Types of Entrepreneurs

Types of Entrepreneurs from 6-Perspectives:

What Type of Entrepreneur are You? or Type of Entrepreneur You would like to be ?

Hopefully a successful one, amirite? Maybe Millionaire kind Or, Maybe the Billionaire kind ?

Well, if you’re not today, you could be someday! And knowing what type of entrepreneur you are just might help get you there.

I would like to cover the topic in such a way that helps you become, truly what you would like to be. Its simple and easy, if you follow the path. I would like to present the topic covering 3-key areas:

 

#1. Maturity Levels of Idea Seekers or Entrepreneurs

#2. Who is a Seeker ? Who is not.

#3. Category of Entrepreneurs from 6-Perspectives

 

The objective of this article is to explain ‘Who becomes an Entrepreneur’ and which Category of Entrepreneur you may follow; that will help you to evolve your Idea to grow in your life with conviction and purpose.

This commentary is about Maturity Levels of Idea Seekers (or Entrepreneurs) and Why You must understand Types of Entrepreneurs from different categories, even before you embark on a journey to pursue your idea.

There is a lot to explain about the Entrepreneurs, “Idea Dimension” and everything that helps you translate your idea into exponential experience. I will publish analysis on focused topics in more articles later. Subscribe to our Insightful articles and related Success Programs to benefit from the idea dimension. Ideas are fundamental to human-beings, in a sense that animals don’t get ideas that can lead them to prosperity and happiness.

Stand Out from the Herd

#1. Maturity of Idea Seekers or Entrepreneurs:

Entrepreneurs turn bold ideas into reality. They create jobs and contribute to the economy but there are different types of entrepreneurs and each type tends to choose their own path based on their personality, abilities and surroundings.

All entrepreneurial journey starts with an Idea. A person becomes an Entrepreneur, when he/she is able to Transform an idea into its reality. Help people live a better life through their innovations, products, services or simply drive change by being a change maker.

Therefore, How do you become an Entrepreneur is first and what type of entrepreneur is second question. Let me answer the first one first.

There is Idea with everyone! Yet very few are serious about their idea!

Before, you even begin your entrepreneurial journey, Discover yourself from what category of seeker you are.

Heirarchy of Competence

1. Stage One -Unconscious Incompetent: You’re blissfully unaware that you lack the skill!

The Dunning-Kruger Effect  tells us that people with low competence find it hard to judge how unskilled they are. At this level, you are blissfully ignorant: you have a complete lack of knowledge and skills in a specific area, and you’re unaware of this. Your confidence therefore far exceeds your abilities. You’re undiscovered and therefore unprepared!

You jump into entrepreneurship, because there is Money out there!

2. Stage Two – Conscious Incompetent

“I know what I don’t know.”

The second stage of proficiency, the phase of conscious incompetence starts when you develop consciousness about the things you do not know. In this state, you plant yourself with hopes and aspirations.

Most view stage 2 as the most uncomfortable phase, because you recognize the fact that you are a failure in a certain activity. The only difference it has with stage 1 is that you do not pursue the thing you ‘suck at.’ (Shame and acknowledgement of your shortcomings can be attributed to this.)

While this can be embarrassing, the acknowledgement of your incompetence prods you to move and train – so you can be competent in it, eventually.

3. Stage Three -Conscious Competent:

“I grow and know and it starts to show.”

At this level, you know that you have acquired the skills and knowledge you need. You put your learning into practice regularly, and you gain even more confidence as you use your new skills.

You still need to concentrate when you perform these activities, but, as you get more practice and experience, these activities become increasingly automatic.

To move successfully through Level 3, look for opportunities to use your skills as often as you can.

Find a Purpose for Self to Discover Yourself.

4. Stage Four – Unconscious Competent:

At this level, you use your new skills effortlessly. You can perform tasks and make important decisions without conscious effort. You are completely confident of success.

Once you master one set of skills, it’s important to learn more if you want to continue to grow.

A good way to do this is to teach these new skills to others, who also wants to pursue their idea. This will keep information fresh in your mind, deepen your understanding of the material, and give you a rewarding way to pass this knowledge on to others.

Who is a Seeker

#2. Who is a seeker ? Who is not.

Most people who look for something more in this existence than its simple physical pleasures often find themselves desiring more depth – in their relationships, in their thoughts, in their lives. When shallow conversations or interactions just don’t suffice any longer; when your consciousness craves something more substantive; when you start turning off your electronics occasionally for some inward reflection; when you long for the thought-provoking more than the mind-numbing; you might be a seeker.

If you consider yourself a seeker, someone who passionately cares about and pursues inner truth, you are not alone.

In a UCLA study sponsored by the Templeton Fund, researchers found that almost 80% of college students say they are “searching for meaning and purpose in life,” and that fully a quarter of them are “actively engaged in a spiritual quest.”

And not only college students want to find the answers to the mysteries of life – many surveys show that millions of middle-aged and older adults also have a deep longing for a sense of wholeness and meaning, and continue to seek it.

In fact, many researchers believe that humanity has never lived through a period of such widespread spiritual search. In one recent poll in the United States, for example, a third of the adult population described themselves as having no religious affiliation, but being “spiritual.”

If you drop out from your idea persuasion, you are not a seeker. If you accept your life as failure, you’re not a seeker. If you confine yourself to small goals, you’re not a seeker.

Types of Entrepreneurs

#3. Types of Entrepreneurs from 6-Perspectives:

See, social scientists have found that most successful entrepreneurs fit into one of six profiles, as determined by their analysis of 30,000 entrepreneurs. That’s a lot of insight, y’all.
And what did they come up with?

If anyone knows this it’s entrepreneurs- no one should put you in a box. While there are millions of variables when it comes to the personalities and types of entrepreneurs out there, it seems that for the most part there are four core traits that stand out every time.

I studied articles presented by some experts. Let me discuss on the presentations with references and sources with due attributions below:

Entrepreneur by Category:

Michael Dermer, an entrepreneur, speaker, lawyer and founder/author of The Lonely Entrepreneur, writes in his blog, that, in a nutshell, most successful entrepreneurs fit into one of these five categories:

The types of entrepreneurs vary depending on background, country and even sector but the 5 most common types are:

1. Innovators: 

Innovators are the types of entrepreneurs who come up with completely new ideas and turn them into viable businesses.

In most cases, these entrepreneurs change the way people think about and do things. Such entrepreneurs tend to be extremely passionate and obsessive, deriving their motivation from the unique nature of their business idea.

2. Hustlers:

Unlike innovators whose vision is the gas in their engine, hustlers just work harder and are willing to get their hands dirty.  Hustlers often start small and think about effort – as opposed to raising capital to grow their businesses. These types of entrepreneurs focus on starting small with the goal of becoming bigger in the future.

Hustlers are motivated by their dreams and will work extremely hard to achieve them. They tend to be very focused and will get rid of all forms of distractions, favoring risks over short-term comfort.

3. Imitators:

Imitators are the types of entrepreneurs who copy certain business ideas and improve upon them. They are always looking for ways to make a particular product better so as to gain an upper hand in the market.

Imitators are part innovators and part hustlers who don’t stick to the terms set by other people and have a lot of self-confidence.

4. Researcher:

Even after having an idea, researchers will take their time to gather all the relevant information about it. To them, failure is not an option because they have analyzed the idea from all angles.

Researcher entrepreneurs usually believe in starting a business that has high chances of succeeding because they have put in detailed work to understand all aspects.

As a result, these types of entrepreneurs usually take a lot of time to launch products to make decisions because they need the foundation of deep understanding. These entrepreneurs rely much more on data and facts than instincts and intuition.

5. Buyers:

One thing that defines buyers is their wealth. These types of entrepreneurs have the money and specialize in buying promising businesses.

Buyer entrepreneurs will identify a business and assess its viability, proceed to acquire it and find the most suitable person to run and grow it.

Source:  https://lonelyentrepreneur.com

Entrepreneur by Motivation:

Understanding your motivation as an entrepreneur can be the key to growing your business and reaching whatever milestone of success you are striving to achieve. So get honest with who you are and work towards your full potential.

Kuza Biashara; an organization that encourage these daring entrepreneurs innovate and drive change, and wealth creation posted in its research article that, entrepreneurs can be classified into 5 Category.

1.Survivalists or Fence Sitters:

They were forced by circumstances to become entrepreneurs. For instance, they finished college or high school, tried looking for jobs but weren’t lucky enough. Because they had to find means of survival, they moved on to the world of business.

They simply sell to survive. If they are lucky to get an employment opportunity, they normally quit entrepreneurship and off they go into the formal economy.

2.  Copycats:

A good number of us belong to this category and that is why we are often see thousands of e-commerce websites, simply copying and not really creating a new unchartered path for revenue generation.

3. Social Entrepreneurs:

These entrepreneurs emerge where a social need needs to be met. Their business will survive for as long as the problem(s) exists or at least until the government fills up the gap. Social entrepreneurs can survive for eternity provided they keep up with the changing dynamics of society.

4. Opportunists: 

Entrepreneurs who belong to the opportunists’ class have their DNA wired to sniff out well-timed money making opportunities. They know how to jump in at the right time and jump out at the peak.

They are very quick decision makers – a trait that often serves them well or acts as their source of demise at times. They have to keep sniffing around for emerging opportunities to survive.

5. Innovators: 

Most innovators become entrepreneurs when in the process of doing something they love a business idea pops up around them. They measure the success of their business not by how much money they make but by the impact their products brings to man-kind.

You’ll often hear them say “I would do this for free for the rest of my life if I could.” Picture Mark Zuckerberg and Bill Gates and you will see innovator DNA in them.

Source:  Kuza Biashara

Kuza Biashara is focussed to encourage these daring small business owners who have the potential to innovate and change the world by contributing to the nation’s economy and livelihood.

Entrepreneur by Creative Genius:

Lisa Robbin Young;  the founder of Ark Entertainment Media, a growth accelerator and incubator for creative businesses. Lisa wrote Creative Freedom: How to own your dreams without selling your soul and hosts a podcast and web series with the same name, providing inspiration and education for creative entrepreneurs. Lisa posted in her blog titled, Which of the Three Types of Creative Entrepreneur Are You? for Productiveflourishing.com writes that, there can be 3-types of Entrepreneur by creative genius., viz:

1.Chaotic Creatives:

Chaotics need structures that work with their lifestyles. They often self-identify as artistic or creative, and they know how to relax and have fun, but they sometimes feel both anxious about needing to focus and overwhelmed because there’s too much to do.

2. Linear Creatives:

Linears don’t typically identify as creative, but often consider themselves innovators or thought leaders. These are typical “Type A” people who are practically chained to their businesses.

3. Fusion Creatives:

Linears don’t typically identify as creative, but often consider themselves innovators or thought leaders. These are typical “Type A” people who are practically chained to their businesses.

Fusions live in the middle between Chaotics and Linears because they equally enjoy (and detest) the skills of both types. They may self-identify as “multi-passionate” because they are adept at a variety of things and find it hard to pick just one to pursue. They demonstrate traits of both Linears and Chaotics, almost interchangeably, but the most common telltale traits are perfectionism and comparison-it is.

Source:  www.productiveflourishing.com

Entrepreneurs by Puncha Boota:

Tanaaz Chubb; Spiritual coach, intuitive astrologer and lover of travel and food. Also the creator of Forever Conscious, beautifully presented the categorization of entrepreneurs by puncha bhoota; the 5-elements of the Universe. She wrote in her article, The 4 Types of Entrepreneurs, there can be 4-types of entrepreneurs such as:

1 The Fire Entrepreneur:

This type of entrepreneur gets an idea and is likely to run with it faster than a speeding bullet train. Before their idea is even fully formed they will be out there making it happen and turning their idea into a reality. They are also extremely passionate and can only give their attention to projects that excite them in some way. Fire entrepreneurs are also natural leaders, and do better at coming up with the ideas rather than executing them.

2. The Water Entrepreneur:

This type of entrepreneur is driven by their emotions and needs to feel good about every decision before it is made. Water entrepreneurs are often very intuitive and may also take chances based on intuitive hunches and feelings that they get about certain people. In fact, intuition can be very powerful for a water entrepreneur and can often lead them to great success. Water entrepreneurs are also careful and methodical and often like to wait till the timing is just right before executing things.

3. The Air Entrepreneur:

This type of entrepreneur is all about making connections and networking. They understand that through connecting with others they have a better chance of turning their dreams into realities. Air entrepreneurs are excellent communicators and salespeople. They can often close a deal in a matter of minutes with their charm, wit and knowledge. Air entrepreneurs are also extremely intellectual and often crave data and facts in order to make sense of things. Air entrepreneurs may also feel drawn to teaching, blogging and writing about their journey in order to share it with others.

4. The Earth Entrepreneur:

The earth entrepreneur has plenty of stamina and will quietly work away on project after project until they strike gold. Earth entrepreneurs are highly driven and very little can deter them from following through on their business ideas. Earth entrepreneurs are also perfectionists and like everything to be perfect before making the next step. Even though this can sometimes delay things, earth entrepreneurs have a way of seeing the bigger picture and know how to plan for the future. They are also extremely smart and often highly educated.

Source:  www.influencive.com 

Entrepreneur from Layman’s Perspectives:

1. Entrepreneur & Businessman:

Common people recognize an Entrepreneur as someone who is risk taker doing business and making money.  A businessman makes his place in the market with his efforts and dedication, whereas an entrepreneur creates the market for his own business. The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise.

Entrepreneur believes in making his own path, which becomes a guideline for other businessmen. Most of the people have a misconception that the terms businessman and entrepreneur, carry the same meaning, due to which they use them interchangeably.

Now this rationale of defining an Entrepreneur can be extended to Corporate Entrepreneur and Professional Entrepreneur.

2. Corporate Entrepreneur:

Corporate Entrepreneur identifies opportunity within an organization to create new process, product, services to create value and generate new revenue growth through entrepreneurial thought and action.

Corporate entrepreneur sets the context for innovation and growth. This class of entrepreneur provides a systems view of the resources, processes and environment that are needed to support, motivate and engage the organization in entrepreneurial thinking and action.

For example, When I was working with a Retail Player, I witnessed huge Supply Chain risks; which had the potential to create severe challenges for sales & revenue growth. I was fortunate to wear entrepreneurial hat to initiate and drive a new initiative to transform those risks into huge opportunity that helped company to scale new revenue highs.

3. Professional Entrepreneur:

Individuals who provide your company with specialized service, including but not restricted to lawyers, accountants and management consultants.

Entrepreneur by Idea Transformation Perspectives:

You have now read different perspectives. The most fundamental way to become an Entrepreneur is by one’s ability to Transform an Idea and Realize its full potential. In otherwords, to keep it simple, you can have only two types of Entrepreneurs. viz Successful and Dropouts!

To be a Successful Entrepreneur, you have to arrive at Stage 2 of Maturity Level of Seekers. Honestly, There is no other way.

Points to Ponder:

An entrepreneur is an individual who conceives an idea for a new product or service, then finds some way of raising capital to form a business to produce that product or service.

Entrepreneurship is an innovative function, meaning being Innovative about pursuing your Idea. You’re unique. Your approach to Idea Persuasion must be unique! Believe me, You will find that path within yourself. Therefore Start Inward before your embark on an entrepreneurial journey.

AudienceXP Programs well designed to help you evolve for innovation, through Simple, Easy and Path-breaking approach. So that, you will be able to harness your own hidden talent to Transform and unleash your idea.

Conclusion:

Everybody is different in some way or the other. We all have desires to create. Who doesn’t like freedom? If we look around us, we see an adroit pool of opportunities. The only trick is to grab as much as possible. The source of motivation drives you to your path of success. We meet people who claim to be some types of entrepreneur by heart while still working in their fancy cabins of big MNCs. Being an entrepreneur requires full time dedication. That “missing detail” in your life, defines you as a person. For achieving something big, the right approach is super essential.

Everyone has a story to tell, all that he/she needs is someone to listen. Success is different to every other person. Some may prioritize success to bring great marks in graduation while some may define success as social welfare. An entrepreneur requires every kind of DNA to become successful. They must have capabilities of a builder, a specialist, an opportunist, an innovator and also of a skeptic. Everything revolves around an idea. What if man had not found usage of woods or the ways to ignite fire? Where would we all be? See, how an idea can change the entire life of mankind. The gain from starting an enterprise is always worth the wait.

The glorious thing about entrepreneurs is their diversity. Some are swash-buckling risk takers. Others are determined plodders who won’t take no for an answer. Some are born salespeople. Others are quieter types.

But amidst all this richness of background, approach, and personality, can any commonalities be found? Are there any traits that all entrepreneurs share or surefire tells that someone will succeed as a founder?

That commonality and differentiator is Idea, Your potent power to Change You and Change the World for better!

Honestly, being a Seeker is the best way to Pursue Your Idea and holistically be an entrepreneur. That path gets you success, wealth and happiness. Why don’t you too try that path ? Subscribe to AudienceXP today.

Transcend Idea into Innovations

About ‘Transcend Idea’ Mission:

90% of all entrepreneurs fail, inspite of a vibrant modern entrepreneurial support ecosystem, globally well connected digital infrastructure and growing market opportunity! Established businesses shy away from bold innovations due to perceived high risk of failure.

On one hand, People face problems of Money, Health and Inequality and on the other, Creative Aspirations among entrepreneurs are increasing like never before. There is serious flaw in the way humanity at large understands “Idea”; the only ‘thing’ that has potential to drive change and make a difference.

You need a simple, path-breaking approach to address the challenge. We believe, that understanding the “Idea Dimensions” is necessary to accomplish the objective.

It’s our mission to show you the definite path to Transcend your idea into innovations within your own means and possibilities.

We welcome People, Brands and Business to benefit from the mission. Contact us today to explore further.

Krishnamurthy Hegde

Krishna founded AudienceXP; the Idea Realization Platform, to create Epic Experience of Transformation for People who Pursue Their Idea, in order to Enable Them Live Extraordinary Playful Life, to be Wealthy & Happy, Naturally.Krishna spent 30 years in "Ideas" alone, including 10 Years into deep Research on Universal Law to explore how Thousands of Years old Ancient Wisdom can be Leveraged to help People Evolve their Idea. Krishna discovered Unique characteristics of the Universe and its influence on the evolution of Idea into Business Entity.