What type of entrepreneur are you? And why it matters.
We all have different personality types so it follows pretty logically that there will be different types of entrepreneurs. But what are they? I’ve coached so many startups I’m seeing patterns in how people operate and how their natural personality traits influence how they get their idea to market. I’ve discovered four distinct types of entrepreneurs - Networkers, Builders, Collaborators and Searchers.
There is something valuable and pretty magical in all the types. Searchers are generally the most successful however Networkers and Followers can sometimes serendipitously catch a big break that ignites their growth. What we should be aiming for though is balance - just the right amount of the best parts of each one.
I’ve loosely defined what I see as the strongest versions of each type. Both their good sides and their shadows. Which one do you relate to the most? Which one do you wish you had more of? What difference could that make to your startup?
Networkers have extensive networks and work through them to pitch themselves to success. They talk to as many people as possible, as often as possible, hoping their idea will stick and they will land their first deals. They speak so infectiously about their startups that people are irresistibly drawn to them and offer to help, which usually includes referring them to even more people. Great opportunities often result but it can get confusing to work out whether it’s the relationship factors influencing people’s behaviour, or the attractiveness of the product or idea. If there’s a lot of excitement around an idea it can stifle attempts to gain honest feedback about the design quality or fit of the solution. And if the network doesn’t deliver Networkers take a while to bounce back.
Builders base their startups on deep sector knowledge and extensive desktop research and communication. They have an innate sense about the potential of the product that they often can’t articulate and can get frustrated when people don’t just take their word for it that it will work. Sitting behind a desk or in an office is a risky way to build a startup even with exceptional insight. Thinkers need to push themselves to get closer to their customers, walk a few miles in their shoes and make sure they are building the right solution, minimising the need for re-works. The most concerning thinkers have hardly spoken to customers at all and are in an ‘if we build it they will come’ state of delusion.
Collaborators are warm opportunists. They treat every interaction as a potential opportunity. They find it hard to limit themselves to a target customer segment. They love talking to anyone interested in how their product or idea could help them, and thrive on the strong, collaborative relationships they build with potential customers. They often end up working on lots of different opportunities at once, all with slightly different solutions! They are looking for the breakthrough segment that will define their path and are prepared to follow lots of potential options until they find it. If they’re not careful Followers can become overwhelmed with the number of potential opportunities they are exploring. Add to this the obligation they feel to their collaborators, and prioritising becomes really tricky. The lack of a clearly defined focus can affect their ability to get to market before they run out of money.
Searchers want to know for sure, rather than just assume, that they are on the right path. They set up tests to give them conclusive answers to whatever they need to know. The tests incorporate calls to action designed to get customers to do something that will authentically demonstrate their level of interest. A negative result tells them they haven’t got it quite right yet, and a positive result gives them hard evidence they are on the right track — and doubles as impressive traction they showcase to potential investors. Searchers test everything and it’s a powerful de-risking process. When you quiz Searchers about their progress they tell you lots of stories about what worked and what didn’t work with customers, solutions and channels, often sharing the statistics that back their insights up. The methodology itself can’t find the answers though. The experiments have to be well designed and the results need to be insightfully interpreted. Searchers can get lost in the process and the data, and can struggle to see the big picture, but on balance these entrepreneurs get to market faster and more often than any other type.
