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The 5 Different Faces of Entrepreneurs

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Creating a sustainable, profitable business as an entrepreneur is an extremely challenging feat. Some individuals, however, manage to go all the way to the top and are now some of the world’s wealthiest people. While all entrepreneurs share basic characteristics such as hard-working, innovative and persistent, more often than not they will be labelled or pigeonholed in a certain way. Below you will find just five of the different ways entrepreneurs are perceived.

1. The Visionary

This is probably the entrepreneur that you are used to hearing and reading about. They are often larger than life, a beacon to others who only dream of making it. They are the face of their companies and are very gifted at clearly articulating and conveying their goals, thereby getting their entire team of employees and customers on board. Think of Richard Branson and Mark Zuckerberg.

2. The Troublemaker

While the word troublemaker is rather harsh, certain individuals in the business world have certainly garnered a reputation for being demanding and lacking people skills. Steve Jobs is a prime example of this; many colourful words have been used to describe his personality and there are plenty of stories regarding his unconventional management style.

3. The Optimist

These are the figures that take defeat in their stride and refuse to give up. They are always looking to the future and trying to decide what business venture they should try next. Australian businessman Ron Bakir experienced personal and legal trouble that left him without much of his fortune. A few years later he managed to reinvent himself and is now the CEO of a very successful property development company.

4. The Mentor

This type of entrepreneur is regarded as being gentle, nurturing and positive. They will often be seen engaging in motivational or charitable activities. Tony Robbins has built an entire empire on the motivational speaking and mentoring movement but don’t forget that he is also a savvy businessman who found his niche in the marketplace and played to his strengths.

5. The Philanthropist

At some point in a successful entrepreneur’s career, they start to think less about profits and more about giving back to the world. Bill Gates and his wife Melinda are some of the world’s most famous humanitarians, donating large amounts of money through their foundation. Another well-known philanthropist is of course Oprah Winfrey, who has worked tirelessly to improve the quality of education for women and children through her foundation.

In reality, entrepreneurs are three dimensional people with virtues and faults. In fact, most individuals in the business world will be a visionary, dictator, optimist, mentor and philanthropist rolled into one. Media coverage and PR spin are often the reasons why we receive a particular view or opinion of someone.

Which figure do you identify most with? Was it Ron Bakir’s story of triumph against the odds that struck a chord? Or is it Richard Branson’s brand of innovative fun that appeals to you? Whatever your opinion, let us know by commenting in the box below.

Hire an MBA by the hour

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Free image courtesy of imagerymajestic/FreeDigitalPhotos.net

Tired of getting gouged by consulting firms? BusinessWeek recently profiled a new site called Skillbridge where you can engage consultants by the hour or on a flat fee basis for prices that are much more reasonable than firms like Bain or McKinsey. Or, you can rent out a qualified candidate as opposed to hiring a new employee.

A growing number of companies are using freelance MBAs to access the same brain power they might find at a top-tier consulting firm. The demand has given rise to online marketplaces that are a cross between executive search agencies and freelance job sites—where the featured contractors are skilled at financial modeling, competitive analysis, and marketing.

The site claims that every consultant is screened and has a minimum of two years’ experience. For small companies and startups, this looks like a nice option to have.

It also offers a nice career option for consultants who are sick of the long hours and endless travel.

Nonfarm payroll employment rose by 204,000 in October

looking for a job

The October jobs report was surprisingly strong in light of the government shutdown inflicted on the American economy.

Total nonfarm payroll employment rose by 204,000 in October, and the unemployment rate was little changed at 7.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in leisure and hospitality, retail trade, professional and technical services, manufacturing, and health care.

The key issue with these numbers remains the size of the workforce. It remains to be seen how accurately these government surveys are in light of new trends where people work at home. Look at these numbers:

While the economy has been miserable for small business, and many larger ones as well, the ranks of the self-employed have been growing. According to research by Economic Modeling Specialists International, the number of people who primarily work on their own has swelled by 1.3 million since 2001 to 10.6 million, a 14% increase.

How does this factor into the unemployment trends? Nobody seems to be talking about this when the jobs numbers come out.

Writing advice from Tim Ferriss and Neil Strauss

Here’s a great video with Tim Ferriss interviewing Neil Strauss about writing and being an author. Both have been very successful writers and they offer up some great tips. Some highlights include:

– Tim noted that he created a daily quota of two pages to write when writing his books. Neil laughed about that but then acknowledged that having an easy daily quota made it much easier and less intimidating to getting started each day. This strikes me as excellent advice.

– Neil explained that deadlines really do help, which seems obvious but is still worth noting.

– Writing clarifies your thinking, so both explained how your conclusion or thesis may not be fully developed when you get started. The writing process is important for clarifying your thinking.

– Using the TK device while working on your draft.

Check it out.

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