A great idea, a dash of moxie and possibly seed capital are just a few of the elements that go into launching a startup. But the key element to any successful business is the entrepreneur who founded it.
Some question whether entrepreneurs are a unique breed endowed with a special gift from birth. Research supports the idea that entrepreneurs are made rather than born, with psychological traits and life experiences believed to jointly shape their path to entrepreneurship.
While every entrepreneur is unique, researchers say these innovative thinkers do tend to fall into certain archetypes. An entrepreneur archetype is a typical pattern or model of behavior that is commonly associated with successful entrepreneurship.
According to researchers there are at least five entrepreneurial archetypes, each with its own fundamental traits, attitudes and behaviors. Below we’ll explore these archetypes of successful entrepreneurs.
1. The one who drives innovation – Innovator
There is a significant degree of risk associated with entrepreneurship, and the innovative archetype in particular comprises risk-takers. With their creativity, tenacity and resilience, this entrepreneurial archetype comes up with ground-breaking solutions that have the potential to revolutionize their sector.
Innovators tend to lean toward businesses, methods and processes that address issues and client pain points. They are passionate about their work and willing to challenge the status quo.
The innovator’s weak point tends to be making huge investments in innovation and failing to launch goods or services ahead of the competition, increasing the risk of insolvency.
2. The one who possesses expertise – Expert
The expert archetype is a master in their domain. They build deep expertise and use it to address practical and pertinent issues.
The expert excels at seeing patterns and managing complexity. They’re also able to recognize meaningful data where others may not.
The expert’s weakness tends to be difficulty in understanding the business side of things.
3. The one with a big vision – Visionary
Visionaries exude charisma. Brimming with ideas, they work hard to achieve their big vision. This archetype is laser-focused and leaves no stone unturned in the pursuit of business success.
Some visionaries are strategies, adept at identifying opportunities and coming up with creative solutions to problems. Others have a gift for bridging gaps and building relationships.
Some visionaries may even be called dreamers, and that’s a risk associated with entrepreneurship. Visionaries who are dreamers can visualize launching that hit product in the market and have fantastic ideas but reject new opportunities due to their inflated sense of self.
4. The one who builds an empire – Builder
Builders are driven to design, build and remodel the world to their benefit. This archetype is frequently characterized as ambitious, determined, resourceful, disciplined and disruptive.
Consider some of the most influential rulers in human history — the Emperors of Rome or the Pharaohs of Egypt. Think of the empires they founded and the structures they erected. These were leaders who could motivate people to build the castles, pyramids and cathedrals, and hold an empire together.
Builders have a clear strategy and good leadership skills, and they radiate confidence. Today, they are running successful business empires with their ability to motivate teams and act strategically.
However, builders tend to lose focus when they become obsessed with controlling resources rather than managing them in a strategic manner.
5. The one who delegates – Delegator
Delegators are the owners of the empire who delegate control rather than fixating on power. Successful entrepreneurs like Bill Gates, Mark Zuckerberg and Elon Musk have hired CEOs, CFOs, COOs and managers to run different business operations.
In addition their ability to successfully transfer responsibility and power, delegators can plan ahead and chart their own trajectories. They tend to seize on opportunities that others have passed on, to pursue their dreams despite daunting obstacles in their way, and to see failure as a detour rather than a dead-end street.
Each entrepreneurial archetype has a strong point and a weak point. Understanding the various archetypes and which best defines you can be a revelation for entrepreneurs. By concentrating on your strengths while managing potentially disruptive behavioral traits associated with your archetype, you can run your business more effectively.
Want more? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, taxes, HR, payroll, insurance, and recruiting — and we can help yours too. Talk to an expert today.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.