I met lots of people in last year, some of them are entrepreneur by choice and some entrepreneur by reason; both type entrepreneur are hard working and doing their business in a best way they can do by their fullest knowledge, skills and leadership quality. But I found pretty significant difference between these two type entrepreneur they are different in many ways.
Starting a business? From eye of entrepreneur by choice
Starting a business? From eye of entrepreneur by choice
"Entrepreneur by choice" they dig down in all documentation process, make the business plan, marketing strategy, financial sheets and all other stuff which can make their business successful. They all are more like the students who learn the leadership, entrepreneurship in B-Schools and they do in the same way they taught in school, just because we heard this from our teachers/parents/friends etc. I also think it is good practice and shown its importance but sometime my heart start talking about other side of coin, what will happen if somebody don't have all this?
Starting business? From eye of "Entrepreneur by reason"
"Entrepreneur by reason" sorry they are not having much time for business plan, market analysis, financial sheets, they just have a reason to start the business, they already having a problem and trying to solve that. Rather stuck in business plan, marketing strategy and all B-School taught lessons all we hear; they don't wait for finding that all signals are green to drive a car but they start driving a car and finds the way to reach towards solution. Some time they succeed and sometime they fail but they are more towards finding a solution.
On the contrary "Entrepreneur by choice" try to find the reason why this business would be beneficial through business plan, market analysis, financial study.
Starting business? From eye of "Entrepreneur by reason"
"Entrepreneur by reason" sorry they are not having much time for business plan, market analysis, financial sheets, they just have a reason to start the business, they already having a problem and trying to solve that. Rather stuck in business plan, marketing strategy and all B-School taught lessons all we hear; they don't wait for finding that all signals are green to drive a car but they start driving a car and finds the way to reach towards solution. Some time they succeed and sometime they fail but they are more towards finding a solution.
On the contrary "Entrepreneur by choice" try to find the reason why this business would be beneficial through business plan, market analysis, financial study.
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Running a business From eye of "Entrepreneur by choice"
As these type entrepreneurs are going through the well documented process to define what exactly they are going to do with business in first year, second year, third, fourth and fifth. They have lots of thing to focus; whether marketing strategy going with their thoughts which they earlier mentioned in business plan, whether profit ratio is closer to their expectation, whether expenditure is more then profit, reason behind idea was strong enough to sustain in market and too many questions?? question mark???? and more question mark??
Running a business From eye of "Entrepreneur by reason"
A entrepreneur who has the reason behind initiating a business is pretty different when they come to running a business. This type entrepreneur focus doesn't land in overcrowded market of question, they usually have one question how to solve the problem, whether require more finance to solve the problem, how much time it is going to do so. They are not more into profit making thing, they are solving the problem, they are like crazy, they dedicate all their time to solve the time and forget all. When they solve the problem they quickly move to another problem.
Entrepreneur by choice aren't much focused on solving the problem they are more towards how to make the business successful.
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Goal From eye of "Entrepreneur by reason"
As these type entrepreneurs are going through the well documented process to define what exactly they are going to do with business in first year, second year, third, fourth and fifth. They have lots of thing to focus; whether marketing strategy going with their thoughts which they earlier mentioned in business plan, whether profit ratio is closer to their expectation, whether expenditure is more then profit, reason behind idea was strong enough to sustain in market and too many questions?? question mark???? and more question mark??
Running a business From eye of "Entrepreneur by reason"
A entrepreneur who has the reason behind initiating a business is pretty different when they come to running a business. This type entrepreneur focus doesn't land in overcrowded market of question, they usually have one question how to solve the problem, whether require more finance to solve the problem, how much time it is going to do so. They are not more into profit making thing, they are solving the problem, they are like crazy, they dedicate all their time to solve the time and forget all. When they solve the problem they quickly move to another problem.
Entrepreneur by choice aren't much focused on solving the problem they are more towards how to make the business successful.
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Goal From eye of "Entrepreneur by reason"
In concise way I can say that "Entrepreneur by reason" kind of entrepreneur always run behind the solution to the problem and that's becomes their goal.
Goal From eye of "Entrepreneur by choice"
On the other hand "Entrepreneur by choice" explored the reason on which he/she can build the business they look to solve the problem too but their focus lands on growing the business so their goal always remain in court of business success.
Now I personally feel that IT industry lacking the "entrepreneur by reason" most of them are just "entrepreneur by choice".
Check where you stands "entrepreneur by reason" or "entrepreneur by choice".
