Types of Entrepreneurs
1. Classic Entrepreneur. Wants to innovate, grow big and make a lot of money. The classic entrepreneur is not interested in starting a business to give herself a job. If you want to start a company, make it profitable and sell it, then you are a classic serial entrepreneur. The SAC Entrepreneurship and Innovation Program wants to make sure that everyone understands Classical Entrepreneurship. Most community college entrepreneur programs focus on small business development. Many universities teach entrepreneurship, but from a theoretical point of view.
2. Small Business Entrepreneur. Also know as an income replacement entrepreneur. This would include most family owned businesses and franchises. If you open up a small single restaurant, or buy a Pizza Hut franchise, you are a small businessperson, but not a classic entrepreneur. If you buy a franchise you are executing someone else’s plan. Many people start a small business to give themselves a job. If you start a small business or buy a franchise, you need to study small business ownership and there are lots of college classes on small business ownership, management, accounting and marketing, but these classes will not teach you to be a classic entrepreneur. You can also get help from the Small Business Administration (SBA) and the SBDC (Small Business Development Center). We have an SBDC here in Santa Ana. Multi-Level Marketing (MLM) is a type of small business owner. If you sell life insurance or real estate you are a small business owner. For example, many lawyers, plumbers and landscapers start their own small businesses. See the book, The E-Myth Revisited by Michael Gerber.
3. Lifestyle Entrepreneur. These are entrepreneurs that love what they do and want to live a certain lifestyle. They are usually not as motivated by money as other entrepreneurs. They are willing to make sacrifices in order to stay with something they love and to lead a...
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