The Different Kinds of EntrepreneurshipNov 27, 2023
When it comes to entrepreneurship, there is no one path or one way it should look. In fact, the very definition of entrepreneurship centers on blazing your own path. So at the end of the day, your journey into becoming an entrepreneur needs to work for YOU - your goals and your priorities. Many entrepreneurs lose their way when they try to follow what they see others doing. Don’t focus on what everyone else is doing - focus on you and what makes sense in your life.
Interested in entrepreneurship and don’t know where to start? There is no blueprint to starting a business. It depends on your goals, the problem you’re solving and the lifestyle you aim to have. Here are some of the different kinds of entrepreneurship that exist. What makes sense for you?
Full-Time Start Up Entrepreneur:
Whether you are creating a product or offering a service, there is always the option to dive in 100% to your business idea and make it your full-time opportunity. Remember, you want to make sure you can afford some slower months on the revenue side, and have some money you can invest into the business before it becomes profitable.
Small Business Owner/Franchise Owner:
Think about the local car dealerships, doctors offices, fast food chains, plumbers, mechanics, etc. These individuals are all small business owners who offer services to their local communities. The goal here isn’t necessarily to grow to a 300+ person business, but rather to serve the community around you and bring in a profit for you and your family, as well as your small team of employees.
Consulting is a great way to get experience offering a service, working with teams and building an infrastructure for your business before you bring on a large team and overhead. As a consultant, you can be flexible and work with organizations to share your expertise and skill sets. You get to work and grow with their teams and you also get to decide when and how to bring on more clients. Remember, these clients can fill the role of a boss, so be sure to communicate and set boundaries on your efforts.
It’s possible to start smaller! You can be a part-time entrepreneur, and have another job to keep the bills paid. It’s important to think about the balance and priorities you’ll need to have to keep everything moving. You’ll want to be sure that you are diligent about your schedule and commitments so you can work through all your responsibilities.
Side Hustle Entrepreneur:
If you only have a few hours a week, or late nights and weekends, you can always start a side hustle, something you do a few hours a week to serve a specific audience. Think about the Etsy sellers, newsletter creators, and podcast hosts. These are likely side hustle projects that start out as exciting endeavors outside of their full time responsibilities.
There are many different ways that entrepreneurship can look. What you need to do is answer the following questions:
Why - why are you starting this business?
What are your goals - what problem do you want to solve?
What do you want your business to look like?
What are your boundaries - where will you draw the line in your work?
Once you figure out the answers to these questions, you are ready to start down your own unique path to entrepreneurship.
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