7 types of entrepreneurs

By Samantha Garner | January 21, 2017

Entrepreneurship isn’t a one-size-fits all model. There are different kinds of small businesses, and there are different kinds of entrepreneurs. Below is a list of the seven most common types of entrepreneurs. Which type – or combination of types – are you?

1) Home-based

Home-based entrepreneurs are self-employed. They run their business alone or with just a few employees, with headquarters being their own home or a home office. These business owners love the flexibility and autonomy of working from home, as well as the freedom to arrange their own schedules. These businesses usually don’t have a storefront, street advertising signs, or customer parking.

Examples: Bookkeepers, tutors, and graphic designers.

2) Internet-based

Internet-based entrepreneurs run their business online and use virtual technologies to support business activities. The business can provide a service or sell a product through a website. Some internet-based businesses can be home-based businesses too.

Examples: Virtual assistants, marketplace sites such as eBay and Etsy.

3) Lifestyle

Lifestyle entrepreneurs rank furthering their own personal goals second to making a large profit. Lifestyle entrepreneurs can pursue a cash-generating hobby during their spare time, or even start a business based on an interest. These businesses usually aren’t intended to be high growth, and usually have few employees.

Examples: A secondhand book store, or a small market stall selling homemade baked goods.

4) High potential

High potential entrepreneurs usually run companies employing between 20 and 500 people. These companies are often very fast-paced, with high growth rates, developing the latest technologies and innovations. Most start-up activity by high potential entrepreneurs is technology and internet related. They are often able to get funding easier than other sorts of businesses

Examples: Quickly-growing technology companies and large IT businesses.

5) Social

Social entrepreneurs are passionate about making a positive impact on the world around them. They create a business to provide solutions to social issues. They are also called non-profit or philanthropist entrepreneurs. Funding for social entrepreneurs typically comes from non-profit organizations, foundations, governments and non-governmental organizations.

Examples: KickStart International and the Grameen Bank.

6) Venture capital

Venture capitalists invest in businesses, through managerial and technical expertise, as well as with money. Venture capitalists are very picky about the companies they invest in, and as much as 98% of firms seeking funds are rejected. Aside from individual angels and venture capitalists, venture capital firms also exist.

Examples: Seen on CBC’s Dragons’ Den, as well as in large companies like those in Silicon Valley.

7) Franchise format

With direction and support of the franchisor, franchise format entrepreneurs open a franchise or chain in their local business area. These entrepreneurs follow the structures of their franchise and experience less freedom and autonomy than other types of entrepreneurs. However, they also enjoy the reduced risk of being part of an established franchise.

Examples: Century 21, Goodyear Tires, and Tim Hortons.

 

 

Topics: Small Business Tips and Advice | No Comments »

When is a business idea a business opportunity?

By Samantha Garner | January 14, 2017

Did you know venture capital investors reject about 98% of the business ideas pitched to them? That means that for every 100 great new business ideas we might come up with, only two are likely to be business opportunities. Yikes!

A great business idea doesn’t automatically ensure a good business opportunity. So, how can you tell the difference?

A business idea is a business opportunity only if it can make a profit for you.

To us, a good business opportunity is represented by four pillars:

  • The product or service must add significant value to a customer or end user
  • The product or service must solve a significant problem or satisfy a significant want or need
  • The product or service must have money-making characteristics
  • The business idea should be a good fit with your four capital factors: human capital (skills, knowledge and abilities you’ve developed through your career);  sociological capital (your networks and support groups); psychological capital (your attitudes, values, opinions and beliefs); and financial capital.

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From the archives: Three website tweaks you can make right now

By Samantha Garner | January 7, 2017

Looking to revamp your small business’ website for the new year? Good news! There are three easy fixes you can make to your website right now.

Why bother tweaking your website? Because in this day and age, the internet is the first place many of your customers will try to find you. It’s becoming more and more difficult to run a successful small business without some sort of internet presence.

Check out our three things you can do right now to help make your website more effective.

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GoForth’s favourite blog posts from 2016

By Samantha Garner | December 31, 2016

Happy New Year’s Eve to our fellow entrepreneurs! It’s a great day for looking back and reflecting on the past year. We wanted to share our personal favourite posts from our blog this year. We hope you enjoy them!

We wish you a happy and successful 2017, and thanks for reading!

Topics: Entrepreneurial Inspiration, GoForth Institute News, Small Business Tips and Advice | No Comments »

Season’s Greetings from GoForth!

By Samantha Garner | December 24, 2016

From of all of us at GoForth, we wish all of our blog readers an enjoyable holiday season.

We’re looking forward to exciting new things in 2017, and we hope the new year is wonderful for everyone – both in entrepreneurship, and beyond!

Topics: GoForth Institute News | No Comments »

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