It is very easy to assume that being an entreprenuer is only about making money and lots of it. And for many entreprenuers the primary motive at least in the early days of a new business is about just that.
For other people who take the plunge to set up away from the corporate safety-net, money is just one factor. Lifestyle is often quoted as a significant push towards starting up a business – a better work-life balance.
But is being an entrepreneur as simple as money and/or work-life balance?
I’ve just completed a Profile Questionnaire via Rachel Elnaugh’s web site. Rachel is a well-known UK entreprenuer having founded the gift experience company Red Letter Days (great name by the way) and becoming one of the Dragons on the BBC’s Dragons Den.
Rachel identifies 8 types of entrepreneur:
- Ultrapreneur
Highly driven, ambitious and visionary, Ultrapreneurs have the potential to become billionaires – as well as ultimately great philanthropists. - Alphapreneur
Highly driven by money and the desire to win at all costs, Alphapreneurs are highly competitive and love displaying the trappings of their success. - Passionpreneur
Passionpreneurs go into business to do the thing that they love, rather than to make money. They have great energy and enthusiasm, and naturally attract the right people & opportunities. - Sociopreneur
Sociopreneurs are driven by a cause and want to use their business to change the world. However, they may lack drive and commercial skills. - Bosspreneur
As the name suggests, this type of entrepreneur goes into business because they want to call the shots. They like to control everything within their mini-empire and find it difficult to delegate. - Execpreneur
Execpreneurs typically come from a safe corporate environment and need structure to function. Often they are specialists who find it difficult to function as good all-rounders and may find it best to work in partnership with others. - Dadpreneur
Dadpreneurs have typically opted out of the corporate world, creating businesses which give them great flexibility, the ability to work close to home and family, plus real life/work balance. - Mumpreneur
Lifestyle is all important for Mumpreneurs who need to fit their business around their family. They are reluctant to take on risk and often operate their business from home. - Safepreneur
Safepreneurs are inspired to be in business but when it comes to the crunch often lack the energy and drive it takes to succeed. Risk averse, they are reluctant to leave their salaried job or commit funds to their business.
Apart from some strange sounding derivations of the word ‘entreprenuer’ it is actually quite a good means of identifying the type of entreprenuer you are and therefore why you are in business.
As someone moves through the entrepreneurial life-cycle with all its inherent ups and downs, the type or ‘..preneur’ you are will change I’m sure. Maybe not dramatically but gradually.
Apparently I am Alpha 37.33%, Zeta 62.17% which makes me a Socioprenuer. As with all of these profiling techniques there is some truth in it. I certainly think business has a big role to play in changing the world.
I do hope though I have more commercial skills and drive than Rachel’s definition suggests. I think there’s more than just a touch of Ultraprenuer in my make-up, for instance.
So which type of ‘…preneur’ do you think you are? Take the test and see if you are what you think you are.
