There are three types of entrepreneurial styles. I’ve structured them from the easiest to the most difficult to execute:
- Finding a target audience with a solution that fits them
- Having a solution and finding an audience to which it fits
- Creating an audience for a solution that didn’t exist before
Traditional business schools don’t usually synthesize the approaches in this manner. But, that’s what they are.
You can build a livable income off of any of them. Then, scale them to multimillions, billions, or in unicorn cases: trillions.
3 Types Of Entrepreneurship
1. Finding A Target Audience With A Solution That Fits Them
For number 1, the world is your oyster. Pick any audience you imagine, and just study them. Get to know them, either in person or from a distance. Either from primary or secondary research.
Primary research is what you do yourself. Secondary research is what you get from a third-party
The easiest way to do this is to pick people that are already close to your psychological profile. By this, I mean your culture.
Many entrepreneurs have made millions developing a simple solution for their own lives. Then, they just sell to other people who have the same problems and desires
These are typically people that have something in cultural common with the entrepreneur. The entrepreneur knows them inside and out from both primary and secondary research.
It’s arguable that primary research could count as your personal experience with classmates. Classmates going to the same schools have many of the same problems. This means that one can sell a scaled solution equally to all of them at a great profit
This method gets harder when you don’t have so much personal experience with the audience.
Let’s say you’re a native Chinese person who selects
In this event, they’d hire someone like me to do that research for them, to bridge that gap. The bridge would come in the form of my marketing strategy for them.
2. Having A Solution And Finding An Audience To Which It Fits
Meanwhile, the second type of entrepreneurship is the exact reverse of the first. In the second one, you don’t start off with an audience you’ve selected.
You only have a value variable that you’d like to sell to someone, but you’re not sure who would be the most receptive to it.
This is a bit more difficult an approach, because, in this context, trial and error is the way to find your audience. You start off with a hypothesis, and test a sample marketing campaign. Then, you measure the results.
You rinse and repeat until you hit your mark. This can burn a lot of resources before you hit your mark, if ever.
3. Creating An Audience For A Solution That Didn’t Exist Before
And finally, you have the third type of entrepreneurship. This typically consists of genuine inventions that no one’s ever heard of before.
Or, you may need to raise awareness of a problem people didn’t realize they had. Then, provide the solution to the problem they didn’t know existed.
This is what Steve Jobs and Bill Gates did with the computer. During the start of their collective rise, few people knew about computers. Few people cared. It was
People considered Jobs a visionary because he saw a new future. In it, computers were everywhere.
But to get from point A to point B, he had to do two key things:
- Change the product to fit the non-nerd so that the mainstream could be more receptive to it.
- Execute branding efforts that raised awareness of the vision. Use various forms of advertising convincing people to help make the vision reality.
In Conclusion
Having a product or service is one thing; marketing it is another. Learn how to drive the sales you want through building your brand by following us on Facebook, Twitter, and LinkedIn, as well as our YouTube Channel.
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