Are you a serial entrepreneur who is always coming up with new ideas and starting new businesses? If so, you may need to recover from failures more often because you take greater risks. But serial entrepreneurs are more likely to experience repeated business successes.
While many of us may wish we were serial entrepreneurs, we are more likely what is called a lifestyle entrepreneur – who puts passion and work satisfaction above profits. And while we may not have to answer to profit-hungry investors, we still must make a good profit. If you’re going to invest lots of hard work and money, you deserve to get a good return on your investment.
The goals of lifestyle entrepreneurs may include creating a sideline business or earning a living doing something you love, working from your home, achieving a good work/life balance, and owning a business without investors. These are great goals, but they must be tempered by some reality checking.
Know Your Entrepreneur Personality Type
Every successful business owner has a clear idea of their limitations and works to strengthen their weaknesses. By knowing your own entrepreneurial personality type, you can manage your resources and find help in areas of weakness. See if one or more of these entrepreneur personality types rings a bell.
1. The Improver. Improvers or social entrepreneurs long to improve the world. Their high sense of ethics can lead to a tendency of perfectionism which has its own costs.
2. The Advisor. This kind of person is very good at customer service. They want to please their customers. The challenge facing them is to not become so focused on the customers and business that they do not take care of themselves.
3. The Superstar. This type of entrepreneur leads by charisma and high energy. This person can, however, become too competitive which can sour the workplace and the market.
4. The Artist. More reserved, but very creative. Artists tend to build their businesses around their talents. The challenge for this personality is not to allow any criticism to cut too deeply.
5. The Visionary. A grand thinker who plans the successful enterprise. The danger is that they become too enchanted with the dream and not enough with the nuts and bolts of building a business.
6. The Analyst. This person excels at problem solving in a systematic way. The challenge is to realize that too much analysis can result in no action being taken. Learn to trust others more.
7. The Fireball. Characterized by an entrepreneur with great energy and optimism. This personality works well with customers. The challenge is that the impulsiveness needs to be balanced with sensible planning.
8. The Hero. This person has great will and leadership. This can lead to great companies, but the challenge is avoid be too forceful and over promising. You must inspire others.
9. The Healer. These nurturers bring harmony to the business with a surprising ability to survive with an inner calm. The challenge is to pay attention to the less interesting aspects of the business. Do not avoid the realities of business.
Whether you are one of the above types or a mixture of types, you can succeed in your business by becoming aware of your strengths and weaknesses. Whether you have employees or are a one-man/one-woman band, seek to strengthen your weaknesses.
You’ve found the ideal market price when buyers complain but still pay.
– Paul Graham, Co-Founder Y Combinator
Learn by doing. Theory is nice, but nothing replaces actual experience.
– Tony Hsieh, Co-Founder Zappos
Hire the best people you can find. You will sleep better at night.
– Bijan Sabet, General Partner, Spark Capital
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