Soon after the industrial revolution, technology has grown immensely. The word Entrepreneur has spun the world of modern-day business.
It has made a huge impact in tuning the business with innovation and creativity. You may be the future entrepreneur or new founders looking to start a Startup company.
You might have heard about successful entrepreneurs, from around the globe. There are many types of entrepreneurs from different industries. If you want to become one such great personality in the future, it is important to know the functional role of an entrepreneur.
Here in this article, we are going to see different types of Entrepreneurs based on the functional characteristics.
Definition of Entrepreneur
An Entrepreneur is an individual who creates and operates a new Business by managing all the risks to get success.
Entrepreneurs are innovative, and comes with new Business ideas and work to grow their business.
Entrepreneurs take all the risks and responsibilities to build a Start-up company and strive to make the Business profitable.
They manage all risk associated with the company and create a business strategy to grow a sustainable business.
Let’s check out the different types of entrepreneurs, and find which one will exactly match your character.
Types Of Entrepreneurs
Innovators are the leaders who come with new ideas and dominate the market by their distinct product or service.
With a tremendous amount of knowledge and research, they always try to put their effort into work to become unique. They don’t want to imitate or copy any business model.
These are young people, who are under 30 years of age, wanted to work on their interests. And discover new methodologies to do their business, no matter how long it will take to complete the process.
Among the different types of entrepreneurs, innovators stands out different. Their innovation will lead them to place in the top list in the world.
Example: Bill Gates – co-founder of the Microsoft Corporation.
Characteristics Of Innovator Entrepreneur
- These entrepreneurs work smartly, rather than working hard. They find an easy method to solve a problem.
- They fear for failure, but embraces it, which leads to progress in their business.
- They are a perfectionist. This means they can solve a problem through innovation.
- They are creative in nature.
Imitators are simply called copycat entrepreneurs, who exactly copy the business model of the successful entrepreneur.
It is a smart move for any entrepreneur to copy a successful business instead of taking the wrong turn. They do not innovate any new methods. They just copy and adopt the technologies invented by other entrepreneurs.
This method of imitating would be more suitable for underdeveloped nations or regions. They simply sort out things from the well-established business model according to them and implement it with slight changes.
Example: Mark Zuckerberg – co-founder, chairman and chief executive officer of Facebook.
Characteristics Of Imitative Entrepreneur
- They take risks when copying a certain business model.
- To avoid failure, imitators research more on the existing business.
- They focus on developing an unexplored path of a successful business.
- They have the ability to compete to gain market position.
Hustler – Determined – Undefined
Hustler – Entrepreneurs are the most determined person and strive hard to succeed in business. They never expect things to happen by the way, which means they won’t wait for opportunities, rather they make their own opportunities.
Example: Raymond Albert Kroc – famous for developing and purchasing McDonald’s Corporation.
Characteristics Of Hustler Entrepreneur
- These entrepreneurs are the dreamers who think in a broad perspective and don’t limit themselves while reaching the target or goals.
- They are more focused on their work and don’t get afraid to face any challenges in uncertain situations.
- They are likely to fail more times but they will never quit.
- Hustlers know the importance of networking with other entrepreneurs. They grow their business on a large scale by converting every single opportunity into a business from their partnership.
Researchers don’t stop with a single idea that works for them. These entrepreneurs put more effort into researching. Their consistency leads their business to be highly successful, and failure rates are very low for them.
Example: Jeff Bezos – founder, chairman, and chief executive officer of Amazon.com
Characteristics Of Researcher Entrepreneur
- These entrepreneurs take a long time to analyze the business in various aspects before starting.
- Even after starting their business, they will keep researching to find a better place in the market.
- Having all these detailed analyses, they would be able to solve any kind of problem under any circumstances.
- They are patient enough to solve such problems with their critical thinking.
Solo-Alone – Entrepreneur
Solopreneurs are the person who creates and runs a business on their own. They do not form a team. But they somehow manage to work with one or two-person or they would outsource a project from freelancers.
Solopreneurs are more relevant, as many young people are using the technologies and creating many online ventures.
Example: Allen Walton – founder and chief executive officer of Spy Guy Security.
Characteristics Of Solopreneur
- Solopreneurs are workaholics by nature, who are passionate about doing their business and like to work alone.
- Solopreneurs have more responsibility for their business.
- They have excellent managerial skills. As they manage everything like finance, business development, and other kinds of stuff.
- Also, they face many challenges.
- They are more determined to achieve success in their business.
- They have the courage and confidence to single-handedly operate their business.
Buyer entrepreneurs are wealthy person, who buys a potential business. They identify the successful business and acquire it to expand more. They invest more money in such ventures to maximize the profit.
Example: Warren Buffet – Chief Executive Officer and Chairman of Berkshire Hathaway.
Characteristics Of Buyer Entrepreneur
- They are rich, which makes them to buy any successful business.
- They have less failure rate when compared to others.
- They are visionary.
- They are a strategist.
A social entrepreneur runs their business for any social cause. They take more risks and effort to solve social problems like poverty, unemployment, lack of health facilities, etc…
The social entrepreneur starts their business, not only to make profits but addresses major social issues through innovation.
They contribute to the society and economy of a nation.
Example: Rachel Brathen – teacher of yoga and the author of the book “Yoga Girl”
Characteristics Of Social Entrepreneur
- They are creative and innovative.
- They are a philanthropist.
- They are change-makers to the society and environment.
- They have strong perseverance to give effective solutions to societal problems.
Fabian Entrepreneur is a second-generation entrepreneur from a business family. Instead of taking initiative, they follow only successful methods. To avoid failure, they don’t take a risk in any matter.
Characteristics Of Fabian Entrepreneur
- Fabian entrepreneurs are more cautious in decision making.
- At the same time, they solve the problem gradually.
- They don’t take a risk.
- They are skeptical.
Drone entrepreneurs are entrepreneurs who follow a traditional method of doing business. They don’t adapt to any changes. They don’t implement any new ideas that are viable for business success. They are outdated, which leads them to be unsuccessful in gaining the market position.
Characteristics Of Drone Entrepreneur
- They are conservative and don’t go for innovative ideas.
- They are reluctant to adopt new technologies.
- They are adamant to follow only their own set of principles.
- They are orthodox.
Let us know if we missed out on anything in this article types of entrepreneurs based on functional characteristics and share your thoughts in the comment section.