To define the types of entrepreneurs is like trying to define Corporations! There are many types, classifications, and terms that can be used to define the types of entrepreneurs.
So instead of explaining what types of entrepreneurs there are, the list below puts more of a category that most entrepreneurs will fall into. This list of three categories does not go into any great detail for the simple fact that every entrepreneur is different and unique. That, in essence, is what makes them entrepreneurs!
When asked what comes to mind when you think of a person who is an entrepreneur, this is the type that usually comes to mind. This is a person who has or is, continuously coming up with new ideas that they turn into business opportunities. A serial entrepreneur is one that has a higher risk tolerance than most, is innovative, and a high achiever. They are more likely to take risks that most people wouldn’t, and at times will fail. They, however, know that failure is only when you stay down, and as they are always driving for more, they will also have the most recoveries from business failures of any other type of entrepreneurs.
This type of entrepreneur is more focused on the end result of a change than they are on bringing an idea to market as the Serial Entrepreneur is. A social entrepreneur gets their classification as they are one who is motivated by a desire to help, improve and transform various conditions. Conditions such as social, environmental, educational and economic conditions. A key trait of a social entrepreneur is their ambition and their lack of acceptance of the “status quo”.
The social entrepreneur is driven more by emotional desire than by profit. The look to develop innovative solutions to some of the world’s largest problems, such as poverty and educational inadequacies to name two examples. The solutions that are developed are then taught so that they can be copied and enact change.
Where the Serial Entrepreneur has ideas than business, and the Social Entrepreneur has a social problem than a solution, the Lifestyle Entrepreneur puts their lifestyle ahead of all else! This type of entrepreneur launches their business based on a passion that they have for a particular product or service. They combine their personal interests into a business that they truly love doing.
While most entrepreneurs are motivated to build their business to then sell it to shareholders, the Lifestyle Entrepreneur chooses a business model that allows them to grow their business into a long-term, residual income that is sustainable. A Lifestyle Entrepreneur may decide to become self-employed in order to achieve more personal freedom, more family time and more time to work on projects that they have a passion for and are inspired by.
Three Types of Entrepreneurs, One Goal
One common thread between all three types of entrepreneurs is that they made the conscious decision to break free from the pack and start on their own business. They understood that they can take control of their own lives and create what it is they desire.
The pride and accomplishment that comes from being self-employed knowing that you make your own income. The ability to have a proper life/work balance. While all entrepreneurs do go through a period where they are working on their business opportunity more than they did at their job, the successful entrepreneur’s working hours greatly decreases once their business takes shape!
Would you like to be able to get the best of all three types of entrepreneurs? Would you like to be able to bring amazing products to the market that cannot be received anywhere else? To be able to create a way of life for people that they may not have had the chance to do otherwise? How about creating that lifestyle that you are looking for but cannot seem to find doing what you are doing now?
If you answered yes to any of those questions see how Engineered Lifestyles can help you. Simply watch this video to get more information.