There are four different types of entrepreneurs. We talked to the CEO of IdeaPros, Fred Cary, about the characteristics of each kind of entrepreneur and what you need to succeed on this journey. So read on and find out which one you are.
The Entrepreneurial Panorama
Every month in the United States alone, 550,000 entrepreneurs are created, which is almost double the creation of babies. But a lot of those entrepreneurs fail for two main reasons:
- They are not real entrepreneurs.
- They haven’t done their homework to figure out if somebody wants what they are trying to create.
“The number one failure of new startups is that they are building something nobody wants.” – Fred Cary.
For many people, the entrepreneurial dream means they can work from home or be their own boss, answering to no one but themselves. From this vision of the future comes four types of entrepreneurs.
Related Reading: Ready for Entrepreneurship? What You Don’t Know Will Kill You
Type 1: Coasting Entrepreneur
Coasting entrepreneurs are the ones who don’t have to work much for the opportunity that comes to them. But, unfortunately, this type is also more likely to give up early, as they are not a hundred percent invested in it. Too many people wait for the right time and the opportunity to match up with their willingness and preparedness to be 100% ready. But it doesn’t work that way.
“You need to grab your opportunity and then figure out what the hell to do with it. “ – Fred Cary.
You may never have that opportunity again. If you are waiting for it to come to you, it is unlikely you will end up being a successful entrepreneur.
Type 2: Conservative Entrepreneur
A conservative mindset person is not taking the risks needed to get to the next level. Let’s suppose you have a product you are ready to roll. You have your initial 5,000 units, and Wal-Mart offers you to take 150,000 units and sell them in their shops. They are not paying upfront, and there are a lot of risks. You have to finance those units, and they will pay you slowly. Also, there are all sorts of per-store requirements where you have to sell a minimum number in each store every week. They could call you and tell you to come pick all your units up because it is not moving. You would have to do it. If you are conservative, you are not taking such an insane risk. Good entrepreneurs are crazy people who may lose but are eager to go out and try to make it work.
“If you are a conservative, you might make a good local politician, but you are not going to be a great entrepreneur. “ – Fred Cary.
Type 3: Aggressive Entrepreneur
This type is very proactive. They don’t wait for the opportunity to fall into their lap. Instead, they move forward and take a risk. Perseverance is a better word for this type of entrepreneur. If you persevere, you will get there. But, on the other hand, if you are aggressive, you alienate other people along the way, and you need other people.
One of our partners at IdeaPros created a revolutionary truck hub that will change the trucking industry. Trucks won’t need to change their hubs every 30-45 days, have their trucks out at least a day, losing time and money. With Harley’s idea, truck companies will replace hubs only once a year. But the pandemic caused high shipping costs, delays, and higher prices, giving Harley and all of us tough times. At first, Harley was aggressive about it. Then he decided to change his mindset. He came up with a brilliant plan to avoid all that and make something out of existing materials in the U.S. He replaced aggression with perseverance and made a difference.
Type 4: Innovator or a Revolutionary Entrepreneur
Innovations don’t necessarily have to be the next moonwalk or a miracle cure. They can be small alterations that disrupt the industry. When an innovator looks at things, he tries to understand a problem. Then he figures out how to solve it or make an existing solution better.
All successful companies have asked themselves:
- Is there a hole in the marketplace?
- Is the market big enough and growing?
- Can I fill that hole?
At IdeaPros, the initial idea rarely is the same as the final product. We always make innovations that create an unfair advantage our partners need to succeed. Making something that doesn’t exist is not a perfect process. There will be mistakes and delays, and you’ll feel like the world is against you. If you replace frustration with an opportunistic way to look at the situation, you will find a solution. Innovation requires constant observation of both the internal market trends and the external environment you’re playing in.
“If you can’t keep changing the game, you’ll never get to the finish line.” – Fred Cary.
Keep innovating, and you will get there.
The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey. We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and let’s explore partnering together.