list 5 types of entrepreneurship around you and explain their qualities
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Answer:
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.
The types of entrepreneurs vary depending on background, country and even sector but the 5 most common types are:
- Innovators
- Hustlers
- Imitators
- Researchers
- Buyers
5 types of entrepreneurship 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.
Innovative entrepreneurs also find new ways to market their products by choosing product differentiation strategies that make their company stand out from the crowd. And sometimes it is not just standing out from the crowd but actually creating a new crowd.
To say that innovators like Steve Jobs, Larry Page of Google and Microsoft founder Bill Gates were obsessed with their business would be an understatement.
Advantages of Being An Innovate Entrepreneur:
Get all the glory for the success of the business (and take all the arrows)
Create the rules
Face minimal competition during the initial days
Disadvantages of Being An Innovate Entrepreneur:
You will need a lot of capital to bring a new idea to life
Often face resistance from shareholders
The timeframe for success is longer
The ability of an innovative entrepreneur to envision a new way of thinking makes them stand out from the crowd and wildly successful in many cases however it takes significant capital, patience and commitment to bring true innovation to life.
2. The Hustler Entrepreneur
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.
A perfect example of a hustler is Mark Cuban. He started in business very young selling trash bags, newspapers and even postage stamps and this hustle later created a goldmine which was acquired by internet giant Yahoo!
Advantages of Being A Hustler
They will outwork most
Tend to have thick skin – they don’t give up easily
See disappointment and rejection as just a step in the process
Disadvantages of Being A Hustler
Usually prone to burn out
Wear out their team members who don’t have the same work ethic
Often don’t see the value of raising capital as opposed to just working harder
Even though many hustlers never give up, a lot of them are willing to try anything to succeed which unfortunately means that they have a lot of hits and misses. Achieving their dreams takes a lot longer than most other types of entrepreneurs.
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.
Advantages of Imitators
Refining a business idea is easier and less stressful
You can easily benchmark your performance with the original idea
Can learn and avoid mistakes that were made by the originator
Disadvantages of Imitators
Their ideas are always compared to the original idea
Always have to play catch-up
Taking an existing idea and refining and improving it can be a great way to develop a business. It certainly does not have as much risk as the innovator but it might just not be as sexy.
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 detai