What Type of Entrepreneur Are You?

There are typically two types of Entrepreneurs. The Dictionary defines Entrepreneur as “a person who sets up a business or businesses, taking on financial risk in the hope of profit.”

The first type, and these aren’t necessarily listed in order of importance, are ones that create brand new industry or inventions. These are, in my opinion very rare types….they create products and services that never existed before in terms of form and function. Uber for example did not exist in anyway, shape or form. That was totally invented and spawned a new industry.

The second type is the ones that take an existing business/industry and make it better by some degree. The mobile phone existed and then Steve Jobs came around and said I can make the user experience better! He didn’t go and invent cell phone technology, he just took a business that was lacking in direction, user experience, aesthetics, and gave it some.

He made the experience of using your cell phones just that much better. And then he kept adding to that experience year after year. Another example of this is Napstar. It was a true invention, and then iTunes came along, and just made it better and legal.

I’m telling you this because I want more people to become Entrepreneurs. You don’t need to feel that you must invent something to be one. I have a friend that is a great inventor, me not so much. I’m great at making something better, building value and knowing how to get a business off the ground and successful. I know what I’m good at.

So if you’re thinking about starting that business you’ve been dreaming about, figure out what type you are first, and then figure out how you can make whatever you are doing, better than the rest. You must have a competitive advantage.

I hope this helps and I would love to hear your stories.

Vick Tipnes, Entrepreneur & CEO of Blackstone Medical Services