By its very nature, Entrepreneurship is a game of chance. An individual places tremendous faith in a product or idea and starts on uncharted waters by investing his personal wealth, eventually supported by people who see mettle in the idea. The Entrepreneur then develops the idea further and hopes, in equal measure successfully or unsuccessfully, to make the product into a complete success.
While the goal is the same, not all entrepreneurial ventures follow the same path. By virtue of personal qualities, an Entrepreneur works his way to make the venture into a success. These are the different kinds of Entrepreneurs and how they go about in making their ventures successful.
- The Creators
These are the long-haul variety. They have a tremendous desire to have a scalable model with which they slog for the first couple of years in developing the required infrastructure. They aren’t driven with wealth or goodwill goals, but a sincere hunger of going further than the math says. Expert hunters for talent, investors & customers, the Creators keep a personal check on all activities in the organization. Shifting personalities and controlling temperaments are hallmarks of the Creators.
- The Seers
These are the ones who know the markets and read trends very well. They are supremely talented in finding unseen opportunities and then building the required ecosystem to take the model up several notches, aided with a personal flair for positioning. They measure successes in incomes both residual & renewal, making them impulsive decision makers. They know exactly when to latch onto an opportunity and when to let go.
- The Scholars
These are the educated & trained lots, who study & analyse a subject well, before giving their all for an untapped need- and that is also limited to set goals. Very risk-averse, the Scholars spend a lot of their efforts on developing the product/idea. And once they hit their personal goals, they shift to service & renewal models. To them a product can only stretch till a particular niche and cannot be tailored to different need segments. These are setups, which most often get picked up by the Look-Outs and the Scholars.
- The Pioneers
These are extreme specialists. They start with something they love, which then gets propped as an Entrepreneurial opportunity. They simply do what they love doing. They are always making the product better, improving the user experience and adding in more touch-points where they think an impact can be made. To a Trailblazer, running a business and developing the product are entirely separate entities. They would be more fruitful in the development teams than at the business end of the spectrum. Their definition of wealth & profits are the impacts their products have on the social & psychological structure, rather than balance sheets.
Because every Entrepreneur is a different individual, every venture leads to a different outcome. Where a Facebook or a Tesla impacts social structure and conditioning, an Apple impacts the physical environment of a user. Similarly, where a Virgin leads to flamboyance in the product delivery, a Tata leads to a long-term association with the user. While it is not difficult to identify what type an Entrepreneur is, it is very important what kind of an Entrepreneur would you want to be when you strike on the path.