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The three types of entrepreneurs and the reason why most fail

What does undertake mean?

Undertaking or entrepreneur comes from the Latin “in” “in” and “prendere”. The word undertake means to take, see an opportunity and take it. So the entrepreneur is that person who sees an opportunity and decides to go for it, decides to take the plunge, decides to be proactive and take advantage of that opportunity. This is where the word “entrepreneur” comes from etymologically.

Entrepreneurship comes from a desire that becomes a decision and then becomes a passion. Ambition to become our own boss, to develop our own business. This desire to undertake, probably responds to the fact that our job does not fulfill us, does not satisfy us and, if it does, in any case “something” (perhaps that passion to discover a problem and solve it) calls us to become independent.

What is the number one mistake of most entrepreneurs?

The mistake we usually start with is confusing a job with a business. We go out on the streets and create a company that employs ourselves and, without the need for interviews or recommendations, we become, instead of businessmen/entrepreneurs, a self-employed person who ends up working many more hours, taking much greater risks and earning less money than the job we had.

Our desire to be a business man or woman succumbs to the reality of a former employee who is now a business operator with one dramatic difference: when we are an operator, the business depends on us. If we are not present, the business does not produce and we simply return to our status as employees.

Such may be the case of a lawyer or doctor who decides to set up his own office or practice. They are their own businesses without the disadvantages of a boss, yes, but if they do not come daily at the agreed time there will be no way to attend to patients or clients. The business will not make money. If they take a month of vacation, it will be thirty days without earnings.

A bad exchange

Trading time for money is bad business. It has a basic disadvantage, we exchange something that is finite (the barely 24 hours we have each day, of which a large percentage are not productive) for something that is virtually infinite (there are no limits to the money you can earn or store). . An exchange of this type, in the case of an operator of his own business, in addition to being an error, is a contradiction. 

We create a job for ourselves and not a business and, apart from the great possibilities of bankruptcy or failure, in the best of cases, we may end up tied up and enslaved, when our initial vision, when we wanted to undertake and take the risk of becoming independent, were precisely because of the benefits they could bring to our lives; not only those related to money and financial success, but also to the freedom that our own business could offer us.

How many types of entrepreneurs are there?

There are three types of entrepreneurs. With a lot of value on their own, but also with some weaknesses; however, together, they can be invincible.

1) The Artist

Who is the artist? Most of the people who start a business are artists. They have an idea, fall in love with it, and instantly and strongly believe in your product or service and dare to venture into entrepreneurship. 

They feel confident that they have a product as good as it can be proven solvency and passion for what they do, from baking cookies or cakes to plumbing, barbering, medicine, law or accounting, they are excited to have a successful business.

Legal Problem

What happens is that artists (I am one of them) tend to believe that being excellent and capable at what we do means being good at business, and no: they are two different animals. So the artist starts, and since he’s not good at business, what does he do? He creates a self-employment because he knows how to do that, because he was an employee before. He creates a job instead of a business and they suffer the consequences that we have mentioned before.

They don’t understand about finances, leadership, how to sell, customer service, legal problems… They end up in that limbo, between “operating” the business and looking for clients, and that makes the venture very difficult to manage without someone to design and supervise without processes, without someone who is constantly selling and bringing prospects.

2) The Seller

Who is the seller? The seller is that person whose passion is not in the product, moreover, honestly, the product does not interest him. His true passion is selling, transaction, his desire is to be able to get something cheap, sell it high and earn the difference. He is different from the artist, he lives for sale. While the artist can spend every night and the whole weekend creating a spectacular product, a perfect service, planning, measuring, making sure that everything goes well. The seller thinks in terms of fast! how much does it cost us? when will it be on sale? let’s start now! However, all that ability to sell will be short-lived on its own. Without an artist who focuses on making a good product, on designing a good service, the seller ends up selling garbage. No matter how many sales he achieves, his customers will never repeat a purchase, they will not come back, because they will end up disappointed and dissatisfied.

3) The Leader

The leader is that person with the passion to create the organization, the teams, the processes. His obsession is that the business works well, that everything is geared up and in good working order. Planning and the need to create processes where the client requests a quote, we send it to him, the client approves it, we immediately leave and deliver as soon as possible, are in his mind. Then we do this or that, whatever it takes to grow and be better. The leader wants and likes the team to learn, to develop in order to scale. The leader’s problem is that he can end up locked in his world and fall into analysis paralysis, promising and postponing, a victim of perfectionism; dedicated to his plans and projects, but unable to act and run a business.

Ahsan Khan
Ahsan Khan
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