When you think about it, there are so many different types of entrepreneurs out there. After all, if you take a look at both Bill Gates and Richard Branson, I’m sure that you will see some very striking differences between the two. It’s these differences that make every entrepreneur stand apart from all the others, and most people’s strengths are based in their differences as well. So, when it comes to the world of business, it can sometimes pay off to be different from everyone else.
But no matter how different you may think you are from other entrepreneurs who you know, I’m sure that there will be some similarities as well. In fact, you might fall into one of the common types of business owners. Just because you do, though, doesn’t mean that you are identical to all the other entrepreneurs in this group – you should still be able to stand out from the crowd.
It’s worth knowing what type of business owner you are so that you can fully understand your strengths and work on the things that you are slightly weak at. Here are some of the most common types of entrepreneurs and business owners. Which one do you think you fall into?
The Micromanager
I’m sure you will have heard all about micromanagers before. In fact, you might have experienced a few of them as you have been working through your career. But are you sure that you aren’t one yourself? Generally speaking, it won’t be beneficial to be a micromanager as it could be very off putting for your staff. Micromanagers can be very controlling and will try to do as much of the work that they can themselves. For instance, if you have ever found yourself looking over an employee’s shoulder or have thought to yourself that it would be best for you to complete one task rather than anyone else? If so, then the chances are that you might be bordering on micromanaging. Thankfully, there are a few ways you can break this habit. If you work on building more trust in your employees, then you will feel a lot happier giving them jobs and tasks to take care of independently. It’s also a good idea to be as transparent as possible. That way, your employees will know exactly what you are doing and they won’t ever confuse your lack of clarity with trying to hide anything from them.
The People Person
There are so many entrepreneurs out there who set up their own business because they love working with a team around them. These are the people person business owners. Do you think you sound like one of them? You know a people person entrepreneur straight away because they will always be working with their whole team and encouraging a lot of collaborations to take place. As you can tell, they are big team players and also value the social side of a business as well. They will be the first to say “good morning” to each of their employees every day and will also promote a lot of after-hours socializing. These are the entrepreneurs who probably invented Friday night office drinks! While it is good to be a people person and to actively encourage all of your staff to be friends outside of the workplace, you also need to make sure that you aren’t coming across as a bit too intense about it all. Some of your staff who are introverts might be slightly overwhelmed by all of this. If someone seems quite intimidated by your extrovertedness, it’s a good idea to be a bit calmer around them and only approach them if they seem open to it.
The Overspender
Even know understanding finances and economics is a huge part of running your own business, it is still something that quite a few entrepreneurs struggle with. Especially if they haven’t come from a financial background. These types of entrepreneurs might end up being quite fickle with their company’s money and could easily spend too much on frivolous costs and purchases. If they carry on like that, there might be some future issues with the business’s finances, which could plunge it into difficulty. So, if you have been reading this and think that you sound exactly like an overspending entrepreneur, it’s a good idea to try to make some positive changes in your business habits. One thing that might help is trying to get your company’s budget under control. If you take a look at this guide to budgeting, you should find some useful tips especially if your business is already in debt. It could then be worth reviewing your current monthly expenses. If there are any that you no longer need, such as subscriptions that you don’t use anymore, it’s important that you cancel them so that your bank account isn’t being constantly drained. If you still struggle with spending too much, it could be time to bring a CFO on board to take control of the company’s finances.
The Opportunist
Every good business owner needs to have an eye for opportunity, and for opportunists, that is one of their many strengths. They will be able to spot a very good opportunity when they see one, and this will come in useful when it comes to finding new investments, new business opportunities, and recruiting new talent. All of the best opportunity business owners are also experts at knowing which of these opportunities will be worth their time and are worth the risk. After all, it is no good simply accepting or choosing every opportunity that comes your way – you need to try to select only the best ones as they will bring you the better chance of success. Don’t worry if you aren’t a natural born risk taker or opportunist. There are a few ways you can make it easier to sniff out the best opportunity. For instance, you should always create a list of each opportunity’s advantages and disadvantages. That should help you figure out everything you need to know in order to pick the best opportunity for you and your business.
The Serial Entrepreneur
Another big group of entrepreneurs are those who run and own multiple businesses. These serial entrepreneurs are seriously busy as they need to split their time equally between their various companies. There is no denying that these serial entrepreneurs have a lot of energy and drive, and are extremely skilled at multitasking. If you are one, there is no doubt that you will be viewed as a very successful individual indeed. However, it can also be an extremely lifestyle, and many serial entrepreneurs struggle to make enough free time for themselves and their family. Do you also struggle with this? If so, there are some things you can do to get around it. For starters, make sure that you don’t take on too much to do. It’s important that you delegate various tasks and jobs to the people on each of your teams. You should also write a to-do list for yourself every day, as this can help you to stay focused at work. This should make it easier to finish in time to end your working day at a reasonable hour. Once you return home, be sure to turn off your phone and laptop otherwise you might end up distracted and might end up working rather than spending time with your family.
The Social Media Whizz
These days, there are now more and more companies that only exist online. Thanks to the boom of the internet and the success of ecommerce platforms, many businesses are deciding not to bother with a physical store or headquarters. Lots of people who know exactly how to get the best from social media platforms, especially Twitter and Instagram, have found that there is money to be made on these platforms and have forged a career from being on them. This is especially the case on Instagram, where influencers are now being paid large sums to for sponsored posts and partnerships with brands. These may not be the traditional idea of entrepreneurs, but they are still entrepreneurs nonetheless. It’s important to remember that you still need some of the traditional resources and tools that all traditional businesses have, such as an accountant and business insurance.
The Meeting Bore
No one likes to be stuck in a meeting for hours on end, but some business owners still seem intent on organizing regular meetings with their team. Make sure you aren’t one of them! Meetings are often a waste of time as most messages can be relayed over email or on the phone. If you need to discuss something with various members of staff, you could even have a discussion over an IM platform, such as Slack.
Can you tell which of the above types of entrepreneurs you may be? As you can see, they each come with their own set of pros and cons, you just need to make sure that your cons aren’t outweighing your pros!
