We have met a lot of entrepreneurs in our time building tech-startups. A couple of facts have led to the explosion of the number of especially tech entrepreneurs in the last decade.
Firstly, the fact that Mark Zuckerberg was a millionaire at the ripe old age of 22. It was like when the 10-second barrier was broken, and it suddenly became the norm.
Second, that entrepreneur is one of those brilliant sounding words to place on your profile without having to pass any qualifications or have to prove any real experience.
In this article, we outline the seven types of entrepreneurs we come across everyday as they ask us about how to best approach building their app or software.
New Idea Every Minute
These people are really convincing…the first time! Their business or app ideas are easy come, easy go. After the 17th idea, things start to get old. Everytime you speak with them, they’ve moved on to a new idea and never seem to sink their roots deep enough to grow.
What do you think about my idea? Would you buy it? While we always recommend our clients get feedback from users, validation seekers take things over the top. While they may have come up with a high-potential idea, they are always waiting for other people to help them build the confidence they need to be certain their idea will work.
Wake up Jeff! Being an entrepreneur involves backing yourself even when others may not side with you.
But How Will It Make Money?
These people are passionate about their idea, and know people will use their app or software. But they can’t stop thinking, “How will it make money?”
Some of the best, and largest, softwares, apps and platforms went a long way without making money at the beginning. While it is important for you to quickly determine a business model, you don’t need to let delayed revenue stop you.
Wine gets better with age. But sometimes, too much maturing just tastes horrible. Technology is moving fast. The idea that you had one year ago that sat around in your head has already missed the boat. You need to execute your ideas rapidly if you’d like to have it make an impact in the market.
The smartest person in the class completed their software engineering degree and now has a million and one ideas.
We find that this person typically does not have timing on their side. The whole world will take a number of years to catch up to them. While somewhat flattering, this is a harsh challenge to their business idea and means most customers or businesses won’t understand their idea, and so can’t buy.
Most people forget that technology is only a tool. Your core business model that pinpoints how you add value to another human being should be the driver for your business.
Savvy entrepreneurs understand that technology is there to enable, accelerate and scale their idea. However, the basic value premise of their idea can be delivered manually, or offline.
This allows them to run and earn profits in a traditional format, while funding the build of their technology systems over time.
Admittedly, this is more of an ideal than a real person! Each of the above entrepreneur types have their own strengths and weaknesses. Where possible, coming to a balanced approach of having each type in your repertoire will give your app or technology product the highest chance of success. Otherwise, this is where co-founding partners can come in handy.
So which type are you? And do you have any friends or colleagues who fit any of entrepreneur types?
Having strengths is one thing. Being able to know your own strengths and weaknesses and use them accordingly is a skill each one of us can learn. Hope this gives you insight on the latter!