A person with an Entrepreneur mindset knows they don’t own a business, they are in a relationship with thier business. It is important to start thinking of yourself, not only as a performer, but as an Entrepreneur.
Entrepreneurs need to have the self motivation and internal drive that it takes to be your own boss. As an Entrepreneur, you need to be able to take calculated risks to reap the financial rewards you need to suceessfully operate at a business.
Types of Entrepreneurs:
- Small business entrepreneurship
- Large company entrepreneurship
- Scalable startup entrepreneurship
- Social entrepreneurship
- Innovative entrepreneurship
- Hustler entrepreneurship
- Imitator entrepreneurship
- Researcher entrepreneurship
- Buyer entrepreneurship
- Opportunistic Entrepreneurship
Small Business Entrepreneur:
Small business entrepreneurship is often when a person owns and runs their own business. A majority of businesses are small businesses. Small business entrepreneurship can turn into large company entrepreneurship when the company rapidly grows.
Large Company Entrepreneur:
Large company entrepreneurship is when a company has a finite amount of life cycles. They are often a part of a large team of executives. Large companies often create new services and products based on consumer preferences to meet market demand. This can also happen when a large company acquires them.
Scalable Startup Entrepreneur:
This kind of entrepreneurship is when entrepreneurs believe that their company can change the world. They often receive funding from venture capitalists and hire specialized employees. Scalable startups look for things that are missing in the market and create solutions for them. Many scalable start up businesses are technology-focused. They seek rapid expansion and big profit returns.
A Social entrepreneur wants to solve social problems with their products and services. Their main goal is to make the world a better place. They don't work to make big profits or wealth. Instead, these kinds of entrepreneurs often start nonprofits or companies that dedicate themselves to working toward social good.
Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures. They often aim to change the way people live for the better. Innovators tend to be very motivated and passionate people. They look for ways to make their products and services stand out from other things on the market. People like Steve Jobs and Bill Gates are examples of innovative entrepreneurs.
People who are willing to work hard and put in constant effort are considered hustler entrepreneurs. They often start small and work toward growing a bigger business with hard work rather than capital. Their aspirations are what motivates them, and they are willing to do what it takes to achieve their goals. They do not give up easily and are willing to experience challenges to get what they want.
Imitators are entrepreneurs who use others' business ideas as inspiration but work to improve them. They look to make certain products and services better and more profitable. An imitator is a combination between an innovator and a hustler. They are willing to think of new ideas and work hard, yet they start by copying others. People who are imitators have a lot of self-confidence and determination. They can learn from others' mistakes when making their own business.
Researchers take their time when starting their own business. They want to do as much research as possible before offering a product or service. They believe that with the right preparation and information, they have a higher chance of being successful. A researcher makes sure they understand every aspect of their business and have an in-depth understanding of what they are doing. They tend to rely on facts, data and logic rather than their intuition. Detailed business plans are important to them and minimize their chances of failure.
A buyer is a type of entrepreneur who uses their wealth to fuel their business ventures. Their specialty is to use their fortunes to buy businesses that they think will be successful. They identify promising businesses and look to acquire them. Then, they make any management or structural changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their profits. This kind of entrepreneurship is less risky because they are purchasing already well-established companies
There is a proverb “Strike while the iron is hot”. Social and Economic environmental changes offer opportunities for Entrepreneurs to think outside the box and offer new producs and services to their market, or find a new market The opportunist entrepreneur identifies, exploits and executes the opportunity in their favor.
What Type of Entrepreneur Are You?
Are You a Boss or a Leader?
A boss manages their employees, while a leader inspires them to innovate, think creatively, and strive for perfection. Every team has a boss, but what people need is a leader who will help them achieve greatness.
Leaders have Humility, Self-awareness, Empathy, Guts, Know-how, Simplicity, Integrity, Passion and Courage.
A leadership style is a leader's method of providing direction, implementing plans, and motivating people. Various authors have proposed identifying many different leadership styles as exhibited by leaders in the political, business or other fields: