An entrepreneur is someone who jumps out of a plane in pursuit of their dream and builds a parachute on the way down. Today, it is easier than ever to become an entrepreneur, start a business, and become a multi-millionaire. Or is it?
The reality is, too many people think being an entrepreneur is a glamorous, carefree life. They want to be self-employed, be their boss, be a business owner, and maybe even ball out of control. But, if that is your motive, you’re off to a bad start.
Waking up whenever you want and set your schedule oftentimes means waking up at 5 AM and going to sleep after midnight, sacrificing weekends and time with your family and friends. That’s the real-life of entrepreneurship–not posting pictures of jets and stacks of cash on Instagram.
Real entrepreneurs don’t fall in love with the IDEA of business; they fall in love with the reality of making a difference, pursuing a worthy goal, and eventually achieving their version of the American Dream. And that’s not easy. Especially if you’re in pursuit of becoming a millionaire, it requires an insane amount of time, effort, dedication, trial & error, resources, wisdom, connections, networking, work, and fresh ideas to make $1,000,000. It’s certainly not impossible–many people have proven that. But, it requires more than most people are willing to put in.
If you work a traditional job, you have it even more challenging because it requires even more effort to break out on your own and become a full-time entrepreneur. It requires more effort when you have liabilities like rent, cell phone, internet, and cable.
It’s especially difficult if you’re married with kids. You’ve got another person to take care of and children who are depending on you because you’re responsible for their life. That’s not a small thing to glaze over, and it must be considered when pursuing to become an entrepreneur.
In my experience, there are many different types of entrepreneurs, but over my journey of entrepreneurship, I have realized there are different types.
1. Social entrepreneur
Someone who is passionate about social issues and uses their business, company, product, and/or entrepreneurial endeavors to advance social and non-profit causes like the environment, racial inequality, gender equality, and health-related social issues like cancer and mental health.
2. Creative entrepreneur
This person is a graphic designer, website designer, web developer, filmmaker, music artist, painter, videographer, photographer, etc. These people use their creative skills and gift of creativity to make money as a freelancer.
3. Freelancer entrepreneur
A freelancer is someone who works as an individual, many times as a “one-man-band.” Typically they specialize in one area of expertise, and they use that expertise to earn a living. I would consider consultants, speakers, coaches as freelancers–or personal brands.
4. Food entrepreneur
This is someone who uses their food experience or the experience of others to create food-related products and services. These products and services could be CPG (consumer packaged goods) products, restaurants, food trucks, restaurant pop-ups, chef services, cookbooks, food entertainers (like YouTubers and TV show hosts), and food business consultants.
5. Small Business Entrepreneur
These businesses include a hairdresser, a grocery store, a travel agent, a consultant, a carpenter, a plumber, and an electrician. These people own or run their own business, and they hire family members or local laborers. The earnings would be adequate to feed their family rather than a $100 million business or an industry conquest. They fund their firm by taking out small business loans or borrowing from family and friends.
6. Scalable Start-up Entrepreneur
This hopeful entrepreneur sets out to start a business in the hopes of changing the world with their idea. They seek out investors who think beyond the box and encourage others to do the same. Because the research focuses on scalable business and experimental models, they hire the smartest and brightest people. More venture capital will be required to fund and support their concept or firm.
7. Large Company Entrepreneur
The life cycle of these enormous organizations is well-defined. The bulk of these companies thrive and grow by launching new and innovative products to complement their core services. Changes in technology, customer preferences, new competition, and other reasons put pressure on large firms to manufacture new items and sell them to a new market of customers. Existing businesses either buy start-ups or try to produce the product themselves to stay up with the rapid speed of technological change.
In 1973, Gifford Pinchot invented the phrase “intra-corporate entrepreneur.” It was then dubbed “intrapreneur.” The American Heritage Dictionary, which supplied a definition, formally recognized the term “intrapreneur” in 1992. “A person inside a large business who, through assertive risk-taking and inventiveness, assumes direct responsibility for turning an idea into a profitable finished product,” according to the definition.
Employees who are inspired to use their entrepreneurial talents and initiative to do something independently but do not want to create their own company are known as intrapreneurs. Intrapreneurship is defined as establishing and promoting entrepreneurial activity within large corporations, whether through the enhancement of existing products or the branding of new ones. Because of their new ideas and concentrated effort, the firm views intrapreneurs to be an asset.
‘Technopreneurship’ is a portmanteau that combines the terms’ technology’ and ‘entrepreneurship.’ Technopreneurship is the practice of starting a business in a high-tech setting. It’s a technique for merging technological and entrepreneurial skills. Technology plays a crucial part in the transformation of commodities and services in technopreneurship.
A new style of entrepreneurship is referred to as “technopreneurship.” It means bringing together smart, creative, tech-savvy, enthusiastic people who are prepared to take calculated risks. Technopreneurship, unlike entrepreneurship, is based on teamwork.
10. Cultural Entrepreneurship
Visionaries and change agents, cultural entrepreneurs, organize cultural, financial, social, and human capital to benefit from a cultural activity.
Cultural entrepreneurs create, produce, and market cultural goods and services, providing creators with economic, cultural, and social opportunities while offering cultural value to consumers. The nature and size of cultural enterprises vary greatly. They range in size from micro, small, and medium businesses to giant corporations.
Cultural entrepreneurship is an economic and socio-cultural activity focused on innovation, risk-taking, and creative problem-solving. It is a creative, strategic, and imaginative social action. Cultural entrepreneurs engage communities and use the arts as a catalyst for change to promote social development.
11. International Entrepreneurship
International entrepreneurship is the process of an entrepreneur doing business activities beyond national borders. Examples include exporting, licensing, and running a sales office in another country. Meeting the wants and desires of target markets is the major purpose of international business.
International entrepreneurship is described as the formation of international new ventures or start-ups that engage in international business from the beginning, therefore considering their operating domain as international from the beginning.
Ecopreneurship, often known as “Green Entrepreneurship,” is described as the expansion of a business through entrepreneurship while maintaining an environmentally conscientious attitude to the entrepreneur’s operations and goals.
The term “ecopreneurship” gained popularity in the 1990s. Another word for it is “environmental entrepreneurship.” Ecopreneurship is a term coined to describe the use of entrepreneurial ideas to create businesses that address environmental issues or operate sustainably.
Agriculture is crucial to India’s long-term economic development and growth. Agripreneurship refers to the growth of entrepreneurship in the agricultural sector. Agripreneurship, sometimes known as agribusiness, encompasses all companies involved in producing and delivering agricultural products.
Agriculture, floriculture, horticulture, sericulture, aquaculture, animal husbandry, and biotechnology all involve operations involving product production, propagation, and distribution.
14. Innovative entrepreneurship
Innovative entrepreneurs are those that are constantly coming up with fresh concepts and inventions. They take these ideas and make them into successful enterprises. They frequently aim to raise people’s living standards. Innovative people are more likely to be extremely motivated and passionate. They try to find ways to set their products and services apart from the competitors. Steve Jobs and Bill Gates are examples of innovative entrepreneurs.
15. Hustler entrepreneurship
Hustlers are entrepreneurs who are willing to put in the persistent effort and work hard. They often start small and work their way up to larger companies via hard effort rather than capital. Their desires drive them, and they will go to any length to accomplish their goals. They don’t give up lightly and are willing to endure through adversity to attain their objectives. A hustler, for example, is willing to make a single sale by cold calling a large number of individuals.
16. Imitator entrepreneurship
Imitators are business owners who aim to improve on the ideas of others. They are always looking for ways to better and profit from certain products and services. The attributes of an inventor and a hustler are combined in an imitator. They are eager to come up with new ideas and put in long hours, yet they start by copying others. People who emulate others have a lot of confidence and determination. One can learn from the mistakes of others when beginning their business.
17. Researcher entrepreneurship
Researchers take their time when it comes to starting their own business. They aim to do as much research as possible before selling a product or service. They believe that if they prepare well and have all the required information, they will be more successful. A researcher makes certain that they are well-versed in all parts of their sector and that they understand exactly what they are doing. They prefer to rely on facts, proof, and reasoning rather than their intuition. They value thorough company strategy because they help them avoid failure.
18. Buyer entrepreneurship
A buyer is an entrepreneur who puts their money into their business. Their expertise is in putting their money into businesses that they believe will prosper. They look for potential acquisition targets. They then make whatever management or structural changes they think are necessary. Their goal is to increase income through growing the companies they buy. This sort of entrepreneurship is less risky because they are purchasing already established enterprises.
I hope this information was helpful yet enlightening. And, if you still want to be an entrepreneur, welcome to the journey, buckle up, and hold on tight!
My advice is this: don’t fall in love with the IDEA of entrepreneurship. If you want to be an entrepreneur, be sure you have the correct motive that says…I have a great idea, I know this will help people, and I’m willing to work my butt off to make it happen. That’s REAL entrepreneurship.