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Are You Suited to Entrepreneurship

What Type of Entrepreneur Are You?

My affection for entrepreneurs is matched only by my obsession for comedy and French things. Over the past decade I’ve been related to them, elevated them, dated them…and at times, even hated them.

Rebekah Iliff

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A former colleague of mine and I spent years launching tech start-ups in the US market. Along the way, we encountered hundreds of entrepreneurs, guided them through tough decisions, and often talked them off cliffs – acting more as psychologists than communications professionals.

This experience taught me a few things about what it takes to be an entrepreneur and the diversity of personalities that claim the title. In a fun game of what I call “psychological entrepreneur-typology,” I bring you a somewhat pseudo-scientific categorisation of this special breed of human:

1. Superpreneur

The Superpreneur needs little introduction, mostly because you know and feel them when you see them. Their entrepreneurial pursuits span space, time, countries and nations. They typically bite off more than they can chew in one, let alone four, lifetimes. Think Richard Branson, Elon Musk and Steve Jobs.

Want to become a superpreneur? Good luck. They’re as chaotic as they are awe-inspiring: Their road to success is a labyrinth of disconnected strokes of good fortune and unpredictable market timing infused with unparalleled genius.

2. Localpreneur

This particular type of entrepreneur shares qualities with the Superpreneur, minus the mammoth global focus. Their ambitions may be smaller, but their efforts can also be life changing.

One close to home example of this type of entrepreneur is the Driver brothers, Adam and Eric, who applied their business chops to open Driver’s Market, along with a handful of their friends who have local roots.

Driver’s have quite literally changed the lives of thousands of locals, rooted in their goal of connecting people with each other and the foods that they eat.

3. Wingpreneur

Ahhh, the Wingpreneur. One of my personal favorites. The Wingpreneur can be likened to Batman’s Robin. Without her, the entrepreneur would not be nearly as powerful – or likeable for that matter – as the “wing” has a specific talent for assuming leadership when appropriate but happily taking the passenger’s seat so the entrepreneur can shine.

These folks are often found in “COO” or “co-founder” positions and are best suited to partnerships where they are not assuming all the risk. Typically, they are also adept at providing order to the chaos.

4. Productpreneur

As a general partner for Mohr-Davidow Ventures in Silicon Valley, Bryan Stolle encounters thousands of entrepreneurs a year as he seeks out start-ups to add to the company’s growing portfolio. More and more, on his various ‘trep finding journeys, he encounters an emerging type of entrepreneur who places product at the centre of his vision:

“Typically, these folks are engineers who have technical expertise, but very limited experience in leadership, management or what it takes to build a significant company. While they are innovators in terms of envisioning a new product idea, they are best served finding a partner who can build a company around the product.”

5. Fauxpreneur

As start-ups explode in number, and having one is this generation’s version of having a band in the 90s, another emerging type of entrepreneur is what I tenderly refer to as the Fauxpreneur. If you don’t speak Frenglish, or haven’t heard of “faux fur” this will sum it up:

“Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. It causes you to work not on what you like, but what you’d like to like.” – Paul Graham.

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A Look at the Life of an Entrepreneur. Watch the Video Here

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Rebekah Iliff is the director of product for AirPR, a technology platform to increase PR performance. Previously, she was the CEO of talkTECH Communications, one of the fastest-growing, launch-only PR firms in the U.S. As co-founder of talkTECH, she created an industry-first methodology for emerging technology companies. She's also a technology blogger for The Huffington Post focusing on trends related to startup culture and job creation.

Are You Suited to Entrepreneurship

Build Solid Back-Room Basics For Business Success

What do South African entrepreneurs really know about what goes on behind the scenes building of businesses?

Marc Wachsberger

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South Africa has a vibrant start-up culture with great ideas starting out with a bang, but closing down with a whimper because entrepreneurs picture the glory at the destination, but not the nitty gritty of the journey to get there.

Be smart about scale

When I started out, I literally did everything myself. I negotiated and signed leases, I arranged the furnishing for our apartments and managed the interior décor process. When guests started using our apartments, I signed them in at reception, and then carried their bags.

At that stage, there was no money in my business to pay for attorneys, interior designers and decorators and there certainly wasn’t enough money for porters.

However, when we got to 70 apartments, it didn’t make sense for me to be a porter any longer, so I hired someone to do that job, explaining clearly what I expected of him. Before I did that, though, I spent time designing incentives for him so that he would be more affordable for me, and so that he could earn as much money as possible.

Related: Training Is A Two-Way Trick

Know your talents – and your limitations

There are certain things I’m really good at, but I know without a doubt that sales isn’t one of them – and without sales, you don’t have a business. I couldn’t afford a top-flight salesperson, but I knew that I could attract the right talent with the right business model. I set some high targets for Pamela Niemand, but offered her one third of the business if she met them. We both won: she earned a share in a successful, trend-setting business, and my trend-setting business became successful!

Use your skills – but know when to hand over

My background in corporate finance meant that I had all the accounting skills I needed when we first started out, but I knew that the time would come when I would need someone focused on that side of the business full time. Doing it all myself first meant that I could brief my first full-time accountant clearly and with a deep understanding of what would be required – and that I could help that person find and fix any challenges based on my experience.

In summary, my simple advice to anyone starting out would be to bootstrap your business yourself without investors or staff for as long as you can, but don’t over-extend yourself. Know when to delegate tasks away so that you can focus on what you’re really good at – but don’t do it before you have a solid understanding of what’s required. Know what you’ll never be able to do, and bring in that resource from the beginning – but do it based on performance-based incentives, so that your fledgling business doesn’t lose out if your early hires don’t perform.

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Are You Suited to Entrepreneurship

The Myth About The Relationship Between Entrepreneurs And Taking Risks

This is the true relationship between entrepreneurs and the apparent illusion of risk.

Lisa Illingworth

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“I can’t be an entrepreneur or start a business. I don’t have the appetite for risk.” This line is spoken regularly to brave few that leave the perceived safety of a job, take the plunge and venture into the unknown world of being an entrepreneur. However, there is a gross misunderstanding in the appetite for risk that entrepreneurs are believed to have innately inside of them.

The little-known truth is that the majority of entrepreneurs don’t like taking risks and according to Luca Rigotti and Mathew Ryan in their paper that explores a model for quantifying risk and its translation into enterprising action, the results were very interesting.

Risk is explained by these theorists as taking action where the outcomes are unpredictable as well the factors leading to that outcome are unknown. One of the theorists in this area, Saraswati, who coined the term “tolerance for ambiguity” has a more accurate description of what the outside world deems taking a risk.

In simple terms, entrepreneurs don’t go head-first into the shark infested water because they like the idea of danger and potentially being eaten alive; or the thrill of being able to say that they survived whilst others perished in a pool of maimed flesh. They carefully calculate that the sharks have been fed recently, some of the sharks are ragged tooth sharks that whilst looking like they are set to devour a human being, are actually incapable of opening their jaws wide enough to bite. For those sharks that still have space or who smell blood and can’t resist the urge to kill, the entrepreneur has a cage set up that he can retreat into quickly and a knife with which to protect himself.

Related: 5 Infamous Risks Every Entrepreneur Must Face

Tolerance for ambiguity is the careful evaluation of what is known at the moment where a decision must be made and an open-mindedness for what is not known. This, coupled with the agility to change course when new information is presented, has earned the label of high risk appetite. The appetite is not for the risk, but it is the ability to move down a path, when all the information is not known.

I likened it to a person moving around in the dark holding a candle. The candle casts a light that illuminates a limited parameter around the person holding the candle. What is beyond the light that the candle casts, is unknown and potentially a risk. But as the person moves forward, the light reveals what was unknown and in the shadows. As the light reveals new information and new challenges added to what they have already learnt, the person can make better informed decisions. The tolerance is in not knowing what lies in the shadows yet to be illuminated by the candle and then the confidence in his or her own ability to act on what new information is discovered.

None of this behaviour is risky or irresponsible. There is careful consideration for what is known and a tolerance for what is unknown. And once there is more information available, a calculated next step is taken and more information is assimilated into what is now known. This is the true relationship between entrepreneurs and the apparent illusion of risk.

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Are You Suited to Entrepreneurship

7 Skills Every Entrepreneur Needs To Adopt Today

Want to know what skills can help you build confidence and your business? Here are seven…

Nicholas Bell

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For some people, becoming an entrepreneur is as easy as stepping off a bus. They have a big idea, they bring it to life, they hire employees and the next thing they are in a building smothered in branding and living the business dream. For others, the idea and the passion are there but they are unsure as to how they can make these into a sustainable reality. Entrepreneurial spirit isn’t like instant coffee – you don’t add ideas and suddenly get all the skills you need to thrive.

Want to know what skills can help you build confidence and your business? Here are seven…

1. Believable vision

Make sure that your vision is believable and achievable. It has to live in the realms of possibility, not as a blue-sky idea that looks good on paper but wouldn’t work in reality. You need to be able to live this vision so make it realistic and achievable. This will not only keep you on track, but your employees as well.

2. Be inclusive

You need to ensure that every person who works with you feels as if they are part of your vision and understand it. They need to relate to where the business is going and how it plans to get there. Many leaders don’t understand why employees are not engaged with their business and it’s because many of them don’t actually understand what the business does.

Related: 4 Ways To Improve Your Budgeting Skills

3. Communication is critical

If you don’t have fantastic communication skills, then now is the time to hone them. When it comes to building employee morale, commitment and engagement, nothing works as effectively as constant communication. The same applies to client relationships. You need to repeat the vision and ethos of the company at every opportunity and you need to be part of the team that does this communication.

4. Be visible and transparent

You are communicating, now you need to make that communication genuine by being both open and clear. People respond incredibly well to transparency. They feel as if they are part of something that recognises their value and contribution and it fosters a more inclusive company culture. Often toxic cultures come about thanks to a lack of communication and visibility. People know when things are being kept secret and react negatively to it, regardless of whether they’re an employee, a customer or a manager.

5. Be practical

You aren’t going to build an empire in a fortnight so focus on a realistic and practical business strategy that has clear benchmarks and even clearer goals. Communicate these with the company and keep everybody on the same page. Practical and achievable means long-term success.

Related: Crucial Skills You Need To Be An Entrepreneur

6. Build opportunities

As people become immersed in your company and part of its growth they will also need opportunities to grow. You need to tie their careers to the business and create opportunities for them.

7. Be human

It takes people to build a culture, a company and a future. It’s essential that you are human in your interactions and your treatment of others. The impact that a down to earth and authentic attitude can have on a company is extraordinary.

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