What Type of Entrepreneur are You?
"Entrepreneur" is a broad term to describe anyone who starts or runs a business. But not all entrepreneurs are the same. I have been helping entrepreneurs with their legal issues for over 25 years. In that time, I've worked with four types of entrepreneurs:
Acquisition Entrepreneurs - people who buy and grow businesses or professional practices. Even though it uses the word "acquisition," this category also includes entrepreneurs who start and grow a business, then sell it.
Gig Economy Entrepreneurs - people who start and run a consulting, independent contractor, or freelance business.
Main Street Entrepreneurs - people who start and run a small business or professional practice, such as a restaurant, retail shop, construction-related business, dental practice, or medical practice.
Equity Finance Seeking Entrepreneurs - people who develop an idea for a new business and then seek investors to fund the startup.
These types overlap sometimes, and sometimes one type of entrepreneur might transform into another type over time. For example, a Main Street Entrepreneur transforms into an Acquisition Entrepreneur when it expands its business by buying a similar business in a different geographic area. Likewise, an Equity-Seeking Entrepreneur transforms into an Acquisition Entrepreneur when it sells the business.
Knowing which type of entrepreneur you are is one of the first steps to identifying the types of legal issues you will encounter in your business. My first book, Here's the Deal, helps Acquisition Entrepreneurs understand the legal issues associated with that type of entrepreneurship. My second book, Before You Leap, helps Gig Economy Entrepreneurs understand the legal issues associated with that type of entrepreneurship.