What Type of Entrepreneur are You?
- empoweringeconomics
- Jul 15, 2020
- 3 min read
A few weeks ago, I wrote a blog post called "3 Signs Entrepreneurship is for You." While doing research for that post, I discovered that "entrepreneur" was actually an umbrella term, and that it actually encompasses dozens of different types of entrepreneurs! Crazy, right?
This blog post is a sort of piggy-back post of the last entrepreneurship one, so make sure you've checked that one out (just click the link above)!
As a whole, entrepreneurs turn bold ideas into reality. They create jobs and contribute to the economy, but there are many different types of entrepreneurs. Each type tends to choose their own path based on their personality, abilities and surroundings. To make them easier to understand, we created a list of the 3 main types of entrepreneurs- including what they do as well as their advantages and disadvantages.
These are the 3 Main Types of Entrepreneurs!
The Innovator- Innovators are the types of entrepreneurs who come up with unique new ideas and turn them into true businesses.
What are some advantages to being an innovator?
Innovators create their own rules. They're not bound to specific measures, and are essentially free to create and sell whatever they want however they please. Because of this, innovators tend to get full credit for the business or product they create.
What are some disadvantages to being an innovator?
Since innovators are starting from scratch, it requires a sizable capital for them to launch their business off the ground. In addition, they're more likely to face resistance from investors and shareholders, as the risks are unidentified. Lastly, being an innovator means you must be willing to put in long hours and be patient for success, as it can be a long and difficult journey.
The Imitator- 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.
What are some advantages to being an imitator?
Refining a business idea is MUCH simpler and less stressful than creating one from the ground up. Imitators can easily benchmark their performance with the original idea and have the ability to learn from and avoid mistakes made by the originator.
What are some disadvantages to being an imitator?
While being an imitator means less stress, they are constantly compared to the originator, and are forced to play a game of catch-up with them.
The Buyer- 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.
What are some advantages to being a buyer?
Buying an established venture is far less risky than going about creating one yourself. Buyers can focus on building on something that has already gone through building a foundation, and has a pre-established market.
What are some disadvantages to being a buyer?
This shouldn't be a surprise, but buyers usually pay a high price for good businesses, which can be an issue, especially with the risk of buying businesses that may have problems.
I hope this gives you a solid introduction to the interesting and broad world of entrepreneurship, and teaches you something new! I know I learned a lot from writing this!
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