All successful entrepreneurs possess many of the same traits, including passion, drive, self-confidence, determination, and more.
These entrepreneurs also face similar challenges, including financing, marketing, staffing, etc.
However, no two entrepreneurs are precisely alike. Entrepreneurs come from various backgrounds and upbringings and possess unique personalities, abilities, interests, strengths, and weaknesses.
Despite these similarities and differences, research has revealed five main types of entrepreneurs.
Understanding these different types of entrepreneurs and discovering which category you fit into can guide your thinking and decision-making to lead your business to success.
Innovators are entrepreneurs who generate entirely new ideas and turn them into viable businesses. Innovators can revolutionize how people think about and do things, as Steve Jobs did with Apple and Larry Page did with Google.
Innovators are incredibly passionate and obsessive in bringing their ideas to fruition and often succeed by creating a new crowd instead of just standing out in the crowd.
Innovators enjoy the glory of their business’s success, create their own rules, and face minimal competition early in the process.
On the flip side, innovators need a lot of capital to turn an idea into a successful operation, often face resistance from shareholders, and face a longer timeframe to success than other types of entrepreneurs.
Hustlers are entrepreneurs who work the hardest, get their hands dirty, and grind their way to success. This type of entrepreneur starts small and puts in the work needed to grow their business into a more prominent and successful enterprise.
Hustlers are motivated by their dreams and will focus their efforts on working extremely hard to achieve those dreams. They pay their dues through the process and will try anything to achieve their ultimate goal.
Hustlers will outwork most other entrepreneurs, do not give up quickly, and view disappointment and rejection as a step in the process rather than a complete defeat.
Hustlers, on the other hand, are prone to burnout, can exhaust team members who don’t have the same work ethic, and don’t often see the value of raising capital instead of just working harder.
Imitators are entrepreneurs who try to build upon and improve existing business ideas. Their efforts aim to make a particular product or service better to stand out in the market.
Imitators often possess qualities of both innovators and hustlers, but they don’t follow the terms established by others and possess a lot of self-confidence.
Imitators enjoy the advantage of refining an existing business idea which can be more accessible, less stressful, and less risky. They can also readily benchmark their performances with the original idea and leverage against mistakes made by the original creator of the concept.
Imitators are constantly compared to the original business idea that they copy and always need to play catch-up with the market.
Researchers are entrepreneurs who gather lots of information about a business idea and analyze it from all angles to ensure that the operation cannot fail.
Researchers tend to take a long time making decisions and bringing products to the market based on their need for understanding. This lag time occurs because they value data and facts far more than instincts and intuition.
Researchers enjoy the benefits of planning for as many contingencies as possible, and write detailed and informed business and financial plans, and won’t start unless they understand the market and feel that they can succeed in it
Researchers can be disadvantaged by the fact that they move slowly, and the fact that they don’t like risk with the potential to hamper the progress of a new venture. They also risk focusing too much on numbers and not enough on running their business.
Buyers are entrepreneurs who utilize their wealth to purchase profitable businesses. They identify and assess operations for potential profitability, and if they find the investment to be advantageous, they will seek to acquire it.
Buyers do not always run the businesses that they acquire. Instead, they may hire someone who they see better suited to help grow the operation to maximize their revenue.
Among the benefits buyers enjoy are assuming less risk by purchasing an existing operation, not worrying about innovation, focusing on growing a business with a strong foundation, and taking advantage of an existing market.
On the flip side, buyers typically must pay high prices to purchase an already successful business. They also face risks when buying companies with unforeseen problems or issues.
Visa Business Plans Can Help Any Type of Entrepreneur
Here at Visa Business Plans, our experienced team has helped thousands of entrepreneurs launch and grow their businesses successfully. We take the time to get to know our clients and what drives them to most appropriately tailor our services to help them achieve their goals. Through the process, our clients learn more about themselves, including how to leverage the type of entrepreneur they are toward their operation’s success.
So if you are thinking of starting a business, buying an existing operation, or want to help your current company grow, call us today to learn more about how we can assist you!
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.