The 5 Popular Types of Entrepreneurs You Need To Know

The 5 Popular Types of Entrepreneurs You Need To Know

There are different entrepreneur types based on several classifications.

First a quick recap on entrepreneurs.

Entrepreneurs are people who take risk, exercise initiative and take advantage of opportunities.

They plan, organize, commit their resources and also create new or improve existing products and services.

Due to my love for business and freedom I have been talking a lot lately about entrepreneurs and entrepreneurship.

So I figured why not an article on types of entrepreneur. To help you understand better the entrepreneur concept.

Knowing the types of entrepreneur will enable you know your strengths and weaknesses as an entrepreneur. Also how much work you need to put in yourself to get to where you aspire to be.

Based on various classifications there are different entrepreneur types. Some are categorised by entrepreneurial motivation factors.

You can evolve from one type of entrepreneur to another or be a combination of different types of entrepreneur.

Based on what motivates the entrepreneur the 5 types are:

• The World Changer
This type of entrepreneur is influenced by his will to make a positive impact on the world either on a local/ national/ global scale.

This entrepreneur uses his knowledge from past experiences or jobs and spare time to spearhead a business.

Likes the challenge and rush he gets from establishing a new business.

He sees a problem and decides to use his products or (and) services to solve it.

• The Innovator
This type of entrepreneur likes to come up with new ideas, method of production, products and services as never thought of or seen.

Always looking for unconventional means to solve problems and loves to improvise.

These are strongly internally motivated entrepreneurs.

Of all the entrepreneur types this is the most creative and are majorly the most successful.

• The Opportunist
As the name implies he makes use of opportunities. He sees a need, takes the steps and fills it.

He creates a business on impulse. He is able to predict the right time and right place to do a business. And it works. And sometimes it doesn’t.

As an opportunist you see the demand and commercialize it. You are able to sniff out money making opportunities and cash in on them.

They mostly copy existing techniques and technology so they are referred to as Imitative Entrepreneurs. Always following new trends but tweaks it.

Jack of All Trades
This entrepreneur has the ability and resources to do several businesses at a time.

He doesn’t have to be at the helm of affairs.

They want to have free time with family and friends. They love the idea of being an entrepreneur.

They just want to escape the confines and stress of paid employment.

• Serial Entrepreneur
Always looking for the next business boom to venture into. Looks for growth potential and has the ability to generate a lot of income.

Grows the business to a point and moves on either by selling it off or handling it to a successor.

They see each business venture as a project. Once a project is done they start the process all over again.

These are project oriented set of people. They also get bored easily.

Am sure while reading through you were able to identify yourself or notice you exhibit characteristics from various types of entrepreneur. It is normal.

This will help know what type you are presently and what you aspire to be in the light of what inspires you.

Join the conversation to tell us more entrepreneur types you know and based on what classification.

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