3 Entrepreneurial Trends Driving the Business Landscape
You’re skilled and self-motivated with an entrepreneurial mentality and you’re ready to transition from employee to boss, but which type of entrepreneur are you?
The Visionary: Entrepreneur
Most entrepreneurs start out doing something they love and quickly identify the business opportunities surrounding them. Entrepreneurs are market leaders bringing new concepts into the marketplace, regardless of the competition. By nature their entrepreneurial mind drives them to innovate, face risks, and take the action necessary to establish a start-up company.
A 2015 report from Global Entrepreneurship Monitor (GEM) states that 27 million, or 14% of working Americans are running their own business. This entrepreneurial trend indicates more and more people are embracing the idea of being their own boss and taking their innovations to the marketplace.
There are several perks to being your own boss; you have complete control of your company, flexible work schedule, the potential to create jobs for others and you reap the rewards of your success.
Conversely, entrepreneurs deal with financial hardships, being “on call” regardless of time and place and managing the various personalities of your team.
The Renovator: Intrapreneur
The intrapreneur sometimes referred to as an “internal entrepreneur” is an innovator that is part of an existing company. The intrapreneuer is a person who encourages change and innovation within a company. They’re always discovering new ideas and looking for opportunities that will advance the entire organization. Intrapreneuers get the best of both worlds: the ability to directly contribute to a company’s success without taking on the financial risk.
Intrapreneuers bring a special skill-set and are highly regarded. Over the past few years this entrepreneurial trend has grown within large corporations, giving them an edge over their competitors.
The Lone Wolf: Solopreneur
By definition a solopreneur is a business owner who works and runs their business. Solos have the entrepreneurial mindset and prefer to manage their business alone. Typically they don’t employ however, they do work with contractors.
Becoming a solo has its pros; minimal overhead, the flexibility to choose your work and work-life balance are key factors behind this entrepreneurial trend. Additionally, solopreneurs avoid office politics and other challenges that come with a traditional office environment. If you’re a motivated, skilled specialist there are plenty of opportunities to consider. On the other hand, going solo can present challenging situations. Without a team, you’re faced with multi-tasking which can limit growth.
If you’re ready to make the shift from employee to boss ask yourself a few questions:
Am I a risk taker?
Do I have the ability to multitask?
Do I work better alone or within a group?
Does my home life allow me to be “on call” all the time?
Can I incur financial hardship?
What am I willing to sacrifice to be my own boss?
These questions are among the many factors to consider when transitioning from employee to entrepreneur. Whether you are the visionary, the renovator or the lone wolf one thing is certain; being your own boss takes time, hard work and action. Tell us which one you are! Then go and inspire others by sharing your story in the comments below.
“Action is the foundational key to all success” – Pablo Picasso