When starting a business, it’s not enough to just learn about the industry you’re entering into or get the experience you need. You also have to know your entrepreneurial personality well. What’s that exactly? It’s the sum of your motivations, work styles and interests, and business philosophy.
If you’re not in tune with your unique entrepreneurial personality, you’d fall into the mistake many aspiring entrepreneurs do: starting ventures based on what’s hot in the market, chasing one idea after another, getting bored and uninterested later on, wasting time and money.
Here are some of the common entrepreneurial personalities:
This is the type of entrepreneur who produces fresh, new ideas and makes them successful businesses. They disrupt the status quo or at least change the way people think about what they have now. For instance, Steve Jobs revolutionized the way people use phones. Not only are these tools for communicating; they’ve evolved into a multi-purpose device over the years, allowing people to keep abreast with the news, play games, watch videos, etc.
If you’re obsessed with exploring ideas, then there’s a good chance you’re an innovator. You can harness this personality by trying out new things now and then, whether that be through travelling or exploring a hobby. This will give you fresh inspirations for your venture.
While innovators do well with fresh ideas, opportunity-seekers thrive in existing ideas. They ride on the success of businesses that have long been established in the market, buying them off or on the flip side, the failure of businesses, reviving them.
There are also those who share with the success of ventures, going the franchising route. If you’re the type of person who sees through potential, then you’re this kind of entrepreneur. One thing you should just remember here when seeking opportunities is to research. Learn as much as you can about the venture you’re buying. For instance, if you’re exploring a food kiosk franchise, look at the financial and market performance of the brand for at least the last five years to know if it’s worth investing in.
These are the types of entrepreneurs who just work harder than anyone else. They usually start small on a business (think: a freelancer offering services to friends and families). Even though they make little progress, they don’t surrender, but rather press on further.
If you’re comfortable doing the dirty work of businesses, say, delivering goods to customers directly or running your social media accounts, there’s a good chance you’re indeed a hustler. Just note that because you’re a hard worker, it’s likely that you’d grow burnt out fast. So, if possible, delegate tasks to your team or at least take breaks. Find a community that you can share your struggles with as well. Joining co-working spaces may help.
The success of your business depends largely on your entrepreneurial personality. So, learn as much as you can about what makes you tick, what irks you and how you approach work. This way, you can boost your chances of experiencing success in your venture.