities, different types of entrepreneurs

Of course, these four major types of entrepreneurs are not fixed and immovable.

For example, an innovator in a large company may one day switch to starting his own business. Some entrepreneurs do both at the same time. There are literally as many paths to success as an entrepreneur as innovators are willing to dive in.

Start with a fearless and rigorous self-assessment. Be realistic about who you are and what drives you.

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Challenges related to entrepreneurship include Essential motivation Plan, pivot, regroup, and ultimately succeed.

Featured Photo Credits: Lazy Artist Gallery via pexels.com

Four types of entrepreneurs: how to know what type you are

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