The two most vital ingredients for building a successful business are: to know your personality to help you succeed in building a team and to understand your business niche. For the personality traits, professional founders commonly possess at least these five common attributes: passion, resilience, strong sense of self, flexibility, and vision.
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Meanwhile, to understand the business niche, you should first understand the type of entrepreneurship you are leading. According to Myles Bassell, the process of creating something new is by assuming the risks and rewards. And it can only be obtained when you understand the business that you build. Here are the nine categories of entrepreneurship.
1. Big business entrepreneurs
If you are making a profitable and new revenue every day, you are categorised as large business entrepreneurs. In this area, you should have an aim and are in new business models that help customers and stakeholders meet their goals.
2. Social entrepreneurs
Non-profit organisation and/or combination of non-profit and profit organisation fall under social entrepreneurship. If you build social startups, your ultimate goal would be to improve the environment and to make the world a better place to stay. However, being a social entrepreneur is not merely helping society but also generating revenue from activities such as selling merchandise. In other words, social business owners are starting a path to wealth creation in order to create a better world.
3. Buyable startup entrepreneurs
Buyable startup entrepreneurs are those who created something new with the aim to sell their business to bigger tech company. In other words, buyable startup founders should be innovative and should build a business that has never been built before- and/or build an existing startup but in a new creative way.
4. Scalable startup entrepreneurs
Scalable startups are also known as tech startups. Tech companies have a huge potential to grow due to the nature that allows access to a global market. Besides, technology today is always improving and more needed than before. So, starting this business will gain so much advantage. As a tech entrepreneur, your goal will be to establish a company that obtains financing from investors.
5. SME entrepreneurs
The category is quite ambiguous as people might perceive SME by their size of team or by their amount of revenue. However, every SME starts with the idea of a founder or a group of founder and co-founder. This is the most common startup that many people are building these days.
6. Lifestyle entrepreneurs
Hobbyists, who work on their real passion and generate money from it, are placed under this category. Lifestyle business owners are usually people who want to satisfy their needs by being in activities that are entirely on what they like. For example, travel enthusiast who works as a self-employed travel blogger or travel advisor.
7. Joint entrepreneurs
You are considered as joint entrepreneurs when you own a profit from private and government business. Thus, this is a mixed form of private and government ownership. The system provides opportunities for investment to entrepreneurs for private sectors with the main role lies in government sectors.
8. Private entrepreneurs
You are a private entrepreneur if you work as an individual who sets up a business enterprise. You are the sole owner of the enterprise, thus, bearing the entire risk involved in it. Private entrepreneurs are usually considered as an SME startup.
9. State entrepreneurs
Different from private entrepreneurs, being in state entrepreneurship means you build a business in government of the public sector for public welfare. The risk related to this business will be shared between government and business owner.
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