What Are The Different Types Of Entrepreneurs?

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Entrepreneurs make big ideas turn into reality. There are various types of entrepreneurs, and each type tend to make their own decisions depending on their personalities, skills, and environment. Yet, they all contribute to the economy and create jobs.

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Entrepreneurs are crucial to the development of any country. Typically, they start something new on their own and produce a large number of jobs for others. They are crucial to the economy as well.

In order for you to choose the best path in entrepreneurship, you must understand the various types of entrepreneurs. Each type has specific duties, responsibilities, roles, and other characteristics.

Types of Entrepreneurs: 

  1. Innovator:  these are entrepreneurs who develop entirely original concepts into a profitable business. As an innovator you have the ability alter people's perspectives and behavior. Additionally, you are frequently very passionate, obsessive and driven by the originality of your business concept. You come up with product differentiation methods that set your business apart from the competition and find effective ways to promote your goods and/or services. Examples of innovators are Steve Jobs and Bill Gates.
  2. Imitator: as an imitator you create a product or service based on what is currently successful and improve it (via innovation or iteration). You are not afraid to take calculated risks in order to realize your goals. Examples are Co-founder, CEO, and Chairman of Facebook Mark Zuckerberg.
  3. Prodigy: you use your high levels of emotional stability and mental brilliance to question the status quo and innovate significant areas in the corporate world. You have a natural instinct that tells you what to do next and where to go. Because of this, you choose to follow your own path rather than that of others. An example of a prodigy is Co-founder and former CEO of Apple Inc., Steve Jobs
  4. Online Business Owner: if you are a blogger, e-tailer, or any other business owner that conducts the majority of your commercial operations online you are considered online entrepreneurs.

  5. Small Business Owner: you don't employ over 50 people in your business. For example, a hair salon, grocery store, travel agency, consultant, carpenter, plumber, electrician, etc. You own or operate your own businesses and employ locals or members of their families. 

  6. Social Entrepreneur: this kind of entrepreneurship is centred on creating goods and services that address issues and needs in society. Working for society rather than generating cash is your sole philosophy and objective.

There are various other types of entrepreneurs. Choosing which form of entrepreneurship that suits you would depend on capital/resources, drive, connections etc. It is in your best interest to do more research on types of entrepreneurs before starting up your business. 

Entrepreneurs often find themselves sabotaging their own success, without even realizing it. They may have limiting beliefs or fears that hold them back from taking risks or making important decisions, so check out this piece by The Remote CEO on Stopping Entrepreneurs Self Sabotage

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Being your own boss sounds great and this is why many people may be attracted to starting their own business. However, as with any other career path, being an entrepreneur comes with a lot of advantages and disadvantages.

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