Four Types of Entrepreneurs: Which one are you?
Keywords: Entrepreneurs, Dale Beaumont.
By Dale Beaumont

Entrepreneurs possess certain characteristics that distinguish themselves from other people. Ambition, drive, clarity, knowledge, and resilience are some of these qualities. However, while these traits are important in defining an entrepreneur, it is also important to note that there are various types of business owners.

It's impossible to be all things to all people, and therefore there is a great need for entrepreneurs to recognise which type they are. Why? By understanding what category you fall into you are essentially assessing your style and acknowledging where your strengths and weaknesses lie.

Once you have done this, you can then emphasise you strengths and compensate for your weaknesses in your efforts to grow your business and move it forward.

Based on my experience and observations, there are four types of entrepreneurs with styles that influence the state of your business.

1. Creator

Do you love creating concepts? Are you an inventor? A dreamer? Creators are entrepreneurs who are stimulated by ideas and concepts. They are usually inventors or people who enjoy challenging convention, look at problems and ask themselves: how can we do this better? What needs to improve for this problem to be solved?

Creators come up with the great ideas and let them be taken over by someone else. Therefore they may not make as much money as other types of entrepreneurs, but they do it, because it's what stimulates them.

Strengths:

• Efficient problem solvers.
• Can kick-start businesses with great ideas and concepts.

Weaknesses:

• Have difficulty operating a business at maximum potential.
• Compelled to move from project to project.

Examples:

Bette Graham (Liquid Paper); Miuccia Prada (Prada); Sergy Brin & Larry

Page (Google); Phillip Mills (Les Mills International); Ed Catmall (Pixar).

2. Implementers

Know how to take an idea and formalise it? Concerned with making things happen? Implementers take an idea and make it happen - they create forward motion. Implementers are able to take a whole, big idea and break it down into smaller details that are manageable and will put the idea into action. They will not only say what needs to done, but will then implement it also.

Implementers achieve satisfaction from seeing an idea, putting it into action and making it happen.

Strengths:

• They are doers and can ensure imaginative ideas will work within a realistic structure.
• They create initial momentum for a business.

Weaknesses:

• Once they have implemented a project, they will seek out further stimulation in the form of other projects that require building and growing.
• Their nature also limits their businessÕ optimal performance.

Examples:

Andrew Mandrides (Kettle Chips); William Kellogg (Kellogg);

Tim Pethick (nudie); Jeff Bezos (Amazon); Enric Bernat (Chupa Chups).

3. Drivers

Not too concerned with ideas? Appreciate consistency? Once an idea has been established and implemented, Drivers will maintain it. They have consistency and longevity and will keep the business moving. Unlike the Creator and the Implementer, the Driver is happy with repetition, but also appreciates forward motion.

Strengths:

• Efficient business operators.
• Can execute and monitor systems.

Weaknesses:

• Inclined to reject or resist change.
• Get too attached to systems and can fail to see its faults.

Examples:

Art Fry (3M); Dietrich Mateschitz (Red Bull); Ruth Handler (Barbie); Bill Bowerman (Nike); Ray Kroc (McDonalds).

4. Closer

Are you an impact player? Someone who likes to see dollars? Closers are capable of taking a solid, thoroughly-tested business and turn it into a multi-million dollar company. It is able to acknowledge a great business, but understands that it can do so much more. Closers are all about growth and expansion. They are concerned with getting in, exerting maximum effort for 6-12 months and getting out. They don't want to be involved in the everyday running of the business. They go in fast and hard and make the difficult decisions. What's going on? What's wrong? I'm going to fix it. They turn the business around and make it work.

Strengths:

• Provide hard-hitting solutions for tough decisions.
• Ensure a business reaches its full potential.

Weaknesses:

• Make decisions based on the best interest of the business and not the individual.
• Can lack emotion.

Examples:

Akio Morita (Sony); Robert Pittman (MTV); Alan Forage (Guinness); Hugh Hefner (Playboy); Steve Jobs (Apple).

In Summary

Entrepreneurs are likely to demonstrate qualities from all of these areas, however, they are likely to excel in one area over another. You need to recognise what type of entrepreneur you are and identify your strengths and weaknesses. You then need to decide whether you are willing to work against your inherent nature in order to focus on areas that you are weak in.

For example, if you are great at coming up with ideas and implementing them, but not as good at closing them, then you need to force yourself to make tougher decisions, force yourself to commit with an idea until it's running at its optimum.

While traditionally Closers reap the financial rewards (because they eventually make the deal and make the hard decisions), it is important to know that if you do things right, you can make money in all areas. That will require you to go against your natural personality or hire someone to do it for you.

Now that you are aware of the different types of entrepreneurs, take some time to work out which one you are? Reflect on your business history, on your individual circumstances and your goals. Are you reaching your potential? If not, perhaps it’s time to make changes and bring in people who can help your business reach its full potential.

_______________________________________________________

Dale Beaumont is a young entrepreneur and the creator of the 'Secrets Exposed' series. Having now released over 15 best-selling business books (click here to view). Dale has been featured in all forms of the media and has become a sought-after speaker. To discover more about Dale's books, read his blog or to download other free articles and resources, please visit; www.DaleBeaumont.com.