Small Businesses

Is it possible to match your entrepreneurial personality with your business startup idea?

Did you know that entrepreneur is a French word meaning “to undertake”? If you are a French speaker and want to be more analytical, you may think that it is a combination of two verbs “entrer” and “prendre.” “To enter to take” would be translated as “to enter”. “Entrer” can also mean “to enter” or “to take”. It works also because someone following this would be a Idea for a business start-upEntrepreneurs are those who venture into markets in order to profit from the opportunities and take on the risks.

Let’s look at  some interesting facts about entrepreneurs:

Entrepreneurs either choose to be entrepreneurs or are drawn to it. It is not common for everyone to dream of becoming a business owner.

There are three types of entrepreneurs: the expert, the pragmatist or the professional. You may not have given much thought to what kind of entrepreneur you might be as a small business owner. Your business was too focused on making it profitable and operational that you didn’t think about what type of entrepreneur it was.

Professional entrepreneurs are entrepreneurs who create multiple businesses. They have a knack for setting up businesses and making them very successful within a short time. If luck is with them, their first business succeeds and they sell it. They soon start another business, because being entrepreneurs is in their blood.

Do you believe that every entrepreneur is born as one? An entrepreneur may seek someone who is an expert on a specific field to help them with their business. This could be in accounting, finance or marketing. Sometimes they may need to find an expert in software, pharmaceuticals or cosmetics. They then look for someone with that knowledge and ask them if they can join their venture as a partner. Voila! Voila!

Entrepreneurs who are skilled and experienced are often well-educated. They have spent many years in corporate environments, gaining valuable experience. These professionals are able to sharpen their skills and become the best entrepreneurs.

The inventor is the third type. This type of entrepreneur is well-known as Bill Gates, an inventor. This type of entrepreneur might have the classic inventor personality. The “absent-minded professor” is the one who is so absorbed in his inventions and technology that they cannot function well in a fully functional business setting. They are too focused on their technology and inventions that they can’t function well as leaders in a company.

To be a successful entrepreneur, they will compensate for their weaknesses by hiring experts who can offer the business knowledge that they do not have. To help them continue their inventor work, they might hire the “professional” entrepreneurs as partners to assist with growth.

These three types of entrepreneurs can be combined. It is possible to find a professional-inventor type who is fortunate enough to have both skills at their disposal. They could become highly creative geniuses and be able to invent and launch businesses that are extremely profitable and do well. They can even become billionaires.

The blend pragmatist-professional entrepreneur is one that takes a combination expert who also understands the operation of a business. They combine their knowledge to create a business plan that will be very profitable and then hire the best talent in each area to make it a success. Someone who is very familiar with the pharmaceutical industry may have an idea to market and manage pharmaceuticals in a more efficient manner. As a professional entrepreneur, his knowledge allowed him to get involved in the startup process and oversee the development of the pharmaceutical side.

A second interesting fact is that some entrepreneurial types work well with certain types business models. If you choose a business that is compatible with your entrepreneurial style, your chances of success will increase. When you think of starting your own business, it is common to forget about what type of entrepreneur you might be. The key to success is knowing your strengths and weaknesses as well as your ability find others who complement them.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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