It’s good that you’re an entrepreneur; indeed, the government encourages everyone to be self-sufficient through entrepreneurship; But what kind of business are you? The type of entrepreneur you are is not necessarily the type of work you will do, but the scale and operating model of the work you will do.
Let’s take a look at some types of businesses based on their size of jobs, and the characteristics that make them stand out.
- Self- Employment: Self-employment means working directly with yourself. Here you don’t hire anyone else because you can’t afford it or you don’t really need someone to run the business. It’s a full-time job and you keep all your profits.
- Opportunity Entrepreneurs: Here you set up a knowledgeable business that you’ll need to hire or team with others to run effectively – these are usually people with the expertise and experience you don’t have.
- Inventor: This class of business is a large-scale industry. They provide product ideas and floating companies to produce and market products to customers.
- Pattern Multiplier: This group of entrepreneurs build their own business structures on the models created and operating by already existing players in the industry. They just clone and expand upon an existing idea or build on top of it, for example, a franchise business.
- Business Acquisitions: It is more common in North America and Europe than in Africa. A businessman or entrepreneur here does not start his or her business from scratch, but after financial problems and purchasing an existing business, remodeling it to suit their needs and objectives.
- Speculation: A group of people buy, remodel and upgrade a business structure, then resell it to the highest bidder. Before investing they guess the profitability of an existing business. It can also be a buyer of art, real estate, and other related stuff.
- Intrapreneurs: These people are already used within large organizations, but they conceive project ideas and executives independently from their devices/departments to good overall company of the company.
- Necessity Entrepreneurs: This class of people establishes the capacity and micro-enterprises to keep themselves fed as long as possible. These can be merchants, tailors, drivers, and retailers who don’t really need the help of others to run their own business.
Knowing where you need to be as an entrepreneur will help you position yourself for better success while dealing with the advancements associated with advertising for the company of your choice.