There are as many types of business owners as there are types of businesses. In our experience however, we have identified three main categories: Innovators, Igniters, and Implementers. One type is not better or worse than another, and really all 3 types of business owners are needed at some point in the life cycle of a company. This is one reason why owners find themselves wearing different hats in different seasons. Consider the description of each of the business owner types, and see which ones resonate with you.
The Innovator
If a business owner is the Innovator type, they might be known as “a dreamer,” or they may be called “the idea person.” This person is energized by the ideation process and prefers to have more than one idea or project going at a time. This is the owner who had the vision and enthusiasm to think up the business in the first place — innovating a new product or way of doing things — and very likely has ideas for a few more right now.
The Igniter
If an owner is the Igniter type, they are likely a good salesperson, or they may be known for their passion and charisma. This person thrives on taking a great idea and making it a reality. An Igniter is the owner who has the ability to build a company around a great idea and grow it. The company’s growth is fueled by the owner’s ability to ignite in others the same enthusiasm that they have for the business.
The Implementer
If a business owner is the Implementer type, they might be known as a “planner,” or they may be called a “systems person.” What this owner really has is a knack for implementing systems and processes that organize a company for long-term growth. With one eye devoted to the details and one eye fixed on the future, this owner thrives on creating a well-oiled machine that is headed for a well-defined goal.
What type of business owner are you? You might be a blend of more than one. Depending on the season of your business, you have almost certainly been required to try to be more than one type — or even all three. As we mentioned earlier, one type is not better or worse than another. However, different types of business owners will thrive more (or less) during different seasons of business ownership.
If you are an Innovator or an Igniter, and you own a well-established business that is on course for long-term growth, you may think you should feel satisfied — meanwhile, you might actually feel bored. It may be time to consider an exit strategy and free yourself up to innovate and ignite again. Or perhaps you are an Implementer, but you do not currently own a business. It could be worth looking into buying a business that would benefit from implementing your particular strengths.
If you are considering buying or selling a business, we would love to talk to you. Contact us today for a no-cost consultation.