The term ‘entrepreneur’ originally derived from the French term ‘entreprendre’ which means ‘to undertake’. Traditionally, the word entrepreneur was used to labelled individuals who undertook control, coordinated and assumed the risk of a business in a competitive marketplace. However, the definition of an entrepreneur has come a long way today.
The modern-day entrepreneur has various definitions – there is no one size fits all to this term anymore. The new age entrepreneur does not follow the rules that applied to the traditional entrepreneurs, instead they break the rules and create their own rules. The main differences that sets new age entrepreneurs apart from the traditional is that the driving factor no longer about making millions (for most); instead, it to accomplish a personal goal or make a difference in this world.
Even though it has become a lot easier to become an entrepreneur today, it does not necessarily mean that there is a shortcut; you still have to put in the work, effort and time into accomplishing your dream. In the recent months, a lot of people have been forced to become entrepreneurs as the current pandemic left a lot of folks unemployed and with no other option but to become their own boss so that they would have a roof over their head.
When it comes to the different types of entrepreneurs in the millennial age, there are four main types:
This type of entrepreneurs are the ones that take an amazing idea and turn it into a profitable venture. They have the power to change the way that people see the world and market their products using unique methods that makes their company stand out from the rest. Steve Jobs is one of the best innovative entrepreneurs of all time. You will achieve a lot of fame and glory for your great ideas, however on the downside, bringing your ideas to life requires a large capital.
A very popular type of entrepreneurship in the 21st century is social entrepreneurship. This type of entrepreneurs pursues innovative projects that have the potential to solve social issues. They are willing to undertake the risks associated with it and aim to make a positive change in society through their initiatives. A well-known social entrepreneur is Bill Drayton, the founder of Yale Legislative Services, Harvard’s Ashoka Table and so much more.
These entrepreneurs don’t have a great innovative idea, but they are extreme hard workers that are willing to roll up their sleeves and get their hands dirty. Hustlers tend to start small and then work towards growing their venture through hard work instead of raising capital. A prime example of a hustler is late Ray Kroc – the man behind McDonald’s global success today.
Imitators build their empire by taking someone else’s idea and then improving it. They are always looking for a way to make a product or service that exists in the market better and more useful to the consumer. The benefit these entrepreneurs have is that it is a lot easier and less-stressful. They are less glorified in compared to innovators, nevertheless it is a great way to build a business.
In 2020, it is easier than ever to start your own fashion brand since all the resources are available at the click of a button. This wasn’t the case 20 years ago; it was more challenging as you would require to travel to find manufacturers. Thanks to the internet, this is all done online today!