Every person, whether he or she is an entrepreneur or wants to become one, idolizes someone in life. That role model we revere has a great part to play in our way of life, the way we carry out our businesses, and the way we see everything in life. We may mimic him or her in all regards. Fashion ourselves, brand our businesses, and follow everything that they do. But still, we are different. Each entrepreneur is different. Simply put, we can only idolize someone but are never 100% the same. Entrepreneurs come in all shapes, sizes, and styles, with different traits, different strengths, different skills, backgrounds, different sets of resources, and different goals. However, the one unique thing that entrepreneurs possess is their urge to create something out of nothing, be their own boss, and live life on their own terms. Different types of entrepreneurs lead their businesses in different ways. But most entrepreneurs go through similar struggles when it comes to finances, marketing, people, and managing themselves. Each has his or her own way of handling situations. You must be curious about knowing what type of entrepreneur are you. Whether you are the daredevil Branson type, or you are of the Steve Jobs or Jack Ma type, maybe the socially awkward Zuckerberg type or the flamboyant Elon Musk type? Could be more of a philanthropist Tata type, capitalist Adani type, or a mix of all these types? Knowing about yourself gives a clearer picture of how far you are in your journey. So let’s delve into the distinct types of entrepreneurs based on the work initiation in a business environment. Let’s determine where you belong.
These are the entrepreneurs who revolutionize. I mean, they come up with completely new ideas that altogether change our perception of products and services around. They turn their ideas into viable businesses. Innovators are the extremely passionate kind, or more so, they are obsessive about their ideas. They find new ways of doing things in everything that they do, design or produce. This makes them different from the crowd, even creating a new crowd. The first name that comes to mind when thinking of innovators is Steve Jobs who created Apple. This company remains an innovator type company even after Jobs. They surprise us with their products all the time. Microsoft’s Gates and Google’s Page are also the stand-out types. These innovators transformed our world. We cannot think of our lives without Google or Microsoft and a bite of Apple a day. So, if you are the innovator kind, it’s the customers’ good luck to have you around. Of course, innovating is tough. You may have to take all the bullets but you also get all the glory for being the first of your kind. You may need lots of capital to build your business but your monopoly stays around (for a long time). Ready to get your name on the innovators' list then?
The Imitators
Everyone cannot be an innovator. But there is no restriction to being an imitator. Imitating a successfully running business in a new pack is also an art. The world may refer to these as ‘copy cats’ but I keep them in high regard. In fact, if you see, the majority of the businesses are copied-cats with a hat. I used the term hat because they bring something new to the primary business. It’s great and it works great in the market. We have choices of the same products from different brands only because of the copycats. As customers, we can bargain because we have choices. So ‘copycats’ is not something disparaging. It has its own worth. They put in great effort to observe the existing businesses, identify the deficiencies and replicate them to give a better solution. They improve the existing product or production process and enhance the attributes for customers. Don’t we enjoy it when we have Ajanta and Ashoka Shoes along with Bata and Crocs? We relish the Domino’s Pizza and the Pizza Hut offering as well. So trust me, if you are an imitator type, you are doing a great service. One best thing about being imitators is that refining your business idea becomes easier and less stressful. Plus, you can always learn and avoid making mistakes that the original makers made.
The Bootstrapper or Hard-worker Entrepreneur
These are the entrepreneurs who work hard. They are self-starters motivated by their dreams and vision. They may have tight purse strings but never fear risking the money they have into something they see an opportunity in. They start small but dream big and make it big. They dare to enter into highly-leveraged businesses. They can sell anything. Must have heard about Ray Croc, the man known for expanding Mc Donald’s into a global name from a mere local restaurant run by the McDonald brothers. Croc saw an opportunity in the business and created the restaurant’s operating system. He chose the unique path of persuading franchisees and suppliers to buy into his vision. And the result is what we see today, the Golden Yellow arches everywhere! OYO Rooms is another example of hard-worker or bootstrapping venture. Ritesh Agarwal, the man behind creating this multinational room aggregator business, persuaded hotels and inns to put his brand’s name on all booking services. It made him one of the youngest billionaires in the world today. Hard-worker types are thus action-oriented and always prepared. So if you are the type who senses the importance of small things and has the vision to make those effective and efficient, be proud. You are here to change the way businesses operate.
The Financers or the Money Magnets
The Financers are the richer guys. They have deep pockets and they buy promising businesses. If they find any business viable, they never waste time thinking. Instead, they pour in their money, acquire it and find the most suitable person to run it. They enter into businesses that are in existence. The advantage is that they don’t have to worry about innovation. Technically speaking, financiers are investors in a business. Some may not consider them entrepreneurs, but I believe financiers are the type of entrepreneurs who are into businesses through their investments. They study businesses to invest in. Warren Buffet is a financier entrepreneur whose company Berkshire Hathaway Inc. has investments in companies like HP, American Express, and many more. So if you are the money magnate like Paris Hilton type, born with a silver spoon in your mouth, you can be the financier entrepreneur. People with great businesses and ideas but less money need you around.
The Researchers
Researcher entrepreneurs are meticulous planners. They take time to decide because they believe in gathering all relevant information before putting their idea into full action. Failure is not an option for them as they believe they have analyzed and tested the idea several times. They rely on facts and figures more than their intuition and instinct. The drawback is that they fall victim to information overload. However, they possess the capability to direct the environment by creating demand for their products. Larry Ellision, Co-founder of Oracle is a researcher entrepreneur. Believe me, it takes hard research to earn such popularity as Oracle has in cloud-powered AI and machine learning. But it’s worth it. So, if you are somebody who has a keen sight for analysis and has the guts to turn your tests into products or services, you surely belong to this club.
The Fabian or the Wantrapreneur
As Seth Godin (author and entrepreneur) puts it, ‘the only thing worse than starting something and failing is not starting something!'. Wantapreneurs are of the second type. They have plenty of ideas in their heads yet fail to put them in force. Fabians are slightly different. They are not prone to sudden decisions and shy away from any innovation. These kinds of entrepreneurs vanish in due time. Kodak Films does not need any introduction, I guess. It was one of the top-notch companies at one point in time. But they failed to visualize the future of cameras, and hence failed to innovate. They didn’t adopt modern technologies nor did they make any notable modifications to their product line. The result is what we all see today. Nowhere is Kodak in the digital camera space. Panasonic also tasted the same fate. There is a reason why I put Fabian and Wantapreneurs in the same bracket. They only think but fail to act; they fail to decide. So if you have dozens of business ideas in your head, dare start one at least. I know you don’t want to put yourself on this list.
Now that you read this blog, you must have figured out the type of entrepreneur you are or the closest you belong. You must have recognized your possibilities and strengths. Once you know, it becomes easier to be in business and work for growth. Remember, success is not a miracle that happens overnight but a journey that continues throughout. The clearer the picture is, the smoother the journey. Keep going till you become somebody’s icon someday.
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