Entrepreneurs are always passionate to bring change. Entrepreneurship does not work on a one-size-fits-all model. There are numerous types of businesses with different needs and requirements.
Hence, they require a different entrepreneur with a unique set of skills and traits. In this article, we will discuss the 10 common types of entrepreneurs, their skill set with relevant real-life examples.
1. The Innovators
Innovators- the leaders & perfectionists always come up with unique ideas and leave no stone unturned to convert them into successful money-making machines. Their ideas even change the way of thinking and doing things.
Besides, they discover new ways to market their products and stand out in the highly competitive business environment.
Larry Page, Steve Jobs, and Bill Gates are the most common examples of innovative entrepreneurs. However, it takes a lot of patience, time, capital, and dedication to bring innovation to life.
2. The Hustlers
Unlike innovators, hustlers believe in working hard. They start thinking small but dream insanely big. Their dreams are their motivation, which keeps them focused and away from all the distractions.
Hustlers see risks and rejections as a step to success. Another characteristic of hustlers is networking. They firmly believe in networking to create and avail opportunities instead of waiting for the right time.
However, they face a lot of hits and misses and hence take a significant amount of time to succeed as compared to other types of entrepreneurs.
Mark Cuban is the best example of a hustler entrepreneur. He started his earnings by selling newspapers, trash bags, and postage stamps but later on started his own company Broadcast.com and sold to Yahoo to become a millionaire.
3. The Imitators
Imitators are part innovators and part hustlers. They think new and work hard but take inspiration from an existing business idea.
One of the greatest advantages imitators have is, they are already aware of shortcomings and opportunities for the business model being imitated.
Hence, they improve processes, technology, methods, or products to increase their appeal as well as profitability. Imitators are usually found in developing countries with a lack of resources and uneducated markets where innovation is an arduous process.
Mark Zuckerberg, CEO is considered an imitator entrepreneur. Risk-averse, determination, self-confidence, and learning from others are the key traits of imitators.
4. The Researchers
The researchers do not stop by just having an idea. They take a lot of time to research and gather all the relevant information about it before putting it into action. They prefer facts, data, and logic instead of gut feelings.
The researchers do in-depth analysis from all angles because failure is not an option for them. Larry Ellison the Co-founder of Oracle is the perfect example of a researcher entrepreneur. Perfectionism, problem-solving skills, and critical thinking are their significant traits.
5. The Prodigies
The prodigy entrepreneurs are blessed with business sense and exceptional instinct. Their innate intellect and social skills guide them through the competitive environment of the start-up world. They remain phenomenal without making mistakes.
Besides, they possess high fluid intelligence, emotional stability, and agreeableness. On the other hand, they often prefer to work alone and do not possess a teamwork spirit.
Elon Must is the perfect example of a prodigy entrepreneur. His deep curiosity for the world and thirst for knowledge has made him an entrepreneurial powerhouse.
6. The Buyers
Wealth is the primary thing that defines buyer entrepreneurs. They usually have the experience to run a business but always look for opportunities to expand their portfolio. However, rather than building up from the scratch, the buyers prefer to acquire.
They buy businesses with strong foundations and viability, make managerial and structural changes. Calling them financiers of the innovators would not be wrong! Warren Buffet CEO and founder of Berkshire Hathaway is the perfect example in this regard.
7. The Solopreneurs
Solopreneurs always love to take solo flights and do not trust anyone. They start their business on their own, nurture it and run it by themselves.
Solopreneurs are prompt to avail big opportunities and create big results out of them. They usually do not have a work-life balance and live for work only.
This type of entrepreneur is not only versatile but passionate as well which are the necessary traits to do everything alone. Allen Walton- CEO and Founder of Spyguy.com is one of the successful Solopreneurs.
8. The Philanthropists
These entrepreneurs put forward business ideas to solve the social problems of the targeted audience. Unlike other entrepreneurs, their primary aim is to make the world a better place to live in while big profits remain secondary.
Social entrepreneurs come into action when they feel the status quo is not capable enough to make changes.
Hence, they do not launch their ideas into the public sector but make their place in the private sector. Bill Drayton is the prominent name, he runs Ashoka which supports other social entrepreneurs across the borders to make a worldwide team of change-makers.
9. The Drones
The drone entrepreneurs are conservative and old school. They run their businesses with orthodox systems, procedures and even take pride in them. They remain unconcerned about innovations and adopting new methods to cut down the cost of production.
Their primary goal is to just continue the business anyway based on their years-long experience. They do not like to take risks or face challenges hence, face business failures or even bankruptcy in the long run. Inflexibility and lack of adaptation to the changing environment are the traits of drone entrepreneurs.
10. The Short Termers
The short-term entrepreneurs are usually innovators but sometimes imitators. They either develop a unique or imitated business model, find a good investor and sell it for a good price as soon as it starts making money.
These entrepreneurs do not wait for money in the long run. The short-termers have out-of-the-ordinary communication skills and a vast network (which is necessary to find a good investor).
Money-minded, aim for big exist and innovation are their key characteristics. Jan Koum and Brian Acton are founders of WhatsApp and sold it to Mark Zuckerberg back in 2014 for US$ 19.5 billion.