Did you know that there are 8 different entrepreneurial types? Do you know what kind of entrepreneur you are? It's so important to know your entrepreneurial type, just in case you are trying to push yourself into the wrong style, (like I was). It might mean that you never truly hit your stride and succeed. If you are always fighting against yourself, it will always be an uphill battle. Build a business that is aligned with your strengths and you will take flight!
So, according to Roger Hamilton’s Book “Your Life, Your Legacy,” there are 8 different entrepreneurial types. So Which one are you? That is the question! The video below quickly runs through each type for you
I wanted to run through how many different entrepreneurial types there are because I think a lot of people, (like I did) only think there's one! If someone said "name an entrepreneur", I think most people would say, Richard Branson, because he's the most famous shining example.
The second thought is that they are not like him, and therefore not an entrepreneur, so take a different route! This might not have been true at all! Not being like Branson does not mean you are not an entrepreneur, it might just mean you are one of the other types!
The 8 Different Entrepreneurial Types
Building a better product
This is a kind of person who is great at starting projects and dreaming up new ideas. A "head in the clouds" kind of person. Awful at finishing projects and spend too much money on things, so they really need a strong team to keep them on track and to carry the project through to the end. They need to be playing to their strength, which is creating new ideas, products or inventions. Examples here are Richard Branson or James Dyson with the bagless vacuum cleaner which revolutionized vacuum.
This entrepreneurial type is great at getting things going, A visionary, creative and inspiring person who can multi-task. Best when left free to create with a team to help them get things finished and stop overspending.
Very sadly, these types get shot down- often as early as primary school- as being too rebellious and individualistic. They end up so repress their creative sides and opt for menial jobs to keep a low profile.
What they need to do is invest in themselves and to find the right mentor and support to get out there. They think they can do it all themselves, but they need support! Think about James Dyson, if he was left to run everything, he wouldn’t have come up with the fantastic vacuum cleaners that he did, he would still be in a garage tinkering!
A great everyday example in the digital world of this would be creating Apps or websites, films, animations, blogs or new software. Anything that will put your creative juices flowing to good use!
Creates a unique identity
This is the Oprah Winfrey's of the world who has created the strength in their unique identity. Oprah doesn't have her own product, she promotes other people's products. It's their energy and magnetic enthusiasm which draws people to them. They can shine out to promote whatever they like, whatever they're into!
They need to be taking center stage, can take an idea and run with it, whereas other people might freeze with that sort of thing! Some fail because they think their value lies in their products, when it is actually their own brand and identity which needs to be magnified and leveraged!
A great everyday example in the digital world of this would be a blogger or vlogger, affiliate marketing other people's products and services by using their own bright and alluring personalities to make the sales. This suits them because they can focus on being the star while the orders are fulfilled by the companies they promote independently. To succeed you need to find the niche where you can contribute the most and commit to this path.
To learn more about this and affiliate marketing you can take a peek at this free 7-day video series with my own coaches. It shows you how to start a simple and profitable online business from scratch and will start you on your path to stardom!
Supports wealth creation by leading the team
This is the Type that I think I really am! I find the next one surprising because it doesn't feel like an entrepreneur at all. A Supporter is the big CEOs of companies like Disney or Microsoft or something this huge that needs the support to bring everyone together and take the lead. They are like Stars, but are more focussed on the team, networking and getting people to pull together rather than standing alone in the spotlight.
These types are not great at coming up with their own ideas, once an idea or product is on the table, they can run with it. many supporters don't get started because they can't decide what business to start, they need that first idea. To succeed, this type needs to focus on building a reputation around their greatest passion. Then build a network to make it work and find Deal Makers and Stars to connect them to the right people. Find a wealth creator to support who aligns with their own values and principles.
They are great at team building and networking. Their strength is in their relationships and people skills. They get their wealth from buying stakes in the company that they are supporting so that the better that company does, the more they get paid. It's very important that they have a stake in the company that they are supporting or they'll lose out.
A great everyday example in the digital world of this would be online coaching, consultancy, social media support for companies, marketing consultant to bring other companies up. I joined this fantastic online education platform that teaches all of this here and it really helped me find that this is my strength, I love to lift others up! With the help of this course. I am now learning new ways to leverage this and bring in my own income online which is aligned with my strengths! It is so freeing to finally find what I am good at and get the support and education to really open the full potential of this up!
The Deal Maker-
Connecting the right people at the right time
This is the Type that I thought I was! Outgoing, approachable and entertaining, the Deal Maker is always connecting people. Great at spotting opportunities but need structure to be able to deliver the goods. They can get easily carried away at times. They are at their best when they are free to meet others and network. They need variety and a strong team to do the numbers and paperwork. They need to find the niche they are strongest in to be able to attract the right deals to them.
They can often make deals happen naturally, only to find themselves on the outside, they need to remember to include themselves! On the other hand, it is important not to make the deal all about themselves or they will get no repeat business!
An example here is the Donald Trump's of the world, someone who can see a deal bring the right people together at the right time. They negotiate it, make it work and fix it to get it done. They're the ones who see the opportunity or even have an idea bring it all together. They excel at bringing the right people together and packaging the deal up.
Their strength is in their relationships. The higher levels the relationships, the higher level the deals! Develop strong negotiation skills and choose a strong niche to focus on. They are made wealthy not only by finding the deal, but by controlling it, they are the critical link, without them, the deal can not take place. Capitalize on that!
A great everyday example in the digital world of this would be someone who buys up other companies, brings together deals by using and growing their networks online. buying othes or starting your own sales business online, being a sales broker or in property where yuo are making the deals with your connections online.
Buy low, Sell high
The 'Ear to the Ground' entrepreneurial types. They are balanced, observant, grounded and quick to get to the point. They excel at being in the thick of it all, hands on and busy. Great multi-taskers and excel at making 'in the moment' decisions. However, they can get bogged down in the details easily, lose confidence quickly and can get stressed easily. Often take too much on and sink under the weight.
This entrepreneurial type's talent is buying low and selling high. Their timing is great, can spot a bargain and can time it with the market perfectly. These can be market traders, or in business, a good example would be Sir Alan Sugar, who bought all the parts components from China for his Amstrad computers and Sky boxes, put them all together and then sold them for a lot more money over here. His style is "Buy them low, stack em high, sell em cheap" sort of thing.
They have the right mentality to time it right in the market, see those deals and then selling it at the right time too. It is very important to fine tune the trading skills in their chosen market and to build a network to support them. Leverage their skills by learning the market knowledge in depth and sense of timing, as this is where their wealth is created.
A great everyday example in the digital world of this would be a digital forex trader or commodity trader. You can trade the stock market online from anywhere in the world. Or buying stock from china and selling it on Amazon or eBay is a great way to play to your strengths too! If you think this might be your strength but don't know where to start; Learning how to buy from China and sell on Amazon etc is covered really well at Silver Level Membership in this online course. It also shows how to then market effectively and how to leverage the internet properly to work in your favor by starting an online business with my coach Stuart Ross.
Buying and building appreciating assets
Slow and steady wins the race! The accumulator very similar to the trader in the mentality of buying low and getting the timing right, but they then differ greatly! The Accumulator will then hold on to the asset rather than selling at the higher price, patiently sticking with it.
They like to keep things simple, they are reliable, careful and realistic. They need a lot of data before they can go ahead with things and are therefore slow to build up momentum. They often air on the "glass is half empty" side of life. They hate the limelight and are happy for others to be the center of attention as they will quietly be in charge.
They will buy a business or property and sit on it and keep it, or buy the gold or the commodities and just keep on acquiring it and sitting on it. They are the tortoise of the race, slow and steady wins the race at the end. This is the Warren Buffetts of the world, and they just buy it and keep it, buy it and keep it, while all the time those assets are growing in value and then they can refinance a bit and buy some more, and buy some more. Then after a while, they will suddenly be sat on top of a mountain of growing equity.
They need to select the right assets and show their performance history in those purchases as they grow. this will attract investors.
A great everyday example in the digital world of this would be someone who buys up other businesses or products which are in the startup phase that they can then grow over time. An Example like Paul Allen who bought into companies like Microsoft and others which all grew huge and he ended up doing very well out of! Commodities like gold or silver that grow in value can also be bought online and accumulate over time.
Controls cash generating assets- property, steel, oil
The Lord is different to the accumulator because they get their money from fixed assets which generate money like property or steel or oil. They are the Rockefellers or the Carnegie's or people who have these assets that are producing the money all the time. With a rental property, you've got the rent coming in all the time for example. The Lord doesn't necessarily own the property, they can mortgage it, but they control when they sell it, so they are in control of it.
The Lord quietly builds their empires in the background and suddenly emerge as a big player by owning a huge part of an industry sector. They quietly control all of the parts of a delivery chain.
They are cautious, controlling, organized and detailed. They analyze every situation and catch things that others miss. They are not great with relationships or social niceties and get absorbed in the numbers and rub people up the wrong way. Great at finishing things and work best when they can control the business systems that are in place. They need mentors to learn from and they need a supporter and Deal Maker in the team to get things moving.
They need to invest in their ability to calculate the Return on Investment of an asset and choose wisely. Invest in learning the skill of finding a low priced asset that they can convert to high cash flow but understand that you don't have to own the whole asset, finance it! Don't let the thought of the lack of funds hold you back! You only want the rights to the cash flow!
A great everyday example in the digital world of this would be Google or the Car Sales site AutoTrader. A fixed website that generates cash all day and night because everyone needs it to get what they need to do done. Ebay is another!
Creating a better system
The Mechanic is best at creating a "well-oiled machine". A perfectionist, innovative, loves the details, great at finishing things and spot any inefficiency. they are very good at simplifying and then recreating systems or methods. They don't have great people skills and can be very inflexible or too structured.
They consistently improve systems and processes and love to take things apart to rebuild them again. They are often mistaken as Creators, but when they are left to make plans and strategies they find it difficult and fall at the first hurdle. They are better at taking things that exist and improving them.
An example here is Henry Ford, where he created the first production line. The Mechanics create systems which could then be sold or improve current models. It could be a company that they take over, make uniform and be replicated again, creating a franchise or system for things to work better.
Their best way to the top will be from finding products or businesses that the Mechanic can now distribute or franchise. To ensure their wealth creation, they must own or have a stake in the systems they create or they could be left out in the cold. They don't need to own the outlets, just the systems and ensure they own it before multiplying it out to other areas. The cash flow will come from the value the system delivers. Become a master of perfecting the system!
A great everyday example in the digital world of this would be Amazon, Uber, AirBnB, any website which provides the infrastructure for others to use. Digital systems which run themselves for others to use, franchisable systems like this one
Whatever the entrepreneur type though, they all have one thing in common. They all learned the necessary skills to succeed, many did not do well in school, but still valued self-improvement and self-learning highly. They are all problem solvers, learned the skills they needed and are determined to get the results they were after. They know success isn’t about working harder. It’s about knowing which actions to take and when to take them. It’s not the sheer amount or volume of action, it’s the right actions at the right time that makes the difference.
They are all problem solvers, learned the skills they needed and are determined to get the results they were after. They know success isn’t about working harder. It’s about knowing which actions to take and when to take them.
Personally, I thought I could succeed without taking these necessary actions, but it wasn't until I made the shift and started to invest in myself that it all changed. I tried to follow others example and read all the books, but I now know it was within me all along. I just needed the right help to bring these skills out. My online education journey started with the introduction to my coach. If you would like to learn how to take your business to the next level or start one from scratch, take a look at the free video series they offer. I did and I've never looked back since!
I wish you all the success in the world with your entrepreneurship!