The 10 Types Of Entrepreneurs And Why You Need To Know Them
By Bond Collective Staff
If you’re a business person (or want to be one someday), it’s essential to understand the types of entrepreneurs that people the business world. In this article, we’ll discuss why knowing entrepreneur types is important and reveal the 10 types of entrepreneurs that you’re likely to come in contact with on your own journey.
Why Learn About The Different Types Of Entrepreneurs?
Learning about the different types of entrepreneurs can contribute to your success in business just like learning about the different personality types can help you interact with people. Here are the two main reasons you should take these types to heart.
1) You Are An Entrepreneur
The Latin phrase temet nosce admonishes you to “know thyself.” This is good advice, not just from a philosophical standpoint but from a professional standpoint as well.
Each type of entrepreneur on this list has its own skill set — traits for which they are more disposed. Identifying those skills and putting a name to your entrepreneurship gives you the opportunity to hone your talents, overcome your weaknesses, and understand exactly how you’re meant to work.
2) You Deal With Entrepreneurs
If you work with entrepreneurs on a daily basis, learning about the different types of entrepreneurs gives you insight into their strengths, weaknesses, behavior, and motivation. Why is this person more laid back? Why is this one more of a hard-charger? And why does this one do so much research before making a decision?
It all has to do with personality and the type of entrepreneur they tend to be. Of course, there will be overlap. But, by and large, the 10 types of entrepreneurs cover all the different ways that business people work.
10 Types Of Entrepreneurs
Buyers are entrepreneurs who have been there, done that and have the deep pockets to show for it. They typically have experience running a successful business (or businesses) and are now looking to expand their portfolio with new and original opportunities.
Buyers often (but not always) focus on acquiring a business that already has a solid foundation rather than building one from the ground up. Warren Buffett, Chairman and CEO of Berkshire Hathaway, is this type of entrepreneur.
There are many negative definitions of the word “hustler,” but in the business world, being called this type of entrepreneur is a compliment. Hustlers dream big (sometimes ridiculously so), aren’t afraid to take risks, and work hard every day to make those dreams a reality.
Hustlers recognize the value of networking and use it to create their own opportunities rather than waiting for the right circumstances to fall in their lap. Mary Kay Ash, founder of Mary Kay Cosmetics, was this type of entrepreneur.
Imitation is the sincerest form of flattery. And that’s certainly the case with these types of entrepreneurs. Imitators take what is already working, make it more appealing (through innovation or iteration), and build a product or service around it.
Even though Imitators have an extraordinary ability to revolutionize existing ideas, they tend to do things on their own terms and are willing to take risks to make their vision real. Mark Zuckerberg, Co-founder, Chairman, and CEO of Facebook, is an Imitator.
These types of entrepreneurs are the leaders, the go-getters, the perfectionists. Yes, they want to innovate their industry (or the world), but underneath it all, they want to create a legacy.
Because of that, they often have a strong personal drive, even if they are sometimes lazy and obsessive (which isn’t as bad as it sounds). For Innovators, it’s all about patterns and how they can lead to progress. Larry Page, Co-founder and CEO of Alphabet, Inc., is an Innovator.
Financiers are the money behind the success. They often come from a wealthy family but have parlayed that wealth into multiple lucrative ventures.
They may be experts at creating a personal brand (and will typically have their fingers in many pies), but they usually don’t have much formal business training or knowledge. Because of this, most of the day-to-day is performed behind the scenes by the professionals whom the Financier appoints. Paris Hilton — model, actress, singer, and DJ — is a Financier.
Prodigies, as the name suggests, use their innate intelligence and high degree of emotional stability to challenge the status quo and innovate large swaths of the business world.
Prodigies often have little formal business training but exercise an inborn instinct for where to go and what to do next. Because of that, Prodigies want to do things their own way rather than follow in someone’s footsteps. Steve Jobs, Co-founder and former CEO of Apple Inc., was a Prodigy.
These types of entrepreneurs like to challenge the status quo. They see a way to make something better, can identify the essential components needed, and take risks to get the work done.
With the right idea, Rebels are willing to work long and hard to reach their goals. Once they make up their mind about where they’re going, they can be tenacious in their determination.
Researchers like viability. Yes, they’re keen on original ideas as well, but they much prefer practicability over innovation.
Researchers will often spend significant amounts of time poring over data in order to make things as foolproof as possible. Their desire for order manifests itself in a higher-than-normal inclination toward critical thinking and problem-solving skills. Larry Ellsion, Co-founder and CTO of Oracle Corporation, is a Researcher.
The Short-Timer type of entrepreneur often combines with other categories on this list to create a business person with a specific mindset. The Short-Timer’s goal is to build a successful brand, sell it for top dollar, and move on to the next big thing. They don’t work with the long-term in mind but restrict their vision to just a few years.
Don’t mistake this tunnel vision for fear or lack of skill. This type of entrepreneur is very innovative and can use his or her communication and networking skills to acquire what the business needs to succeed. They just don’t want to drive the company after it gets going. Brian Acton, Founder of WhatsApp, is a Short-Timer.
The Solopreneur likes to do things on their own — start a business, nurture the business, and run it by themselves. Solopreneurs are both versatile and passionate workers. These traits are necessities as they tend to want to do everything alone.
Solopreneurs thrive on the idea that they are the brand and love the sense of adventure they get from “sailing the shark-infested waters” with nothing but their wits and their hard work. Neil Patel, SEO and digital marketing expert, is a Solopreneur.
All Types Of Entrepreneurs Can Thrive In A Coworking Space
It doesn’t matter if you’re a Hustler, a Financier, or somewhere in-between — all types of entrepreneurs can thrive in a coworking space.
First and foremost, basing your operation in a coworking space, like Bond Collective, can help save your hard-earned capital for more important expenses (like perfecting your product for public sale).
Renting an expensive, standalone office space or saddling yourself with a long-term lease is a serious drain on your bank account. But by conducting business from a coworking space, you pay a fraction of what it would cost to maintain your own office.
And when you set up your team (or even just yourself) in a coworking space, you have the option of upscaling or downscaling your workspace footprint from month to month. You can’t do that with a conventional lease.
Work from a dedicated desk in July and August, upgrade to a private office in September, November, and December, and then downgrade to a first-come-first-served desk at the start of the new year. This can help you deal with the ebb and flow of team members throughout the year, and save your much-needed funds for building your business.
Plus, with a coworking space, you don’t have to skimp just to get ahead. A quality coworking space, like Bond Collective, gives you and your team everything you need — technology, infrastructure, furniture, amenities, even guest reception and greeting — so you can focus on the work rather than whose turn it is to clean the kitchen.
Those factors — and many more — make a coworking space the ideal place to flex your entrepreneurial muscle.
To learn more about how coworking space benefits startups, small businesses, remote workers, and companies of all sizes, visit BondCollective.com today.