Are you one of these three types of entrepreneurs?
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There are many paths for the entrepreneur and you can discover yours today.
In this day and age, a lot of men aspire to be one. As men, we like to work and provide for our families. However, we would prefer to do it in a way that is enjoyable and fulfilling.
There is no right or wrong way because everyone desires something differently.
As we live to witness success stories from Mark Zuckerberg (Facebook) to Melanie Perkins (Canva), it serves as a great motivator to step forward and pursue our entrepreneurial endeavors. I think most guys understand the core definition, but lack the clarity of the different paths one can pursue as an entrepreneur. In order to discover which type of entrepreneur aligns with your being, you need to analyze your intentions and goals. There is no right or wrong way because everyone desires something differently.
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The social entrepreneur
Are you motivated by a deep desire to improve upon prevailing conditions? Are you more concerned about achieving social responsibility than the promise of a profit? If so, then your identity is a social entrepreneur. As a social entrepreneur, you are usually passionate about solving a particular problem among society.
You are not as concerned about the return on investment in profits, but rather more interested in seeing how your efforts have made a difference (also known as social value). Bill Drayton (Founder and CEO of Ashoka) says, “Social entrepreneurs are not content with just giving a fish or even teaching people how to fish. They will not rest until they have revolutionized the fishing industry.”
One great example of a social entrepreneur is Peter Sage. He has been the pioneer of space based solar power, which would make electricity accessible to every person in the world. While he has developed interest from governments, it has been challenging for him to get them to move forward because they are unable to find a way to profit from it. So, as you can see, the governments around the world are more interested in making a profit while he is more interested in seeing space energy becoming a reality as soon as possible (despite whether he’s able to see a profit).
The serial entrepreneur
Does it bring you joy to build an innovative enterprise that eventually prompts other companies to offer you millions of dollars for it? If so, then your identity is a serial entrepreneur. You are an entrepreneur that wants to revolutionize cereal. I’m just kidding.
As a serial entrepreneur, you like to set up a business and bring it to a stage, where you will either sell it to someone or appoint a successor to take it over in order to free yourself to start another business. Serial entrepreneurs take on high amounts of risk. However, they display an ability to effectively handle the stress that comes with it, which makes them confident to do it again and again. Some great examples of serial entrepreneurship are when Google acquired YouTube, or when Instagram was acquired by Facebook.
The lifestyle entrepreneur
Do you find joy in just having a small and simple business? Does the thought of having tens, or hundreds of employees scare you? If so, then your identity is the lifestyle entrepreneur (also known as the solopreneur). As a lifestyle entrepreneur, your business is a reflection of your passion and you focus on discovering innovative ways to earn enough money to achieve your desired type of living.
There is not a better time to become an entrepreneur and one can do so inexpensively.
Most lifestyle entrepreneurs are typically the only employee in their business. This is why they are also known as solopreneurs. They may hire freelancers for contract work, but they avoid having an actual staff. Although, it is not uncommon for some solopreneurs to have a dedicated personal or virtual assistant.
People may prefer the path of a lifestyle entrepreneur because it allows them to build an ideal lifestyle to enjoy it with their family, friends, or in solitude. One of the popular ways that these entrepreneurs enjoy themselves is by living abroad. Most lifestyle entrepreneurs run small and simple businesses that require only a computer and broadband connection. This provides them the freedom to live anywhere in the world.
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Have you identified the entrepreneur within you? What type of entrepreneur are you? There is not a better time to become an entrepreneur and one can do so inexpensively. As men, being an entrepreneur gives us the best advantage to work on our terms and spend more time with our loved ones. This is worth more than any amount of time that we spend working for someone else.
This article first appeared on The Good Men Project.