Before starting my current business, I owned a company called Dominic’s of New York. It was a chain of food trucks way before food trucks were a thing. The concept was simple, we sold Northern American style subs out of a trailer located in front of Lowes Home Centers. Our specialty was an Italian Sausage Sub. This concept was so successful that I decided to create a franchise business. I assumed that people who bought the franchise would deliver the same exceptional customer experience that made our business thrive. Unfortunately, I learned the hard way, that not everyone who wants to start a business is created equal. That’s when I realized that there are four types of entrepreneurs. Which type are you?
Four Types of Entrepreneurs
The Natural Born Entrepreneurs – This is the upper 2% of individuals wanting to start a business. They not only figure out how to make things work, but they also see the details that are lost to everyone else. They are creative, 3D thinkers who see solutions before anyone else even knows there is a problem.
While most people think that entrepreneurs are risk takers, the reality is that Natural Born Entrepreneurs take carefully calculated risks. Not only do they see a clear route to the goal, but they are generally the smartest people in the room, because they are wise enough to know that they don’t know everything. They make decisions, but not before they listen to everyone else. They recognize that sometimes the germ of an idea or a solution comes from the least likely place or person.
To a Natural Born Entrepreneur, enough is never enough. Not because of greed, but because it’s not perfect yet. They are always looking for ways to improve their business. What’s more Natural Born Entrepreneura do not accept a bad day like normal people. They may get upset or even down when something tragic happens, but they wake up the next day, ready to face the new challenge. Most importantly, a Natural Born Entrepreneur will always take the blame when something fails. They went into business or a project with their eyes wide open and have the ability to adjust along the way. If it fails, they do not blame others.
The Copycats –This is the 8% of entrepreneurs who will be successful, because they are smart enough to follow proven systems created by other successful businesses. This group becomes perfect franchisees. They are incredibly hard workers. What they lack in Natural Born Entrepreneur aptitude, they make up with their work ethic and ability to learn. They are smart enough to know that entrepreneurship does not come easy to them. They have no issue seeking advice or guidance from those who have more experience or have been more successful. You only have to teach a Copycat how to do something once and they run with it.
I’ve had 100’s of franchisees or licensees over the years. When they were failing, I would go in and do an evaluation of the business with a detailed roadmap on how to fix it. The Copycats would take that document and treat it like their new bible. They understood that if someone with more success or more experience gives them a road map, they should follow it. Lastly, like The Natural Born Entrepreneur, The Copycats will rarely blame someone else if they fail.
The Just Enoughers – This is the 40% of business owners who will do just the bare minimum required to be profitable. Although they may not admit this to themselves, their main goal is to be in business to get a paycheck. They are often unhappy, because they are doing a job that they don’t enjoy.
Although they may have some of the characteristics of a Natural Born Entrepreneur or a Copycat, they are lacking something. I think it’s fear of success. It’s as if they don’t feel they deserve it. They sabotage themselves at every corner. They are their own worst enemy, doing just enough to make money to survive. Sure, they would like more success, but they are not willing to do what it takes to make it happen. They are always walking that tightrope of profitability.
Having said this, it’s important to acknowledge that some Just Enoughers are able to find success. Their journey isn’t straightforward. What truly impresses me about successful Just Enoughers is the sheer amount of personal growth they have to go through. They don’t just work on their business. They work on themselves. Their success is a testament to their resilience and the transformative power of self-improvement.
The Dead Men Walking – This is the group that makes up the majority of businesses that tank in their first three years. I call them Dead Men Walking, because their businesses are dead before they even open.
The reason people think that entrepreneurs are reckless risk takers is because of the Dead Men Walking. This group will jump into a business or project without completing a self-evaluation. They believe that entrepreneurship is easy.
I once knew a couple, both highly educated, who had successful careers as executives at major corporations. They announced one day that they were quitting their jobs and opening a Day Care Center. They thought it would be easy. They did not last a year before they shut their doors. You cannot take the skills you learned in college or the skills you learned in corporate America and think they will translate into becoming an entrepreneur. Please don’t get me wrong, there are many college-educated and former executives who’ve been very successful in developing and running businesses. The reason is that they possess the skills of a Natural Born Entrepreneur or a Copycat.
Dead Men Walking is not limited to educated, former executives. If you enjoy having your weekends to yourself, you are part of this group. If you say, “I will just hire people to do the work,” you are part of this group. If you are not ready for your business to consume a huge amount of your time, you are part of this group. The moment you think creating a business is easy, you have already failed. Interestingly, Dead Man Walking will never take responsibility for failing. They believe they are too smart. It must be because of outside circumstances.
Before you dive in and start a business, make sure you know what kind of entrepreneur you are. The odds of success are in your favor when you know exactly what you’re capable of doing.
Written by John Felico.
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