Have you ever tried cooking something and it didn't turn out the way your mom makes it? Even though you followed her instructions to the letter? Something caused this change in taste, some variable that you missed. Well, it was you, food turns out different when cooked by different people. Entrepreneurship ventures are the same.
Every entrepreneur has a different way of going about their business. There can be many reasons as to why different people adopt different styles. The personality of a person and the circumstances he/she faces molds the kind of styles he/she adopts. This article is about the 5 M's of entrepreneurship styles and how you can find yourself the perfect fit if you do pursue entrepreneurship.
Different Traits of People
Before we talk about the 5 M's, we will discuss what factors these classifications are based on. We can all agree that every person has a different way of working. Some people are objective and logical; some are creative and imaginative, some prefer structure while others are abstract. Some are more people orientated while some are action orientated.
'Orientation' plays a crucial role in deciding what entrepreneurship style would suit a person. Orientation refers to how a person naturally is. A people-oriented person would be happy to interact with people and be enthusiastic about it. Someone action-oriented would put more faith in tasks and goal completion than interacting with people.
The 5 M's
Based on orientation and circumstances, we divide people into 5 groups. People in different groups have different entrepreneurship styles.
The Maker
Ever seen a daily soap in which the lead would have their entire day planned to the second? They would move punctually, making every second count. That is a trait that a Maker shows.
Someone who is super organized. They have their activities meticulously planned. They plan everything in advance and don't leave anything to chance. They like to be in control of the situation and are goal-oriented. They prefer to work alone and get things done their way. In essence, Makers get things done. They are more action-oriented and prefer processes and systems over people. They are great at operational roles.
Henry Ford was one such entrepreneur. He invented the Assembly line for the production of automobiles. Workers had specific tasks increasing overall efficiency and productivity. He revolutionized not only the automobile industry but rather every mass-production industry.
The Merchant
The name itself gives away the nature of such an entrepreneur. Someone who is an opportunist. They would keep an eye out for the next big thing. Someone who can easily understand what the market needs and build on a simple idea and take it further.
Here I would give the example of OYO rooms and food delivery services. Hotels were, and are profitable businesses, but Ritesh Agarwal, the founder of OYO rooms, saw an opportunity in the market. He put input into an already existing idea and came out on top, with undeniable success. Food delivery was a normal thing for restaurants, they would send one of their own and charge a small fee for it. People found a way to commercialize this service, and the rest is history.
The Magician
Obviously not a literal magician but someone who comes up with innovative ideas. Ideas that can change the face of an industry. Risk-takers who believe in their gut and take a leap of faith. They are people who think outside the box.
Someone that immediately comes to mind is Steve Jobs. Most probably you are reading this very article on your personal computer. The fact that such a massive chunk of the population has personal computers speaks leaps and bounds about how significant his idea was.
The Mobilizer
Entrepreneurs who adopt such a style are people-oriented. They can bring people together and successfully lead them towards a common goal. They enjoy working in teams and interacting with others. Some of these may believe in making the world a better place. Social impact of their ventures matter for these people.
Leaving the world better than they found it. I would not have been able to write this article without the help of Google. Larry Page has made a worldwide phenomenon. Google is so significant in our lives that it has become a verb; if you don't know something, you 'Google' it.
The Master
Some people gain success by being the best in their field. They love learning about things that interest them and are passionate about it. They tend to be detail-oriented and perfectionists. Such entrepreneurs are the role models for others who follow in their footsteps.
Bill Gates is a prime example of such an entrepreneur. He is so successful that he remained the richest man in the world for such a long time. He is passionate about his field. Even though he left Harvard before getting his degree, his proficiency in the field of software got him an honorary degree. Even after stepping down from the board of Microsoft, he remains the technical advisor to the CEO.
Choosing a Style
The above 5 styles create some guidelines for people on how to proceed with their ventures. They tell how to assess oneself to determine their recommended style. One should pursue the most relatable style. But, these are not hard and fast rules, people can relate to more than one style or a mixture of styles. It is a relative situation and it's up to the individual to decide how to move forward.
These styles are not ranked in any order and in no way we can say one is better than the other. It depends on what style you adapt based on your own traits. Just like the food cooked by different people tastes different, people who eat food have different likes and dislikes. So we cook our food accordingly.
Written by - Mayank Tak
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