The desire to explore opportunities and live a life full of independence has opened avenues for people to become entrepreneurs. All the entrepreneurs have the same goal of making a profit and retaining freedom, but they are unique in operating. The uniqueness creates the different types of entrepreneurs. Knowing the kind of entrepreneur you are may help you solve the problems making you not progress as you would have expected.
The following are four common types of entrepreneurs:
Builders are more focused on growing their businesses fast enough within 2-4 years. Such entrepreneurs measure their success with the scale of the business infrastructure they have developed. Builders are known for recruiting talented minds and creating vibrant customers and investors’ bases. Their success can only be through infrastructure development rather than personal income. Builders get a fast revenue growth, which may explode to even $100 million.
Opportunistic entrepreneurs have a high go-getter attitude. The entrepreneurs are highly opportunistic and are capable of sniffing out money-making opportunities. They time opportunities and invest in at the right time. They ride with the wave, and when the growth is at the climax, they sneak out with a lot of profits. Opportunist measures their success based on the profit they make from their investments when not active.
Specialists are experts whose entrepreneurial prowess becomes active through job training, schooling, or apprenticeship. Specialists get their ideas on investment from their vast networks and referrals. They measure their success through the personal income they get in a specific time frame. According to research, specialist-owned ventures typically record tremendous growth during their early stages. Upon achieving the preset target, they switch internally and concentrate on customer service mode. The approach has made most specialist ventures have revenue generation amounts below $5 million. For those enjoying a higher revenue collection, they have taken more time to reach there.
Innovators generate business opportunities while engaging in vigorous activities. When the business opportunity pops out, they waste no time. They pop into the venture, innovate and re-design their idea, and get the experience running. Even when the incident has kicked off, they concentrate on being more creative and innovative rather than managing the cash register. Innovators measure their success by looking at the impact their products have on society. Innovators, such as Mark Zuckerberg, secure their creativity through intellectual property rights.
The different types of entrepreneurs have distinct weaknesses, strengths, and tendencies. You may have more than one profile. For instance, Richard Branson is an opportunist-builder while Bill Gates is a specialist-builder.