What Entrepreneur Are You?

Generally, an entrepreneur runs a business and oversees the business operations to make money as they contribute to the economy. However, entrepreneurs are not all the same simply because they run a business. Entrepreneurs are different and the difference is determined by their personalities, abilities, and environment. 

Hustlers

Hustler entrepreneurs just put in more effort and are not afraid to get their hands dirty. They frequently start small and focus on work rather than raising funds to expand their company. These entrepreneurs concentrate on starting small with the intention of growing larger in the future.

Hustlers are driven by their ambitions and will work tirelessly to realize them. They are usually very concentrated and will eliminate all distractions, preferring to take risks over short-term comfort.

Hustlers outwork the most and don’t give up easily. However, hustlers tend to experience burnout more and team members who don’t operate in the same work ethic are worn out. Additionally, most of them fail to recognize the importance of obtaining funds as they focus on working harder and this can affect their business’s cash flow. 

Many hustlers are willing to try anything to succeed and this means many hits and failures taking them longer to realize their goals than other entrepreneurs. 

Innovators

This lot of entrepreneurs come up with wholly new ideas and develop them into profitable enterprises. 

Most of the time, these entrepreneurs change the way people do things and see things. They are very passionate and obsessive about their ideas and their business. A good example of these entrepreneurs are app developers. 

When it comes to marketing their products or services, they find a new way of doing their marketing and even find new markets for their businesses. 

Innovators create all the ground rules for their ideas and building their business. They also face very minimal competition in their early days as they are bringing something new – a wholly new idea. 

On the flipside, innovators need a lot of capital to test out their ideas and turn them into a profitable business enterprise. They also often get resistance from shareholders or financiers as they are not guaranteed whether the innovation will or will not succeed. Additionally, the timeframe for their success is longer considering all it takes – ideation, collaboration, implementation and value creation.

With good capital, commitment and patience, innovators can successfully bring their innovations into life building profitable business enterprises.

Imitators

Imitator entrepreneurs copy other business ideas with an aim of improving them and making the products or services better. Their main aim is to gain dominance in the existing market. 

Imitators are a mix of innovators and hustlers who don’t follow the rules imposed by others and have a lot of self-assurance. 

Being an imitator has its advantages. One, redefining a business idea is easier than defining a new one. Two, you can actually benchmark/compare your business with the original learning what worked, what didn’t work and the gaps that existed. 

However, imitating an idea means you will always be compared to the originators and you always have to catch up and make sure you are always ahead and standing out. But, redefining the idea to a better product or service can lead to a successful business enterprise. 

Researchers

When it comes to creating their own business, researchers take their time. Before selling a product or service, they want to undertake as much research as possible. 

These entrepreneurs believe in starting a business that has a higher chance of success thus the research as they look at all factors. Thus, they typically take a long time to develop goods and make judgments since they require a solid foundation of knowledge leaving no room to make mistakes. 

This type of entrepreneurs will have detailed business plans, market research and plan for as many contingencies as possible just to be ready for anything. They will not start a business or launch a product or service until they feel ready enough. 

However, this slows them down and interferes with the process of starting out a new venture. Additionally, the obsessiveness with the numbers can draw them away from actually running the business and this should not be the case. 

Buyers 

Buyers are entrepreneurs who focus on buying out other businesses. They scout promising businesses and acquire them. They however don’t run the business themselves, they get someone fit to run the business on their behalf and grow it. 

Purchasing a well-established business is less risky and the buyer doesn’t have to be concerned about innovation as much. They can concentrate on building something that has a foundation already and all they have to do is to add on-to it. Importantly, the products or services they are buying already have a market.  

However, buying comes with its own hurdles. Buying existing enterprises means they come with their good and bad, especially the problems. These problems can affect the business you are trying to build if not handled. 

Final Thoughts… 

Entrepreneurs vary depending on their background, country, and even industry. As an aspiring entrepreneur, you can choose the path you want to take to become an entrepreneur and succeed in any route you take.