8 Problem-Solving Tips Every Small Business Owner Can Use

problem solving tips

Looking for some problem-solving tips? If you are running a small business of your own, you know how troublesome it can get to allocate funds and the resources to grow your venture. Then there are taxes, employee healthcare benefits, government regulations, and challenges of diversifying your clientele.

Many small businesses often find themselves in a bind when it comes to maintaining healthy cash flows, not to mention maintaining a high quality of products and services that you offer. This is why SMEs (small and medium enterprises) are always on the lookout for expedient solutions and problem-solving tips.

According to a recent study by SEMrush, there were 31.7 million SMBs (small and medium businesses) in the US as of 2020; around 3.7 million of them are microbusinesses with 1-9 employees. Furthermore, small businesses create 1.5 million jobs every year, accounting for 64% of all new jobs in the US.

Moreover, there are 582 million entrepreneurs in the world, and 15 million Americans work full-time for their own business, with small businesses occupying around 30% to 50% of all commercial space in America.

In light of this information, let’s take a quick look at some of the ways through which small businesses and their owners can find exquisite solutions for their ventures.

8 Problem-Solving Tips

intelligence problem solving

·       Business Intelligence

Image Credits

First list on our problem-solving tips, working and putting effort to strengthen business intelligence can pay off businesses in a lot of ways. BI comprises strategies and the use of expedient resources, tools, and technologies that a venture can use to improve and enhance its data analysis.

With adequate business intelligence, ventures can gather valuable information, evaluate and examine information, and then develop contingencies and strategies to tackle current challenges and manage change in the near future.

Both predictive analytics and prescriptive analytics are crucial for business intelligence to perform well. As such, you should consider investing in data sciences to support your strategic decision-making process.

problem-solving tips

·       Comparative Analysis

Image Credits

Comparative analyses are extremely important for any venture as they open doors and offer you insights regarding where your company stands against competitors and rivals within your niche market.

You get to understand your own strengths and weaknesses, along with the ability to identify viable opportunities and threats. The majority of comparative analysis is often conducted on the basis of comparing quantitative data that is collected to be examined.

Here you can compare your own performance and stand in the market with that of a rival or a thought leader. Variables that you can compare can include sales, market penetration, number of clients, recent product launches, market share, online presence, social media metrics, marketing channels, promotion, events, etc.

·       Goal Alignment

Image Credits

With proper goal alignment, you can keep your workforce occupied and work towards attaining the company’s goals and objectives. This is why it is important that when a company sets goals, objectives, or targets, steps must be taken to ensure that employees are informed.

Goals and objectives must be communicated from the upper management to the lower management so that everyone is on the same page and there is coherence within the organization. Here are some tips to increase organizational alignment:

  • Key roles and objectives must be identified.
  • Plans and strategies must be developed to attain such goals in a timely and effective manner.
  • All objective, targets, and goals must be communicated properly to all of the employees.
  • Everyday tasks must be aligned so that they serve to fulfill the requirement of achieving goals.
  • Individual strategies can be used to encourage employees to commit to their daily responsibilities.
  • Consider transparency in all performances and operations so that evaluations can be made easier.
  • Recognize and reward your employees for accomplishing milestones.

problem solving

·       Innovation

Image Credits

Innovation is a continuous process, and it helps your business to overcome bottlenecks and accomplish breakthroughs that can completely alter the way you do business for the better.

Innovation can encircle everything your business does, including procurement of raw materials or resources, supply chain management, warehousing, customer support and services, sales, marketing, promotion, and advertising.

Considering customer service, for instance, in current times, many businesses operating online have started using AI-infused chatbots to provide their clients with 24/7 support.

small business coach

·       Market Factors

Image Credits

Companies that keep an eye out for the current and upcoming market forces and trends are able to increase their level of preparedness. Such factors go well beyond simple supply and demand factors.

Keeping themselves informed enables organizations to stay relevant in their niche market and progress forward with enthusiasm and zeal. Pupils who opt for a custom essay writing service also know that ignoring market factors can be the downfall of any firm or organization. Here are some current trends for 2021 that can help SMEs:

  • Human Resources – federal minimum wage increment, federal paid leave to become law in 2021, and OSHA (Occupational Safety & Health Administration) to step up pandemic-related enforcements.
  • Finance – Paycheck Protection Programs, CARES (Coronavirus Aid, Relief, and Economic Security) Act, and alternative sources of capital for funding needs.
  • Marketing – social media spending, paid placement advertising, and multimedia spending for greater ROI (return on investment).
  • Tech – investments in AR (augmented reality) & VR (virtual reality), AI for Big Data to drive personalization, and adoption of new technologies like RPA (Robotic Process Automation).

·       Networking

Image Credits

Networking for SMBs holds vital importance as it provides them with the opportunity to find new business partners, candidates, and prospects for their ventures. It also opens the door for future collaborations and joint projects that can prove to be a win-win for all. Plus, networking allows the improvement of business intelligence.

This can include overcoming hurdles related to business operations, such as find cost-effective means to lower production cost or develop resources to increase businesses efficiencies and efficacies. One great way to strengthen your network is to participate in tradeshows and expos held in your locality.

Other means include joining local business clubs, conferences, and federations. Young learners who ask experts to do my coursework for me also invest their time to network with alumni and other students to get greater exposure regarding their subjects and courses.

·       Professional Development

Image Credits

Investing in employees and their professional development is a must. This is because they are your greatest assets, and in the long run, they can help your company to overcome hassles and reach new milestones.

You can invest in developing their soft skills and offer them the opportunity to pursue the development of their technical know-how and expertise. As a company, you can offer your employees certifications, courses, and access to training platforms to develop them as professionals in the industry further.

problem-solving tips

·       Technology is a Boon

Image Credits

So far, technology has proven to be a boon while it is still far away from being called a panacea. Nevertheless, nowadays, many companies are heavily investing in the latest technology to improve business process and operation. There are several ways you can also use technology to improve your business operations and even though this is the last thing on our problem-solving tips, these are still very useful today, including:

  • Productivity tools (Microsoft Office Suite, Gmail, Grammarly, Artificial Intelligence, etc.)
  • Employee Performance Monitoring Tools (AtivTrak, Controlio, Teramind, Veriato Cerebral, etc.)
  • Project Management Tools (Asana, Basecamp, Trello, Wrike, Zoho Projects, etc.)
  • Remote Working Tools (Skype, Time Doctor, Zoom, Proofhub, etc.)
  • Office Management Tools (Dropbox, Google Docs, Google Sheets, Google Calendar, Evernote, etc.)

Conclusion

We hope these problem-solving tips are helpful to you. Running a small business is not everyone’s cup of tea. You require a keen sense of awareness to understand market forces, keep an eye out for rivals and competitors in your niche market, and regularly update business intelligence in order to stay relevant for your audiences.

It is like taking care of a living entity that requires sustenance, and without your undying efforts, it will never grow up to become mature. Hence a holistic approach along with an ambitious attitude to take calculated risk is a definite requirement. That is it for now. Cheers, and all the best for your future endeavors!

Author Bio

Melissa Calvert currently works as a devoted Lifestyle Counselor at Crowd Writer. This is where higher education students can buy assignment online UK from professionals specializing in their field of study. During her free time, she likes to doodle, create wall art, and practice mindful yoga.small business coach

Becoming A Successful Business Owner

business owner

Successful Business Owner: Steps to Becoming One!

Every entrepreneur wants to be a successful business owner. We all want to be in charge of our lives and our businesses. However, most of us tend to miss the subtle differences between being a business owner and being an employee.

You can still be an employee even when you own your own business. This is because, instead of claiming ownership, you are simply trying to micromanage like a business manager and neglecting the most profitable ways to take proprietorship of your business plan.

Business ownership translates to having responsibilities as well as freedom.

 

Who is a business owner?

A business owner is an individual or a group of people who invest, operate, and know when and how to delegate their business functions.

Being a business owner doesn’t mean that you have to control everything that goes on in your organization. A good business owner knows the difference between running a team and running a company.

If you own your own business, whether it is big or small, you must learn how to hire the right employees and let them take charge in matters that they excel in. Being a business owner, you already have an array of responsibilities. You are the ultimate decision-maker in all the financial and operational aspects. Therefore, it is necessary to let others handle tasks that will assist in making profits for your business.

That’s what being a business owner is all about – taking charge at the helm of the ship while your employees are still capable of running the company like a regular organization. You must have the freedom to take time off for your personal work, a vacation, or a holiday to spend time with your family.

It is about minimizing your load because you are an owner, not a self-employed freelancer who manages everything from start to finish.

A business owner is the sole person in the company who may be working hard for a living, just like any employee, and receive a monthly income. Still, they are the only ones who get a share of the gross profit from the company’s revenue. You are the one who will make the ultimate decision of how to delegate funds and keep your company afloat at the end of the financial year. Therefore, you need to be a leader rather than a boss of your business.

What are the qualities of a business owner?

business owner

A business owner must have certain qualities that separate them from an average employee at the organization:

  1. They must have the ability to prioritize business functions

A business owner must know what is important and requires their attention instead of delving into the smaller operational details. The everyday tasks can be handled by capable employees who excel at them. You need not spend time managing small mistakes or losing your time and energy over something that a manager or an employee can handle.

As a business owner, your priority should be to look at the bigger picture and guide your employees towards the company’s success. Time is of the essence for a business owner. If you are busy putting out fires and handling menial tasks, then there is really no need to have employees, is there?

 They must know how to delegate tasks efficiently.

 A good business owner knows how to hire efficient employees, even if they are in small numbers. You must know how to identify people’s strengths and delegate tasks according to that. Each employee you hire has a special skill that can benefit your business greatly. Therefore, instead of micromanaging those tasks, you can let them handle them efficiently.

As long as the employee can reach the ultimate goal, there is really no need to be looking over their shoulder. The reason for this is, you may have a tried and proven method of doing something that yields results. Yet, with the ever-changing times and business opportunities, your employees may have developed a better way to get the job done.

It is crucial that you identify these opportunities and delegate the tasks accordingly so you have more time to develop your business plans for maximum output.

  1. They must be capable of handling multiple business functions.

 As a business owner, you are required to wear multiple hats. You will need to ensure that the investments in your company are yielding tremendous returns. You have to look after various operational details to ensure that every sector of your company is running smoothly, whether it is research and development, sales, production, design, etc. You also need to make sure that your human resource factor is well managed. Not to mention, there are the marketing and financial aspects that help generate revenue for your company.

These tasks are not easy and definitely require your utmost attention. As a business owner, you must be able to handle all the functionalities mentioned above with ease. Trust us when we say that if you take the time to develop and execute your business plan efficiently, then as a business owner, your company will yield massive returns, which will make it all worthwhile.

It is ideal to have a mentor to guide you as a business owner so you make the right decisions for your organization or small business and nurture it with excellence.

  1. Must be willing to make financial sacrifices for the business

 You may think that starting your own business means you will be earning large profits to stabilize your life quickly. But that cannot be further from the truth.

A business owner will be required to reinvest their profits and sometimes even endow their personal savings in the initial stages of the business. At this point, your business needs to grow steadily; therefore, the profits you make must be utilized in the best possible way to maximize output, thereby the revenue. Nonetheless, it is not all bad news, once you have stabilized your business functions, learned how to invest efficiently, and created a substantial name for your company, the revenue you generate will be worth all the financial sacrifices. You can then grow your business exponentially and earn your financial freedom at a point where you no longer have to worry about the commercial development of your company.

  1. They must be able to make sacrifices on a personal level.

 If you are inclined to start your own business, then you need to keep in mind that in the initial stages, life is going to be very difficult. You won’t be working a standard nine to five with a steady monthly income. Rather, you will be required to spend long hours developing your business plans, meeting with investors, reaching out to potential buyers, and basically dedicating major hours to initiate your company.

You may think that you missed your vacation with your friends and family, you don’t get to spend time with your loved ones, you don’t even have the time to nurture and pamper yourself. However, these personal sacrifices are short-term.

Once you have successfully launched a prospering company, as an efficient business owner, you will have ample time to make up for those missed vacations, the times you missed learning about what is going on with your loved ones. You will have the independence financially as well as personally to invest time in yourself. The little sacrifices along the way are nothing compared to the humongous returns you get for a little bit of extra hard work.

Different types of business owners

business owner

Business Owner is an umbrella term that covers various types of business proprietorship. You can be one or the other, and sometimes even multiple types. Let us take a detailed look at what kind of business owner you can be:

  • Being a sole proprietor

This is the simplest, most beneficial business ownership that requires very little effort.

As the name suggests, a sole proprietor is the one and only investor, worker, and benefactor of the business. The business and the individual act as a single entity; therefore, all the profit goes directly to the sole proprietor.

There is limited taxation when it comes to this form of business ownership which is definitely a plus point. However, you must note that as a singular entity with no distinction, the sole proprietor is fully and entirely liable for all malfunctions and business obligations. If the business succeeds in the initial trial period, then the proprietor is the only patron who stands to gain from the revenues and profits. However, if they incur any legal liabilities, financial obligations, or business failure, then they are the only ones who must bear the consequences. Their personal assets are merged with the company; therefore, in case of all legal and financial accountability, everything they own, including houses, cars, etc., is all fair game.

These cons, though severe, are outweighed by the tremendous pros that a sole proprietorship business plan offers.

  • Owning a Limited Liability Company or LLC

A limited liability company commonly referred to as an LLC is a safeguarded form of a sole proprietorship. In this form of business ownership, the company assets are treated as a separate entity from the personal assets of the owner.

As the name suggests, this kind of company holds limited liability and is not subject to humongous federal taxation. Depending on the state where the trade functions run, the owner is only obligated to pay for the personal business tax and any small state taxes.

Another benefit of owning a Limited Liability Company is that if the business fails, faces a lawsuit, or goes bankrupt; then only the business assets will be sized or sacrificed. Any personal effects of the owner remain completely safeguarded from all liabilities.

Check out these steps in starting an LLC to make sure that everything is done accordingly.

Building a corporation

business owner

When we speak of business owners running corporations, there are several entities to be taken into account:

  • A S-Corporation

It is a form of special business ownership that helps avoid double taxation on the income of the company. These corporations use a sophisticated form of trickling down profits and losses to the various stockholders of the company. As business owners, they still earn a substantial amount. However, all accounting is balanced by appropriate divisions among stakeholders. However, you must note that once the company reaches a specified revenue amount that surpasses the special election, the business owner will incur double taxation.

  • A C-Corporation

This is a low-liability form of corporation. Stockholders buy into the company, thereby entitling them to decision-making capabilities while investing in the company. The business owner’s personal assets remain detached from that of the company. All these pros make a C-corporation quite a profitable venture. However, the corporation must pay double taxation on dividends and profits, which makes for a substantial hole in revenue.

  • A B-Corporation

It is a benefit corporation designed for public welfare while still accounting for profits. In other words, the corporation, be it private or government-oriented, works towards benefiting the community, but the stakeholders of the company still earn substantial profit delegations. Since the profits are distributed among stakeholders, a B-corporation does not get any special tax benefits despite their dedicated efforts towards communal welfare.

  • Non-Profit Corporation

As a corporation solely dedicated to serving the common people, a non-profit organization is exempted from all manners of taxation. As the name suggests, there is no profit earned by the company, and all income must be dedicated to the work of the organization. Besides paying their employees for their hard work, non-profit organizational members and stakeholders do not share any income or revenue generated from the education programs, literary and scientific accomplishments, charity events, etc.

  • Close Corporation

These corporations are close-knit organizations where the shares and stocks of the company are only available to those involved with the business. No matter how successful the company becomes, non-members cannot partake in investing in their stocks. All benefits are shared solely among those who have a stake in the company directly, while the liabilities do not trickle down to the personal assets of the stakeholders.

  • Engaging in a partnership

A partnership allows more than one business owner to participate in the profits and losses of the company. As you can see, there can be more than two or more members involved in a partnership. By law, these partners share unlimited liability in the company.

Let me explain that. As we have seen before, limited liability is the business owner’s accountability for a specified amount pertaining to their investment. However, an unlimited liability implies that the business owners must attend to all the debts and liabilities of the company, no matter how large the sum may be.

On the plus side, indulging in partnership opens up horizons for more capacity to acquire investors with very low costs for startup since the initial investment is divided. Thus, the profits will also be shared. Suppose you can work harmoniously without much disagreement and comply with taking up responsibility if unlimited liability criteria come into play. In that case, a partnership is a very profitable venture with a multitude of benefits.

  • Partaking in a cooperative business plan

Lastly, let us talk about one of the most close-knit, profitable business owner solutions that incur less risk – The cooperative program. In this kind of company, a cooperative or community of people get together to form a private business plan.

Generally, there is a board of elected members who organize the operational functions, but for the most part, each member of the cooperative is engaged in the income.

Mainly, the cooperative company has a select number of members, and their products and services are dedicated to the welfare of the partaking people. The amount of profit is distributed among the members for their hard work, instigating team spirit and camaraderie.

Only the members can buy shares in the company, which is otherwise unavailable to outsiders. This supportive and cohesive program actually helps business owners earn substantial amounts, share the risks, and only pay taxes on their highly beneficial income. However, the problem is, it is not easy to get funding from outside the cooperative as it is limited to members.

Differences between self-employed, business owner, and an entrepreneur

business owner

The terms self-employed, business owner, and entrepreneur are often misconstrued to mean the same thing. However, we assure you, they are as different as apples, oranges, and mangoes.

Let us see how these terms differ from each other.

  • A self-employed business person can work on a contractual basis or they can develop a small business. They can be part-time or full time employees at certain existing organizations or sole proprietors who only work based on their demand. Their income potential is limited to their personal brand or the business brand they develop; therefore, the tax benefits are great. A self-employed business person may or may not own the rights to any business per se. They are in business for themselves; thus, all the profits and liabilities are incurred in equal measures.
  • Entrepreneurs, on the other hand, are a certain type of business owners. Their trade model is based on a new idea or concept that is otherwise not practiced. They build a brand based on this concept, and moving forward; it is the unique selling point of their company. This may be a large or small business plan, but it is built from scratch with like-minded business people. The central idea still revolves around the original concept, and it is further developed to draw in investors. Their growth is always substantial and unique.
  • Finally, coming to business owners, there is a particular point that sets them apart from entrepreneurs and self-employed professionals. Business owners need not build a business from the ground up. They can invest or buy into a business and take ownership as per their share-holding or stakes in the company. A business owner is a leader who guides the company to a prosperous revenue system with a carefully designed business plan. They have capable people to whom they can delegate the tasks as required while focusing on the bigger picture. Among the three, business owners certainly enjoy more freedom both personally and financially as the company is based on a shared concept.

How to be successful as a business owner?

In order to become a successful business owner, it is important to lead a disciplined and organized life.

A business is an entity that grows the more you nurture it. Therefore, following these steps below could help develop your business into a huge success.

  1. Understand the value of money

 When starting a new business, it is vital to keep in mind that every investment you make, every loan you take is a step towards improving upon your business plan. It will take some time to establish your success, and then you can expect to live luxuriously. Until then, you must focus on saving and investing towards building the trade that will earn you your financial independence.

  1. Don’t jump into a business without understanding the market

It is primordial that you analyze market conditions in your niche before you delve into a business plan. It is not an impulse buy at the register. You need to specify realistic goals and create a concrete plan based on the careful understanding of market demands.

  1. Develop a realistic business plan

Developing a realistic business plan means your concepts must be clearly grounded in the balance of probability. Whether you are into production, servicing, or investing, you must be able to identify unrealized gains and capitalize on them. Your business plan must not be fool-proof, but you should have contingencies in place if something goes horribly wrong.

  1. Improve your skills of negotiation

The power of negotiation is a handy tool for every business owner. You must know the current market conditions like the back of your hand and negotiate better deals when buying and selling your products and services. This is to say, buy low, sell high should be your mantra, but at reasonable terms.

So, there you have it. The ultimate guide to becoming a successful business owner and multiplying your profits while still earning personal and financial independence.small business coach

The 9 Types of Entrepreneurship: What’s Your Style?

entrepreneurship

TYPES OF ENTREPRENEURSHIP

When thinking about the many types of entrepreneurship, this is a big reason I decided to become a business coach. I love the variety of the amazing small business owners that I coach.

An entrepreneur is someone with the ability and desire to start up, administer and succeed at a particular business, bearing the associated risks to make a profit. When we hear of entrepreneurs, we often think of individuals who establish new business ventures regardless of the risks.

Entrepreneurs are often regarded as a hub of innovation, as they bring new ideas and innovation to the market. They break cycles of monotony in processes and products. They combine resources like land, labor, capital to generate new goods/services.

 

There are various types of entrepreneurship, classified based on several factors. In this article, we will be exploring the nine different types of entrepreneurs. But before we get into it, let’s see some common characteristics among entrepreneurs. Check out this information on employer of record services.

Characteristics of Entrepreneurship:

Before we proceed, it is worth mentioning that not all entrepreneurs succeed in their ventures and being an entrepreneur doesn’t automatically make one successful. However, most successful entrepreneurs have some traits in common. Here are a few of them.

  •         They take risks

The associated risks with starting a new business venture are pretty considerable, as there are chances of failure. Entrepreneurs, therefore, need to be bold and very courageous. They also need to evaluate the risks and benefits of a new venture and make relevant conclusions about whether it is worth engaging. Taking risks is what being an entrepreneur is all about.

  •         They are innovative

Entrepreneurs are a hub of new ideas. They think differently and outside the box too. Their innovative ideas are capable of generating new revenue streams for their companies. This could involve introducing a new product to the market, augmenting an existing product in the market, or establishing a new market for products. They could also positively impact the production process, making it more efficient, thereby maximizing profits.

  •         They possess visionary and leadership quality

To be successful entails having a clear vision of the new venture, and successful entrepreneurs have this quality.

Having the vision is one thing, and materializing it is quite another. Thus, successful entrepreneurs can combine available resources towards the attainment of set goals and objectives. They possess unparalleled leadership skills in guiding and influencing employees in the path of success.

  •         They are usually open-minded

Successful entrepreneurs can recognize circumstances as opportunities with the potential to benefit the company positively.

  •         They are flexible

Successful entrepreneurs aren’t rigid; they are flexible and open to change when the need arises. They are ready to embrace a new path or product when necessary.

Nine Types of Entrepreneurship

Entrepreneurs materialize ideas into reality. They create jobs and have a tangible impact on the economy. There are many entrepreneur types, each with a distinct characteristic and path, defined by their personality, ability, and surrounding environment.

many types of entrepreneurshipThere isn’t a universally accepted distinction in the types of entrepreneurs, as the types differ from region to region based on the country and the sectors active in that country. The most common, however, are,

  •         Small Business Entrepreneurs
  •         Large Company Entrepreneurs
  •         Scalable start-up Entrepreneurs
  •         Social Entrepreneurs
  •         Innovators
  •         Hustlers
  •         Fabian Entrepreneurs
  •         Researchers
  •         Drone Entrepreneurs
  •         Buyers

With the many types of entrepreneurship I would venture to say that when you factor in the many different styles, talents and personalities, there is a different type for every business on the planet! But to simplify the list, we will discuss the 9 types. Each of these distinct categories of entrepreneurs has different rules of business success. Still, they usually go through similar tussles regarding finance, people, marketing, and even self-management issues.

Let us explore some of the more prominent types of entrepreneurs, what makes them unique, their roles, and how they impact the business’s success.

  1. Innovative entrepreneurship

As the name implies, innovators describe the class of entrepreneurs that develop entirely new ideas and transform those seemingly far-fetched ideas into viable business opportunities.

These entrepreneurs usually change peoples’ perceptions of things, opening up their understanding to view and think differently. As a general trend, innovative entrepreneurs are usually passionate about their cause, sometimes coming off as obsessive, and are deeply intrinsically motivated because of their business ideas’ uniqueness.

As a unique characteristic, innovating entrepreneurs usually introduce new goods/ / services and new production methods, create new markets, and completely restructure an enterprise for greater productivity.

Being innovative also applies to their ability to devise new approaches and ways to market their products. They use unique strategies that separate their companies from the crows and help them stand out with product differentiation strategies. And it doesn’t end there. They may not only stand out from the crowd but have the potential to create a new crowd, changing the status quo in significant ways.

small business coach

Advantages of Innovative Entrepreneurship

  •         They usually receive all the credit for the business’s success, as they bear the brunt.
  •         They create the rules of engagement.
  •         During the initial days of the business, they would, very often, face minimal competition

Disadvantages of Innovative Entrepreneurship:

  •         Birthing a new idea to reality would usually necessitate vast amounts of capital.
  •         They often encounter significant resistance and opposition from current shareholders.
  •         Their job always requires patience as the timeline for success is a lot longer than usual.
  •         They can work only when a certain development level is already achieved, and people look forward to changing and improving.

This type of entrepreneurship’s unique attribute is their ability to visualize a new pattern of thinking and discover new ways of doing things, which sets them apart from the crowd of entrepreneurs and makes them largely successful. However, innovators’ burden reflects the amount of patience, commitment, and required capital to bring about innovation.

  1. Hustle Entrepreneurship

entrepreneurs workingAs a mark distinction from innovators who go through the pain to develop new ideas as fuel for the business process, hustling entrepreneurs invest hard work. They are not afraid to get on their blue-collar suits and get their hands dirty. Unlike the innovative type of entrepreneurship that looks to significant capital to implement their new vision, hustlers usually start small and focus on investing hard work and effort to grow their businesses. These entrepreneurs pay attention to a small start-up and look to grow it steadily with the hope of becoming more prominent in the future.

With their dream, hustlers find the motivation and the commitment to work very hard to realize them. They are usually very focused individuals who’d stop at nothing to achieve their dreams. They would quickly get rid of any distractions in their path, preferring to take risks and the discomforting path than indulge in pleasure and comfort. Think of the famous Mark Cuban, as an example here, who started at a very young age selling trash bags, postage stamps, and newspapers. His company later progressed to a goldmine which the internet giant Yahoo later purchased.

Advantages of Hustler Entrepreneurship

  •         they are the most hardworking of all types of entrepreneurs. They will outwork most
  •         they usually don’t give up easily and will usually develop thick skin.
  •         Having a thick skin also implies they’d see challenges, rejection, disappointments, and failures as a part of the journey.

Disadvantages Hustler Entrepreneurship

  •         Having to invest such gruesome amounts of hard work means they are more likely to burn out.
  •         The degree of work they engage in can also wear out their team members, who may not have the same agility of work ethic.
  •         Some hustlers may overlook the need to accumulate capital as they’d prefer to invest their labor in working harder.

This type of entrepreneur usually never gives up. It also means they are usually more willing than most to try just about anything to succeed. Though they may succeed, the number of trials and errors may become significant, and the time taken to achieve their dreams daily increase.

  1. Fabian Entrepreneurship

entrepreneur on laptopFabian entrepreneurs are a type of entrepreneurs that are generally stereotypic concerning change. They are generally skeptical about implementing changes in the business.

Fabian entrepreneurs do not initiate new ideas but can copy innovations only after being fully satisfied with the innovative entrepreneur’s already implemented initiative. Fabian entrepreneurs are more imitators than initiators.

Imitators are those who copy others (captain obvious!) Fabian entrepreneurship, thus, involves copying the trends and patterns of other businesses and making improvements upon them. Fabian entrepreneurs can copy other business ideas or products and improve upon them to gain the upper hand and dominate the market.

This type of entrepreneur usually has great readiness to adopt successful approaches already implemented by successful innovative entrepreneurs. Though they may not innovate themselves, they also do not copy and implement without making some adjustments and improvements to suit their context and agendas. In developing nations, such entrepreneurs are pretty instrumental in driving in a new wind of change. They can adopt new strategies and techniques from other successful entrepreneurs and usher in combining factors of production foreign to their economy, but not to already developed regions.

Imitators incorporate attributes of innovative and hustling types of entrepreneurship. They do not seek to maintain the status quo but seek to change things, and they ride on a great deal of confidence and handwork in what they strive to achieve.

Advantages of Imitators

  •         Modifying and adapting an already-existent and tested idea is a lot easier and less strenuous.
  •         Adapting an already tested idea also makes it possible to compare your results with the original developer and implementer of the idea.
  •         Taking the route of imitating makes it possible to avoid mistakes that would have been made in initiating a new idea.

Disadvantages of Imitators

  •         The ideas of imitators always appear to be in the shadow of the original.
  •         They are always behind, trying to reach up to already set standards.

It can be a great idea to adapt an existing idea to suit one’s context in developing a business. The associated risks with imitation aren’t as much as initiating a new venture altogether, but it might not acclaim all the credit for the initiative when the copied idea finally succeeds.

types of entrepreneurship

  1. Researcher Entrepreneurship

Even when an individual has an idea, there needs to be adequate research to gather relevant information, which takes time. This is where research entrepreneurs come in.

Researchers take the time to get all the necessary information before engaging an idea. To them, there isn’t any room for failure since they know all there is to know about the venture they’re engaging in.

Researcher entrepreneurs go the route of information gathering because they believe a business has a higher chance of success when there is an in-depth understanding of all aspects of the business. That is why they put in the work to seek out the knowledge. Consequently, they usually take a great deal of time to launch new products or make new decisions because they need great knowledge foundations upon which to act. They, thus, rely heavily on facts and existing data than intuition and instincts.

For researcher entrepreneurs, there should be no room for errors.

Advantages Researcher Entrepreneurship

  •         They consider and plan for as many foreseeable contingencies as possible
  •         Their business and financial plans are usually well thought out, detailed, and substantiated with relevant data.
  •         They rely on data and facts rather than instincts for decision-making.
  •         They usually wouldn’t make a move until they feel they have adequate knowledge of the market.
  •         Because of the immense research, they are less likely to make mistakes or fail in business.

Disadvantages of Researcher Entrepreneurship

  •         Since they require extensive research backing their actions and decisions, they usually move slowly.
  •         They don’t like taking risky ventures, and for new ventures, that will stagnate and hinder the move as every new venture requires some degree of associated risks.

Researcher entrepreneurs invest a great lot of time investigating and digging into existing to substantiate their decisions/actions. That can easily land them in the harmful habit of drooling over the numbers rather than paying attention to the business’s running.

  1. Drone Entrepreneurs

This type of entrepreneurship is very resistant to change. Drone entrepreneurs exhibit great reluctance in accepting change and are very conservative in their methods and procedures.

Drone entrepreneurs exhibit great contentment with the business’s current state and see no need to alter an already perfect system of operation. They will, thus, prefer to maintain an inefficient production process even though they are suffering losses than to introduce changes of any kind.

Advantages of Drone Entrepreneurship

  •         They are more stable in their operations and can’t be influenced by temporal trends.
  •         They quickly get content and can wave off unnecessary pressures for change

Disadvantages of drone Entrepreneurship

  •         Stereotypic attitudes can birth stagnation in the business
  •         They run the risk of having irrelevant businesses in their failure to embrace changes.

florist entrepreneurship

  1. Buyer Entrepreneurship

Buyers have a characteristic feature as entrepreneurs – their wealth. They have the money and are specialized in buying off profitable businesses.

Buyers scan through and identify valuable businesses. They then assess the business’s viability and, based on their conclusions, move to buy the business and get a competent individual to run and grow the business actively.

Advantages of Buyer Entrepreneurship

  •         The risks associated with purchasing an already established business are minimal.
  •         This type of entrepreneurship has little worry for innovation as it jumps on already implemented innovation.
  •         Rather than building from the foundation up, buyers can easily focus on developing an already-started venture.
  •         There already exists a market, and buyers inherit the products’ market when they purchase a business.

Disadvantages of being a Business Buyer

  •         The cost of acquiring a business can sometimes be very costly, and buyers often pay high prices for profitable businesses.
  •         There is still a degree of associated risks involved in buying businesses with problems that are underestimated or you think can be easily handled. That may not always be the case.
  1. Small Business Entrepreneurship

Small business entrepreneurship is a type of entrepreneurship that involves the ownership and running of one’s small-scale business.

Most businesses today are small businesses. This type of entrepreneur toggles capital and profit sufficient to take care of self, household, and other basic needs. They don’t go for large-scale ventures or capital-demanding businesses. They would, most often, hire family or local community members.

Funding for such small businesses comes from gifts, small-scale loans, or savings.

Advantages of Small Business Entrepreneurship

  •         Requires very little capital to become a small business entrepreneur
  •         Work with smaller teams of individuals

Disadvantages of Small Business Entrepreneurship

  •         Profits from these businesses are small
  •         It May sometimes not be recognized by official government programs.
  1. Large Company Entrepreneurship

Large-scale entrepreneurs work with companies with a finite amount of life cycles in this size-based classification, larger-scale businesses. This type of entrepreneurship requires professionals with innovative skills to sustains business.

Large companies usually introduce new products to meet customer demands and grow from small businesses under the right growth conditions. Small businesses can also become large companies if an already large company buys them over.

Advantages of Large Company Entrepreneurship

  •         Prominent company entrepreneurs are innovative. They can bring new ideas and sustain company relevance for generations

Disadvantages of Large Company Entrepreneurship

  •         Requires more professional skills and innovations, thus limiting the range of persons that can become prominent company entrepreneurs
  1. Scalable Start-Up Entrepreneurship

When entrepreneurs believe that their company can change the world, they become scalable start-up entrepreneurs. They are often funded by venture capitalists and must need hire professionals with specialized skills.

This type of entrepreneur has an eye to identify needs in the market and provide adequate solutions as a business idea. Most cases of scalable businesses are technology-based and have global impacts, like Facebook.

Scalable start-up entrepreneurs require investors who believe in their idea and can appreciate out-of-the-box thinking. Their need to work with just the best and brightest in a specialty can sometimes make this entrepreneur picky. They also would need incredible amounts of capital to fund their ideas.

Advantages of Scalable Start-Up Entrepreneurship

  •         They are innovative and can think outside the box
  •         They usually have a great degree of confidence in what they do.

Disadvantages of Scalable Start-Up Entrepreneurship

  •         They require more professional teams of individuals to work with and can be very picky
  •         Their notions of changing the world with an idea can sometimes depict them as crazy, especially if they fail.
  •         They require significant amounts of capital to start and fund their ideas
  1. Social Entrepreneurship

When an entrepreneur focuses on solving social problems by supplying particular goods and services, they are social entrepreneurs. They aim to make the world better by their goods/services they supply. Their focus isn’t the amount of profit they make but the degree of a positive impact on the world.

Social entrepreneurs will, most often, engage in non-profit companies and NGOs, dedicating themselves towards the social welfare of humanity.

Advantages of Social Entrepreneurship

  •         They focus on the social well-being of humanity
  •         Their focus isn’t profit-making but making the world a better place

Disadvantages of Social Entrepreneurship

  •         Having a social well-being perspective means their decisions and actions may not always favor the company’s growth.
  •         Social causes may not attract as many investors as profit-making ventures.

Importance of Entrepreneurship:

types of entrepreneurship handbags

  •         Creates Employment

The activities of entrepreneurs generate employment opportunities for the public. They create new jobs for both skilled and unskilled labor.

  •         Increase Public Standards of Living

Entrepreneurship harnesses and promotes innovation. Such innovation is the drive behind introducing new products, services, technology, and qualities of goods to the market. Their innovation, thus, enhances the standards of living of the general public.

  •         Promote Development

There is bound to be development in society when there are increased employment rates and better living standards. Facilities for investment like education, sanitation, markets, infrastructure, etc., become highlighted for development. By their activities, entrepreneurs promote social and community development, leading to a better quality of life.

  •         Increase Income Levels

Entrepreneurship also provides more opportunities for individuals to raise more money for themselves and their loved ones, thus raising income levels in the community. Increased income levels mean increased expenditures on essential commodities and luxury commodities, thus raising general living standards.

  •         Promote research and development

Entrepreneurship is a hub for innovation, and by the work of entrepreneurs, new products and services come on the scene. But these new products need to be adequately researched before they can be introduced for public consumption. As such, entrepreneurs invest in research ventures and dispense towards research institutions and universities. Their drive promotes research and, consequently, development in the economy.

Now that we’ve discussed some of the types of entrepreneurship, check out this article on the Top 10 Best Business Tools for Entrepreneurs!small business coach

3 Technical Skills Online Entrepreneurs Should Add to Their Resume

online entrepreneurs

Online entrepreneurs know that knowledge is power – the phrase is attributed to an English philosopher in the 16th century and has been used in numerous scenarios along the years.

Despite its age, the phrase retained its power and even gained on it as it has never been more accurate than the present time. In our highly technologized times, with readily available mountains of information, knowledge is extremely powerful.

As an online entrepreneurs in today’s hyperactive online world, you can never have enough knowledge. New skills will keep you one step in front of the competition and will make you better prepared for modern customers’ demands.

3 Technical Skills Online Entrepreneurs Should Have

While an online entrepreneurs must have a diverse set of skills, from a wide range of domains, technical skills are crucial. Of course, this is a broad term, so we narrowed it down to three main tech skills that any online entrepreneurs must acquire.

1. SEO Basics

The world of search engine optimization (or SEO) is complex and dynamic. Google, as the most popular search engine of the present, is constantly adapting to provide users with the best experience. As a result, every new update leads to new SEO rules and guidelines.

For instance, Google launched two broad core updates in 2020 (one in January and one in May).

online entrepreneurs

While they perform small updates almost daily, broad core updates have an impact on search results all over the world. This is usually seen in changes in search ranking. For instance, if a site’s content improved in relevancy towards its core audience since the last update, it will be moved up in SERP. If it lost relevancy, it will be pushed down.

What ONLINE Entrepreneurs Should Know

Whether you have a team of SEO specialists working around the clock, or you’re a one-person business, there are a few knowledge bits that can help you stay on track with these changes:

How Keywords Work

There will always be people who will say that keywords don’t matter anymore.

And, to some extent, they are right.

While search engines don’t establish a page’s position by the number of keywords it uses, they still use them as a factor for relevancy and ranking. Furthermore, according to SEO specialists, it matters the type of keywords you use.

online entrepreneurs

Source: https://neilpatel.com/

Long-tail keywords are the ones that help you reach a specific niche, that’s more likely interested in making a purchase rather than browsing.

For instance, if you develop a virtual reality (VR) software product (an app or a game), the go-to keyword is “virtual reality”. However, the competition is high on this keyword and the audience is broad.

On the other hand, if you use “virtual reality games for PS4” or “virtual reality app for Android”, you have a better chance of standing out from the crowd. With long-tail keywords, the competition is lower, so it’s easier to rank in search engines.

Content Relevancy is Key

 You probably know that “content is king”, but you also need to know how to use its power. There are many bloggers out there who post new content on a daily basis without any significant results.

So why doesn’t it work for them?

It’s all about relevancy and how search engines interpret your intentions. Are you creating content just for ranking or are you genuinely trying to create value?

According to a study done by Neil Patel, the May Google update impacted (in a negative way) websites with old and thin content the most.

In conclusion, search engines appreciate content that’s constantly updated to reflect the present and that brings value to the target audience by providing detailed information.

 Follow the Trend

As an online entrepreneurs, it is an advantage to stay updated on the online trends. Google updates also show the trend of the market and the industries that are the most volatile at the moment. For instance, the May update showed the industries most affected by the 2020 pandemic (real estate, travel, and health were among the most affected).

This sort of knowledge can be integrated into SEO strategies to adapt to the current market demands and prevision for future fluctuations.

2. Coding Skills

Whether you own a standard website or you’re a prolific e-commerce online entrepreneurs, coding skills are a must-have.

While there are plugins (especially with flexible platforms like WordPress) that can help with virtually anything, there are situations when a few lines of code can save time and money. As such, basic coding skills are valuable knowledge for today’s online entrepreneur.

Most modern web pages are developed using a mixture of HTML, CSS, JavaScrip, Java, and Python, but it never hurts to consider other technologies as well.

Luckily, nowadays it’s rather easy to understand how coding works and it doesn’t take much to learn your way through functions and procedures. Also, there are plenty of online coding courses one can join and it only takes a few weeks of study to become familiar with the process.

As an online entrepreneurs, you will work with highly-skilled developers, but it helps to know how to solve quick and easy problems. It’s also a way of knowing your product, whether it’s an app or a web page.

3. Social Media

Why is social media a technical skill? After all, you’re only using these platforms, you’re not developing them.

Social media is a bit different for businesses than it is for regular people. As an entrepreneur, you’re using these platforms to attract new leads and disseminate messages in an optimal manner.

This means that you need to understand how the platform works and how it is being used by your audience.

For instance, according to HubSpot, the success of your Instagram posts depends on the day and time of day you decide to publish. Research suggests that the best time to post on Instagram is on a Thursday, at 5 AM, 11 AM, 3 PM, and 4 PM.

online entrepreneurs

Source: https://blog.hubspot.com/

Of course, the data is different for other platforms, and it’s important to understand why and how the information is relevant for your target audience.

In addition to this, social media platforms offer analytics data and tracking tools that can be useful in planning new marketing strategies. A successful online entrepreneurs, you must be up to date with everything social media has to offer and learn new methods of promotion.

Wrap Up

There’s more to a successful business than just learning new skills, but it all starts here. When you’re open to new information and knowledge, you open your mind to new possibilities. As a result, it will be easier to accept and implement change and adapt to a market that’s highly influenced by new technologies.

Erika Rykun is a content strategist with Udemy which offers online courses and producer who believes in the power of networking and quality writing. She’s an avid reader, writer, and runner.

LinkedIn: https://www.linkedin.com/in/erika-rykun

Twitter: @erika_rykun

small business coach