The label “entrepreneur” almost always has this picture of a person who introduces new ideas, changing the way people think and do things. Steve Jobs and Mark Zuckerberg, who revolutionized the use of mobile phones and social media, are the classic examples of this. But other entrepreneurs don’t exactly fit this category yet are successful in their own right.
Entrepreneurs come in all shapes and sizes. If you know what kind of entrepreneur you are, you’ll be more aware of your strengths and weaknesses, which can further improve your venture. In case you’re planning on getting into business, ask yourself first which among these personalities you’re most likely are:
The World Changer
You want to do business because you feel that it’s one effective way of making a positive impact on society. You’re a person who has an enormous passion for sociopolitical affairs. You lean into enterprises that benefit a specific community. You probably envision a fashion and design company, producing bags or jewelry handwoven by artists in indigenous communities. Or perhaps you want to put up a vegan restaurant, partnering with local farmers in your fresh produce.
In some instances, world changers don’t necessarily pursue social enterprises. They go the traditional route, but they are very cautious in using ethical practices in their operations. For instance, some CEOs of cosmetic companies have strict cruelty-free policies in their product testing. If you feel that you’re this kind of entrepreneur, tap into your passion. That’s how you can come up with a business idea or know how to run your business ethically.
You are that entrepreneur who has the gift of knowing when and where to launch a business. You might have exercised such ability in the past. Some people probably thought that you were impulsive for striking so fast at the time, but your venture turned out fine, even successful. If you’re this type of entrepreneur, harness that ability of discernment further.
How do you do that? One, read up on industry trends regularly. Stay in the loop for the next big thing: the next popular fast-food restaurant franchise or clothing brand. Two, surround yourself with “forecasters,” entrepreneurs who have the expertise and experience of predicting the direction of the industry. Three, check out the latest technology emerging in your field. That will give you clues as to how the market preferences will change. With these, you can calculate your moves better the next time you hop into an opportunity again.
You’re not content with just one venture alone. You want to dabble into different opportunities and ideas. This could be motivated by a lot of things: financial security, interests, and sometimes the bandwagon. It’s good to be a jack-of-all-trades because it widens your horizons in terms of skills, networks, and financial returns. But beware of its downside: You could be easily distracted. When you’re juggling a lot of things, it’s easy to miss a lot of critical things in different ventures. Jacks-of-all-trades need to have a strong team they can trust in running the show so that they can just oversee things.
Entrepreneurs cannot fit into a particular mold. They come in different shapes and sizes. Ask yourself: Which one among these types of entrepreneurs am I? From there, improve your strengths and work through your weaknesses.