Breaking Down the 2 Types of Entrepreneurship: Which One Fits Your Personality?
Entrepreneurship isn’t for everyone. It requires a certain mindset, skill set, and personality traits to succeed. If you’re considering taking the leap into entrepreneurship, it’s important to first understand the two different types of entrepreneurs and which one may fit your personality best.
The Two Types of Entrepreneurs
The first type of entrepreneur is the ‘opportunity entrepreneur.’ These individuals are good at identifying gaps in the market, developing a unique product or service, and developing a business around it. They are risk-takers and tend to be more aggressive in their approach to business. Opportunity entrepreneurs tend to be motivated by financial gain and the satisfaction of starting and growing a successful business.
On the other hand, the second type of entrepreneur is the ‘necessity entrepreneur’. These individuals start businesses out of necessity – typically due to losing their job or needing to generate more income to support themselves or their family. Necessity entrepreneurs tend to have a more conservative approach to business and are often less knowledgeable about their industry than opportunity entrepreneurs.
Personality Traits of an Opportunity Entrepreneur
Successful opportunity entrepreneurs tend to possess the following personality traits:
1. Risk-Taker:
Opportunity entrepreneurs are not afraid to take risks. They understand that there is no guaranteed success in business and are willing to take calculated risks to achieve their goals.
2. Creative:
Opportunity entrepreneurs are creative thinkers. They are good at identifying and developing innovative solutions to problems.
3. Confident:
Opportunity entrepreneurs are confident in their abilities to succeed. They have a positive attitude and a strong belief in their business idea.
4. Independent:
Opportunity entrepreneurs tend to be independent thinkers who prefer to make decisions on their own.
Personality Traits of a Necessity Entrepreneur
Successful necessity entrepreneurs tend to possess the following personality traits:
1. Pragmatic:
Necessity entrepreneurs are practical thinkers. They focus on generating income and creating a sustainable business.
2. Resourceful:
Necessity entrepreneurs are resourceful. They are good at finding solutions to problems and leveraging their network to grow their business.
3. Resilient:
Necessity entrepreneurs are resilient. They can handle the challenges that come with starting a business and are willing to adapt to changing circumstances.
4. Patient:
Necessity entrepreneurs tend to be patient. They understand that building a successful business takes time and are willing to invest the time and effort needed to achieve success.
Which Type of Entrepreneur Are You?
To determine which type of entrepreneur you are, ask yourself the following questions:
1. What is motivating you to start a business?
If you’re motivated by financial gain and the satisfaction of building a successful business, you may be an opportunity entrepreneur. If you’re starting a business out of necessity, you may be a necessity entrepreneur.
2. Are you a risk-taker?
If you’re comfortable taking risks and have a high tolerance for uncertainty, you may be an opportunity entrepreneur. If you prefer to take a more conservative approach to business, you may be a necessity entrepreneur.
3. Are you a creative problem solver?
If you’re good at identifying and developing innovative solutions to problems, you may be an opportunity entrepreneur. If you prefer practical solutions and leveraging your network to solve problems, you may be a necessity entrepreneur.
4. Do you prefer to work independently or as part of a team?
If you prefer to work independently and make decisions on your own, you may be an opportunity entrepreneur. If you prefer to work as part of a team and leverage the skills and knowledge of others, you may be a necessity entrepreneur.
Conclusion
Entrepreneurship is not a one-size-fits-all approach. There are two types of entrepreneurs – opportunity entrepreneurs and necessity entrepreneurs – and each has its own unique characteristics and personality traits. By understanding which type of entrepreneur you are, you can better position yourself for success and build a business that aligns with your strengths and motivations.
