Entrepreneurship is a growing area of business, and research has shown that not all entrepreneurs approach their business in the same way. Christian Business Incubator reviews the four different types of entrepreneurs and the traits that distinguish them.
Entrepreneurs are considered to be coasting, conservative, aggressive, and innovative/revolutionary. Coasting entrepreneurs wait for opportunities to come to them. Conservatives protect their resources and prefer to use them in moderation. Aggressive entrepreneurs actively seek out opportunities and have an all-in approach. Revolutionary entrepreneurs use innovation to achieve growth and success.
Every entrepreneur will approach their business start-up a little bit differently, and the ability to identify which category they fall into will help them with choosing the right business partners, clientele, and effective ways to use assets.
Coasting entrepreneurs are the least active when it comes to chasing growth and expansion. Their focus is on the immediate present, and their defining trait is a ‘wait and see’ approach to opportunity.
While some business owners might find success with this style, others will not. Growth tends to be slow with this strategy, but it is quite protective of resources and emotional investment, as there isn’t much active engagement towards achieving goals, which therefore leaves less room for failure.
Conservative entrepreneurs are more actively pursuing their goals than those that use a coasting approach, but they are still quite protective of resources. They use only what they must in order to advance their business to the next step.
Conservative entrepreneurs are thinking about the future, but their approach to expansion is quite cautious. These individuals are smart with their money and less likely to make poor investment decisions, but they may also miss out on opportunities that require larger risks.
Aggressive business professionals are dominant expanders, actively seeking out many opportunities for growth and using whatever resources they can in order to take advantage of them. These entrepreneurs are extremely future-minded and are not so concerned with the present.
Those with this aggressive business mindset are some of the most likely to find success, as they take action on a regular basis and use their personal conviction and determination to continuously move forward. However, this approach comes with high risks and more potential for negative outcomes, due to the large amount of time, energy, and resources invested into the business.
Innovators are all about creating opportunities for themselves and striving to make each opportunity the best it can be. These savvy individuals can also be classified as rebels or non-conformists.
Revolutionary entrepreneurs have no problem sacrificing their present comforts in order to create a better future for themselves. They strongly believe in possibility and are prepared to struggle in the short-term to find success in the long-term.
Although every individual will approach their entrepreneurial endeavor with a different style, they all seek the same main goals: survival as a business and success in their industry. The knowledge entrepreneurs can gain from understanding their own approach will guarantee that they are making the best choices for their business.