7 Kinds of Entrepreneurs. Which One Are You?

Anuj Kacker, Co-Founder, MoneyTap Founded in 2015 MoneyTap is touted to be the country's first App-based credit line which offers in terms of partnership with leading banks with having its presence across major cities.

Entrepreneurship is a challenging yet rewarding journey. A person who embarks on this journey has his or her own reasons to kick start the entrepreneurial life. Yet, the bottom line almost always boils down to having "freedom" in one's work and wanting to make it big. Depending on characteristics such as involvement, outlook and aspiration, entrepreneurs are of various kinds. It is a good idea to assess yourself as an entrepreneur and identify which one you fit into. It can provide some very useful insights and give a fresh lease of life to your entrepreneurial journey.

1. The Technical or Non-Technical Entrepreneur: The latest slew of technology start-ups is proof enough of the immense opportunity for technical entrepreneurs. On the other hand, is the entrepreneur who runs a non-technical business (for example travel). However, do not undermine the technical nuances of such a business, for it may be led by a technical entrepreneur too. For example, a travel aggregator is not so much about travel as it is about collaborative technology. On the other hand, a business that revolves around primarily non-technical value propositions (marketing, supply chain etc.) is led by a non-technical entrepreneur. If we look back at it, no entrepreneur can be purely non-technical in the digital world.

2. The Learning Entrepreneur: This is a trait that outlines the entrepreneur's love for learning, mainly through research and theoretical engagements. Such a person loves to do extensive research such as analyzing the self and competition to create the "perfect" offering in the market. However, this may prove dangerous- an overt love for learning may dissuade the team from actual implementation. It is then time to "reign in the action" and deliver what you promise.
3. The Imitator Entrepreneur: This kind is similar to imitation jewellery he or she picks up the idea and implementation of successful competitors and recreates everything as is, right from the website to business cards to the business model. The idea behind this is that modelling success will create success. That is where the trap lies. While modelling success is not a bad idea, outright copying without customizing for your market may surely lead to issues. So, get inspired but bring in your own value addition to your business.

Whatever the kind of entrepreneur you fit into, it is best to assess and re-assess your entrepreneurial path from time to time

4. The Growth Entrepreneur: This is the kind who places business growth at the zenith of achievement. The entire business strategy is centered on growth- new markets, new product lines that are meant to gain market share rapidly. While growth is good, one must not undermine the importance of profits. A viable and sustainable business is after all, one that makes money. Growth and profit must go hand-in-hand with one feeding the other.

5. The Cash-Flow Entrepreneur: This is the other extreme- the entrepreneur who cares only about cash flows. Carefully tracking every penny, he or she may choose the wrong products or team members just to save on cash. However, entrepreneurship is much more than just making money. Building a team, making a difference to lives and innovating are integral elements of entrepreneurship. It is important to do justice to these, apart from raking in the revenues.

6. The Innovator Entrepreneur: Such an entrepreneur is an innovation lab with new ideas and practical ways to monetize them effectively. He or she measures success by how the product or solution changes life for mankind, and not merely in growth or revenue numbers. This is a very bird’s eye view and such entrepreneurs may at times struggle with the operational or organizational aspects of running the business. In such scenarios, it is good to rope in additional talent to manage operations.

7. The Wanna be Entrepreneur: These are the entrepreneurial traits that are hidden deep within those who work the daily grind in corporate jobs, hoping to break out of the run-of-the-mill. They display streaks of enterprising nature in their job roles, and talk big about how they are so close to being full-time entrepreneurs. They state with vehemence, that given the right idea and an assured money flow for few years, they will embark on their entrepreneurial dreams. It's only when they realised that entrepreneurship is not enveloped in a safety net, but involves tiding over these shackles, so that they can really take the leap. Most of them find it difficult to embrace the risk associated with entrepreneurship which stops them from realizing their dreams.

Whatever the kind of entrepreneur you fit into, it is best to assess and re-assess your entrepreneurial path from time to time. A frank look within your company can open your eyes to areas of improvement, and these when course-corrected in time; can pave the way for your big dreams becoming reality!