Ready To Become An Entrepreneur? Find Out What Type You Are

3 min. read By eCompareMo on

Most of us want to quit are day jobs and start our own ventures. While we all want to be in the same place—which is achieving success—there are differences in terms of our motivation in becoming entrepreneurs. What are the most common reasons that drive a person to take a leap of faith and start his own business? Here are a few types of entrepreneurs and how their motivation affects their business.

The Escape Artist
You can be classified as the Escape Artist when you want to build your own business because you want to escape from an incarcerating routine: 9-to-5 job, fixed monthly salary, and no real sense of accomplishment. You want to escape from the shackles of employment. You want to become an entrepreneur so you will serve no master but your own.

While many aspiring entrepreneurs cite this as their main reason why they want to put up a business, this alone as a motivation will never be enough to fuel your dreams. To become really successful even if you’re running away from something, you need to find a meaning in quitting your job and escaping from the employee life. Instead of running away from something, you need to run towards something so that you can have a positive goal in becoming an entrepreneur. Remember, bolting is never enough.

(Check out: Got The Business Plan But Not The Capital? Find Out Where You Can Get Funds To Fuel Your Dreams)

The Survivalist
If your business’ raison d’être is merely to make ends meet, then you fall under this category. The Survivalist has no other option other than venturing into the world of entrepreneurship out of necessity. Take away the business, and you won’t have the means to support yourself. The only thing that matters to you is to have the ability to pay bills and other expenses.

Sure, it is important that you earn something from your business to support your daily expenses. However, survival instinct alone will not keep you afloat. Furthermore, if your goal for becoming an entrepreneur is merely out of necessity, then there will be no room for growth because you are only focused on the here and the now, and not on the thought that someday, you will be able to make an empire out of a single hole-in-a-wall stall.

The Hobbyist
You want to make money out of that one thing that keep you busy when you’re not working—and you want to support your lifestyle, as well. If this is your case, then you are a hobbyist, an entrepreneur that puts up a venture to support his lifestyle.

Hobbyists have the advantage of being passionate in whatever endeavor they pursue, but this enthusiasm easily goes overboard and becomes perfectionism. Since you are really passionate with the nature of your business, you tend to micromanage even the smallest detail to make sure that everything is in its right place. To become truly successful when you’re a Hobbyist, you have to put a system in place and hire the right people with the same passion as you do. With those elements in place, you can leave your business by itself and focus back on your hobby.

(Check out: Top Business Ideas Under P1000 This Summer)

The Social Entrepreneur
Fueled by the desire to change the world one sold cookie at a time, the Social Worker is using entrepreneurship to make positive changes in the world. Instead of joining an NGO to make an impact, they decided that starting a business is a better vehicle for their social works. If you are under this category, then you must be thinking that your profit should be “just right” and the rest should go to charity.

While there is nothing wrong with being the Social Worker, some people under this category go overboard and disregard the importance of profit in a business. If your business does not profit, then you won’t be able to pursue your charitable endeavors. Strike a balance between profiting and giving, and you’ll be able to sustain yourself and your business and at the same time, create a positive impact to those who need your help.

Regardless of what your reason is for becoming an entrepreneur, you have to remember that starting a business goes beyond the whys. Once you’ve mastered the knowhow of operating and maintaining a business, you can become an entrepreneur for any reason you can think of.

About the author

eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.