To gain a better understanding of Entrepreneurship, we must know the following-
- Who is an Entrepreneur?
- The Different Types of Entrepreneurs
- How to Become an Entrepreneur?
Who is an Entrepreneur?
The term Entrepreneur is used to refer to individuals who create their own business by taking many risks and also get the rewards if successful. An Entrepreneur often comes out as an innovator of new ideas, businesses, products, and services. This is why the procedure of setting up a business start-up is referred to as Entrepreneurship.
In my career, I have built and worked with a few companies (mostly tech) like InternetShine Technologies, FiNext Conference, ATAFOM University, Perfect Timing Holding, and Perfect Timing Technologies, I have learned that Entrepreneurs are the major drivers of an economy. They use their skills to initiate and bring new ideas to the existing market or industry. If entrepreneurship goals are accomplished by getting through the business risks, a startup gains profit and becomes famous. Once the startup establishes itself strongly, it has to focus on constantly growing forward.
The Different Types of Entrepreneurs
Every Entrepreneur is different and so are his goals. We can categorize them into four unique types-
Innovator: An innovator is an individual that introduces a unique idea to the world that no one has thought of before. The best examples of innovators are- Thomas Edison, Mark Zuckerberg, and Steve Jobs. These three famous personalities worked towards turning their passion into reality and they did that.
The innovators are much more inclined towards creating products and services that are impactful. Their prime focus is not on generating profits. They hire professionals and experts to operate their business to get the best outcomes.
Builder: A builder targets building scalable businesses in a short period. For example, they aim to generate $5 million in the first few years and pave their way to making $100 million or beyond that.
A Builder focuses on building a strong infrastructure and finding the best talent in the industry. They also reach out to the best investors to gain maximum benefit for the business. These entrepreneurs seek fast growth and if it takes time they might have temperamental issues.
Opportunist: As the name suggests, Opportunists are optimistic individuals that never let go of any financial opportunity that comes their way. They know when to make the entrance, stay aboard during growth years, and leave when the business reaches its zenith.
Such Entrepreneurs are mainly concerned about generating wealth and profits so they constantly seek ideas that are worth making excessive money. At times, these individuals can be impulsive.
Specialist: The specialists are highly skilled and analytical in their business approach. They attain their skill sets from either education or apprenticeship. A specialist entrepreneur takes time to build a business as he relies on networking and referrals. Therefore, the business takes a slow pace toward growth.
How to Become an Entrepreneur?
You will find numerous examples where the most common of men became the most successful and influential Entrepreneurs.
Before you take the path to become an entrepreneur you must be aware that it works differently for every individual.
Successful Entrepreneurs follow these golden rules-
- Strong Financial Backup: It is highly recommended to have a strong financial backup. As an aspiring Entrepreneur, you need regular funding and cash supply to focus on building a successful business.
- Learning Diversified Skills: To be an Entrepreneur in the first place you need to have diverse skill sets. For that, you need to learn from various sources and implement new ideas in real-time settings.
- Keeping Up-to-date with World’s Happenings: To be well-informed about the major happenings in and around the world is crucial to be a good entrepreneur. You must constantly strive to keep your knowledge up-to-date. You can enhance your knowledge by being active on various platforms.
- Strong Problem-solving Skills: An Entrepreneur must be a problem-solver. You should develop skills to examine the problems that come your way and resolve them without delay.
- Building Networks: Entrepreneurship is successful when the Entrepreneur has strong networking globally. Building networks with industry leaders and contemporary businesses should always be your primary goal.
Every Entrepreneur must lead his venture by example. The more diligent and dedicated you are as the leader the more your employees will follow in your footsteps. You need to be an inspiration for every individual that is connected with you in your journey to build a successful business.
That is how you will become not just a successful but an influential Entrepreneur.