Types of Entrepreneurs
Entrepreneurs are motivated by many different factors, but when you start taking a closer look, most entrepreneurs can be classified into one of three basic types. Recognizing your entrepreneurial type will help you understand your motivations to start your business and also ways to keep yourself moving forward in tough times. The three entrepreneurial types are the social entrepreneurs, the serial entrepreneur and the lifestyle entrepreneur. Each type has its own set of characteristics and life philosophy.
The first type, the social entrepreneur, is inspired by their longing to help others, to create social change/equality, and to improve economic, environmental or educational circumstances. Entrepreneurs who can be classified as social entrepreneurs are determined to change the world for the better. Typically, the social entrepreneur is motivated by a passionate need to tackle a large social or economic issue rather than by potential income of the business they are opening. Social entrepreneurs desire to create answers and institute solutions so that those solutions can be used by others to further change. In fact, many social entrepreneurs develop their ideas in the form of non-profit organizations.
The second type of entrepreneur is the serial entrepreneur. Serial entrepreneurs are driven to come up with new ideas and innovations and will come up a seemingly endless number of business ideas. The serial entrepreneur is the type most commonly thought of when people and the media describe a business entrepreneur. Serial entrepreneurs share an inclination towards risk, originality and success. Many serial entrepreneurs experience success across a variety of business ventures, but even in instances where they have failed, their inclination for risk makes it easier for them to foster recovery.
The third type of entrepreneur is the lifestyle entrepreneur. Lifestyle entrepreneurs put the focus on their passions rather than on capturing profit. Lifestyle entrepreneurs seek to unite personal interests and talents with their business concept. Typically, a lifestyle entrepreneur will choose a business model that will enable them to create a sustainable long-term income in an industry or field where they have a strong interest or knowledge. For the lifestyle entrepreneur, the decision to start a small business is based on gaining more freedom to pursue personal and family interests. In contrast to other types of entrepreneurs, a lifestyle entrepreneur is not typically interested in selling their business for profit and will keep the business despite lucrative offers to purchase. Lifestyle entrepreneurs are a growing segment due to the advances in technology, which now present global opportunities without the necessity of making a large investment.
Of course, personality types and preferences will cause large variances within these three types, but most would-be entrepreneurs will recognize themselves within the parameters of one of them. Again, understanding your reasons for undertaking your business will help you define what you need to get out of an entrepreneurship program or other business management courses. After all, the needs of a social entrepreneur are going to be very distinct from those of a serial entrepreneur. The point is no matter what type of entrepreneur you are you will need to gain the training and insight that will most enable you to succeed.
If you are reading this knowing that you are an entrepreneur and want to know more about how to be successful, contact Global Training Institute, or check out their Entrepreneurship qualifications! You can complete them online while implementing your new skills on your current or upcoming project! These qualifications include the Certificate IV in Small Business Management (New Business), and the Diploma of Management (Entrepreneurship). Global Training Institute are a Registered Training Organisation and are known for their high quality online qualifications in accordance with AQF standards. View our full scope here.