For those with an entrepreneurial spirit, nothing is more exciting than a new idea. It sparks your imagination, gets your heart racing. You’re energized by the thought of building something, of making your mark and realizing your vision. If that sounds familiar, you might be an entrepreneur.
What makes you an entrepreneur?
While every entrepreneur is unique, many of them share a few key traits:
Still, there are as many types of entrepreneurs out there as there are entrepreneurs. Some are all about taking on the status quo and driving change. Some want to grow fast and scale new heights. And others just want to build a business that supports them in living a life they love.
What type of entrepreneur are you?
Knowing the paths you could take to become an entrepreneur really means knowing something about yourself — what drives you, inspires you, gets you going and gives you purpose. Because once you know that, you’ll be closer to describing the kind of business that best suits your entrepreneurial type:
Social entrepreneurship: As a social entrepreneur, profit and purpose go hand in hand. Every sale supports a cause, whether it’s funding local community programs or global initiatives for change. This type of entrepreneur measures success as much by the positive impact created as by dollars earned. Is social entrepreneurship a good fit for you? Well, if you’re drawn to purpose-driven work and driven to make a difference, it just might be.
Scalable start-up entrepreneurship: Growth, growth, and more growth. You have bold visions of building a household brand fueled by big ideas and big investments from venture capitalists or angel investors. Success to you means rapidly dominating markets by disrupting established players. If you thrive on competition and have a high tolerance for risk, scalable start-up entrepreneurship might be right for you — it attracts the ambitious, the innovative and those drawn to hypergrowth.
Small business entrepreneurship: This is all about Main Street, mom-and-pop, family-owned and local neighborhoods. Your goals as a small business owner are to earn a paycheck, provide jobs in your community and build something meaningful to the people around you. So, maybe you have a lifestyle in mind and crave the independence of owning your own business. Small business entrepreneurship could have you earning a good living doing your own thing.
Large company entrepreneurship: This type of entrepreneurship is all about innovating within proven business models or expanding an iconic brand. The focus is on steadily building a legacy over time rather than leading an overnight revolution. If you enjoy focusing on sustained growth and expanding market share, then large company entrepreneurship could be the right move.
Innovative entrepreneurship: As an innovative entrepreneur, you invent what’s next and bring products to market that anticipate needs people don’t even know they have yet. By disrupting established industries, you seize the opportunity to shape the future in big ways. Creative, visionary, revolutionary — if you want to shake things up and shape the future, innovative entrepreneurship might be your calling.
How does an entrepreneur get started?
You’ve gone through the five types of entrepreneurships. Maybe you’ve found the one that fits you best. Now, the real work begins as you do what it takes to turn your business idea into a reality.
The moves you make today will affect what happens down the road. Fortunately, you won’t have to do it alone. Find those who’ve been in your shoes. Seek out mentors who did it themselves, who’ve built their own businesses from the ground up and who have know-how and wisdom to share.
And look for financial experts who get start-ups. Listen to their insights to find the right business funding strategies for your idea. Consider their direction without losing your way.
Most of all, stay true to your core vision and values. Let them guide you to build the kind of company you’re proud of and in a way that’s uniquely yours.
Still not sure where to start? Reach out to a Chase business banker today. We’re always ready to help.