There have been numerous write-ups about the characteristics required by an entrepreneur. We all know about the requisites by now. In fact, I am sure regular readers of our blog have started working on acquiring most of them.
Other than the qualities of the founders, one thing that sets any venture apart is their inspiration or motive for starting up. Today, we decided to categorize entrepreneurs based on the reason they start-up. Let’s have a look at them.
The serial entrepreneur
This maverick entrepreneur has multiple ideas, and works on all of them one after the other. He is also a very good executor of all the ideas he has. He has a proven track record of success, and getting his ideas funded is no big deal for him. This one doesn’t believe in sticking with stop at or stick to one idea but keeps moving on to the next after ensuring the success of the previous one.
Often a nerd himself, this entrepreneur is engaged in a tech-based service or an app that solves a persistent problem. His aim is to digitize certain tasks or areas of life to make things easier for his consumer. This category also includes many emerging fields like gaming, virtual reality and artificial intelligence that are garnering more attention every passing day.
This entrepreneur has a knack for coming up with path-breaking solution to existing problems. This solution disrupts the existing market, either by changing the dynamics of the industry or creating an entirely new category of product or service. His ideas make him a trailblazer of sorts within his industry or segment. Change and disruption are key motivations for this person.
This is on a mission to make the world a better place, and bases his start-up idea on achieving this goal as well. In fact, the company is an extension of his larger purpose whether it is for the good of people or the environment. In some cases, it may be a second or parallel career for this entrepreneur who is completely dedicated to the cause he believes in. Empathy with the cause often means that the crusader will stay with the company for its entirety, or till the necessary goal is accomplished.
A booming pool of entrepreneurs believe in improving an idea introduced by the disrupter. In many cases, the copycat is able to provide better services than his predecessor. Though he does not have the first mover advantage, he makes up for it with a better sense of market needs, technology, service or marketing.
The unicorn chaser
They are called unicorn start-ups for a reason – there are only so many of them. Yet, this guy is chasing the dream of establishing the next unicorn start-up. For this, he thinks up idea after idea to lead him to the fairy tale ending he seeks.
The big-exit seeker
As the name suggests, this entrepreneur is only seeking an idea that can earn him big bucks through a buyout. He is different from the unicorn chaser in that he is not seeking a billion dollars. Any satisfactorily huge value will do it for him.
His reason for getting into entrepreneurship is, “Everybody’s doing it!”. He is that cousin who wants to try out everything just because. He sets up a venture without much expectation or thought put into it.
Whatever the reason for you to venture into entrepreneurship, make sure you know it and work towards that end. In case you need any help with the strategies or planning, you can always get it from our experts at Lemon School of Entrepreneurship.
— Deepak Menaria , Founder & Chief idea Farmer- LEMON