What exactly do entrepreneurs do? How difference are their activities from regular employees? Now, what separates us from our dream life is the ability of turning ideas to reality. Entrepreneurs do just that. They try their level best to turn ideas to reality thus giving them an edge over an average person.
The process of turning ideas into reality involves taking different paths; this is usually based on personality, abilities and surroundings. Entrepreneurs are classified according the background, paths and activities they do. Each type of entrepreneur has its own paths for success though generally, all entrepreneurs have similar struggles when it comes to management, finance and marketing. Here are the common types of entrepreneurs.
These are the idea factories. They come up with new ideas and throw themselves into the ideas until they are viable. Most of these entrepreneurs are outliers; they change people’s perception about how to live and do things. If you are passionate, people will understand. These entrepreneurs are more than passionate. They are obsessed about their ventures. This makes people to think they are mad.
To make new products, innovators choose product differentiation strategies that distinguishes their ventures .Since these products do not have an already established market, entrepreneurs should try to leverage on marketing platforms offered by Twitter. Even better, Twitter offers you an option to buy Twitter likes. “Stand out among the crowd” is a common maxim. These entrepreneurs don’t just do that, they create a new crowd. This comes with a plethora of advantages;
- You take all the glory for success
- You create your own rules for engagement.
- During initial days, competition is very minimal
Even so, these comes at the expense of so many things;
- It involves a lot of commitment and dedication. Moreover, its takes long to succeed in establishing the business
- After establishment, such entrepreneurs find it difficult to deal with shareholders who want to control the business
Are there companies which established themselves as a result of improving other company’s product? Do you know of any? Now, if you’ve heard of any, they are called imitators. They copy other people’s business ideas and makes them better. These type of entrepreneurs are always on the lookout for ways to improve a particular product so that they have an edge in the market. Imitators don’t adhere to received truths from other people. They walk their own paths. Some have even coined maxims to use; Reason from the first principle. They take a particular product and examine it to the core. They try to imagine cheaper alternatives to the spare parts used in making the products. Advantage of this includes;
- It takes less effort to refine a business idea than to start from scratch
- Since they know the original idea, they can easily bench mark. This allows them to learn from the mistakes made by those who went before.
Even so, there are disadvantages that comes with it;
- They curve in to comparison with the original idea. It takes a lot of effort to master what you want and refuse to bow to the naysayers.
These are usually defined by wealth. These are entrepreneurs who have the capital and so specialize in buying small firms with large potential. After identifying a business, buyers assess their viability, buy it then look for the most suitable person to run it. This is less risky as it doesn’t involve establishing a business from scratch. Moreover, they focus on building a business that has already established its foundation.
The products have the market already! The only work is to expand the market while ensuring efficient management. Thinking that money solves all business problems, buyers risk buying a business with problems that they cannot turn around.
Do you take time to gather all relevant information of the area you want to venture into? Do you analyze ideas from all angles? If you fit in these, then you can be the researcher entrepreneur. To them, failure is not an option since the idea has been analyzed from all perspectives. It therefore takes a lot of time before they launch their products. Unlike innovators who are into instinct and intuition, researcher entrepreneurs are into data and facts. They usually try to minimize all chances of failure before getting into business.
Can you tell the type of entrepreneur you are? Can you tell the type of entrepreneur you want to be? Regardless of the category you fall in, it is possible to succeed. However, don’t expect an overnight success.