What Kind of Entrepreneur Are You?

Global online B2B marketplace : http://www.bytrade.com

 

A successful entrepreneur isn't always the classic, bull-by-the-horns risk-taker of legend. Sure you'll need passion, drive and a good idea. But moxie will only get you so far. You've got to know your strengths and know how to make the most of them. This questionnaire, which is loosely based on a classic personality test, can give you a sense of just how well suited you are to the work that you do. Are you the industrious captain of industry like Martha Stewart? Or more of a Creator like Steve Jobs? Circle the number nearest the trait that is generally more descriptive of you. If the two terms are equally descriptive, circle the mid-point. Add the scores as shown below. Your strengths lie not in the stars but in the sums.

1) Get Big Fast (Tagline: Scale)

• Is your primary motivation financial gain by creating a global enterprise?
• Do you want to change the world with your idea?
• Are you a student or recent graduate?
• Do you have limited experience with starting a business?
• Do you have a healthy dose of enthusiasm and idealism?

Commentary: I've encountered a number of student entrepreneurs who fit this category. Their unbridled enthusiasm and optimism is a double-edged sword.

2) Freedom Builder - Industrialist (Tagline: Creating Value in Emerging Markets)

• Is your primary motivation financial gain by creating “cool technology” stuff?
• Are you an experienced business person coming out of a different, (maybe even non-technology) industry?
• Do you feel that you have a good handle on how business operates?

Commentary: Often approaching their new venture with a been-there, done-that attitude about business, this entrepreneur brings business acumen but sometimes encounters a culture clash as they move from more traditional business settings to the fast-paced technology world.

3) Passion Mavens (Tagline: Change the World)

• Do you have an area of expertise that can be leveraged to help a large number of people or organizations like businesses, schools, towns, governments?
• Do you consider yourself an artist or artisan?
• Would you describe yourself as more of a "Feeling person" than a "Thinking person"?
• Are you relatively inexperienced on the business front?

Commentary: These are usually loving, caring people who are filled with optimism. Oftentimes they need to fill big business gaps like defining a clear value proposition, a go to market strategy or a business model.

4) Spice of Lifers (Tagline: Play for Synergy)

• Is your primary motivation for starting a business to "set yourself up" for a potential second career - which initially is a part-time pursuit?
• Do you plan to play the role of “strategist/idea generator” while having a virtual team that can help you achieve your goals?
• Is your business concept a passion of yours which not received your full attention?
• Are you hoping for cash-flow, passive income streams and enjoyment from your venture?
• Are you an experienced business professional in an unrelated field from your business idea?

Commentary: This entrepreneur seeks a second-career and is often willing to invest evenings and weekends to research, detail and pursue their dream. Often bound by existing time constraints, they usually realize the need for and seek out a team that can help them reach their goal.

5) Solopreneur (Tagline: Independence)

• Do you seek independence from organizational constraints and hierarchy?
• Does the slogan, “Do what you love, love what you do” resonate with you?
• Are you seeking a positive lifesytle and cash-flow from your business to support that lifestyle?

Commentary: Independence and balance form the cornerstone of the solopreneur. They enjoy working with teams, but will keep their distance as a "virtual team member". They often need help with infrastructure.

6) Expert Idea Generator (Tagline: Immortality through Ideas)
Adopted from John B. Miner (1997) for this type - see below for more on Miner's types.

• Do you have deep technical domain expertise that can be captured in a product or service?
• Do have a deep desire to innovate?
• Would you consider yourself to be a strong "conceptual" thinker and highly intelligent?
• Do you believe in new product development as a key element of company strategy?

Commentary: The true inventors of the world are driven to create; create to improve; improve to help; help to be remembered. Aspiring to be the next Dean Kamen (Segway) or Thomas Edison they can work with relentless energy. Oftentimes communication skills present opportunties for optimizing.

7) Freedom Builder – Technologist (Tagline: Believable Growth)

• Do you want to achieve independence so you can build/create “cool” stuff that adds value?
• Do you desire growth for its excitement, high energy and personal validation?
• Are you coming out of a corporate environment with a specific technology proficiency?
• Did you find the corporate setting "stifling" to pursuing your dreams?

Commentary: These entrepreneurs have typically grown in the cocoon of a corporation until they realize that they have wings. Many times they will seek business degrees just before or immediately upon leaving the corporate world to round out their technical experience.

8) Serious Competitor (Tagline: Play to Win)

• Is your primary motivation to create value through a deep understanding of market systems?
• Do you enjoy competition through playing high stakes, winner-take-all “games”?
• Do you have a business degree or MBA?
• Do you consider yourself relatively business savvy?

Commentary: This group represents the entrepreneur most adored by Venture Capitalists. They are typically very conceptual, fast on their feet and go way deep on the markets they are pursuing. They see and ride waves - and as near as I can tell - they all have a formula for "businesses that work" (but not always the same one).