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How to know which of the 5 entrepreneur types you are, based on your goals and the risks you're willing to take
Being an entrepreneur comes with social status. Entrepreneurs make stuff. They're talented. They think differently.
Serial entrepreneur and startup guru Steve Blank says entrepreneurs are resilient, agile, tenacious, and passionate.
Business Insider spoke with Blank about his five basic categories, and how to know which one (or more) applies to you.
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Sometimes it can seem as though everyone is calling themselves an entrepreneur.
If you ask serial entrepreneur and startup guru Steve Blank, he'll tell you that all entrepreneurs have four things in common: they're resilient, agile, tenacious, and passionate.
Blank is a Silicon Valley legend who has over 40 years' experience on the subject.
He has launched eight companies (most notably E.piphany, which developed customer-relationship-management software) and written four books, including "The Four Steps to the Epiphany" and "The Startup Owner's Manual."
Ten years ago, Blank revolutionized how the business world thought about startups when he created the Lean Startup methodology with Eric Ries and Alex Osterwalder, and he has since mentored numerous founders as an investor and advisor.
Business Insider spoke with Blank about what it takes to be an entrepreneur, and he said that while they have a lot in common, they tend to fall into five basic categories.
Here's how to know which one (or more) of the categories applies to you, based on your personal risks and financial goals.
Lifestyle or solo-preneur
Risk: Low to moderate
Goal: Flexible work-life balance
Example: Three friends used the barrel pictured above to start Night Shift brewing in their apartment as a hobby. Now their capacity is capacity is up to 120-barrels.
If you started monetizing a hobby or side hustle to support a personal passion, then this is you.
Lifestyle entrepreneurs weren't included in Blank's original framework, but the changing relationship to work has given new shape to this group of business owners who work for themselves.
Blank used the example of someone who loves to surf, and offers surfing lessons in order to fund that lifestyle. The business here is low to moderate risk, and serves to meet flexible financial goals.
Lifestyle entrepreneurs are using online tools and platforms like Poshmark, Instagram, Etsy, Amazon, Venmo, and Square to start businesses to generate additional income at much smaller scale and at lower risk than previously possible. Some even go on to grow their operation into a more formal business.