WHAT TYPE OF ENTREPRENEUR ARE YOU?
Everyone’s entrepreneurial journey will be vastly different from the next. The differences might lie in the type of industry, the era, one’s expertise in certain areas, or the motivations behind becoming an entrepreneur. So what type of entrepreneur are you?
From what I’ve noticed, entrepreneurs broadly fit into two categories. The first are those who want to build up a business that is far bigger than themselves (think Richard Branson), and the second are those who want to build a business that works around and facilitates their lifestyle. While it will depend on the individual, their circumstances, and ultimately their goals, it is important early on to think about which category you fit into. If you don’t, you may find that pursuing a business in one area if your motivations are in another area results in an undesired outcome.
Type 1: Business Entrepreneurs
Business entrepreneurs are the ones who usually have an idea that will change or improve the way things are done, even if it’s a small improvement. These entrepreneurs live and breathe their creation, usually working far more hours than the typical 9–5 job. They are properly motivated in building something that is bigger than themselves.
Check out my article on Discovering Your Motivation
Richard Branson certainly springs to mind as a business entrepreneur, one who has built over 200 companies in a variety of different fields.
Type 2: Lifestyle Entrepreneurs
The lifestyle entrepreneur is the opposite of the business entrepreneur, they are looking for an alternative way to the traditional career to fund their lifestyle, such as travel. Their businesses will usually be structured in such a way that they may go through a busy phase of setting up the business then maintenance phase in keeping everything running smoothly.
One of my favourite lifestyle entrepreneurs is travel blogger Brooke Saward and her blog World of Wanderlust
Merging these concepts
There is certainly a large area where the two above types of entrepreneurs merge. An example is this blog, The Journey of Beau. Blogging typically falls into the lifestyle category of businesses, however the motivation behind my blog is to document my journey in becoming a business entrepreneur. It will ultimately be a way of recording and sharing my journey in creating the businesses that I live and breathe.
Why does figuring out your type even matter?
You may be asking why does this even matter. I think it is a really important question to ask yourself before you leap into a certain business or pursue an opportunity, because if your goal is to travel around the world while working from your laptop, then trying to build a company like Facebook on the go (may be possible) but highly unlikely. To build an empire like that requires a ridiculous number of hours and will need the eventual support of a team around you. I am not saying it cannot be done with how connected the world is these days, but if your motivation is just to fund your lifestyle, why miss the main reason you are travelling (experiencing new places) by having your head in a laptop for 12+ hours per day.
So what type of entrepreneur are you?
Comment if you have different views, or think there might be a different category. If you are a business entrepreneur how have you found the journey so far? If you are a lifestyle entrepreneur, what is your main goal? I would love to here your thoughts.
Enjoy the Journey!