What is an Entrepreneur? A Definition
Here’s a simple definition of an Entrepreneur from Merriam-Webster Dictionary:
A person who starts a business and is willing to risk loss in order to make money.
You may notice, though, that Entrepreneurs come in many different shapes and forms, and follow many different paths to wealth.
Related: Turn your passion into a thriving online business.
What is Your Entrepreneur Profile?
Roger Hamilton identifies 8 different Wealth Profiles and describes 8 distinctly different types of Entrepreneurs.
Success comes from knowing which game to play, and then playing only that game. – Roger Hamilton
If you want to attract wealth instead of slogging for it – first identify your own personal wealth profile, and then get into your flow.
Take the Test
The 8 Different Wealth Profiles:
1. Creator:
Creators are great inventors and are excellent at starting projects, or companies, but not great at follow-through. Creators usually make more money from their projects when they step back and put good Managers in place to take care of their creations, freeing themselves to be creative.
Moms who are hugely successful Creators: JK Rowling (Harry Potter), Sara Blakely (Spanx) and Anita Roddick (Body Shop).
2. Star:
Stars love the limelight. Because Stars exude confidence and charisma, their wealth is created by making themselves the brand.
Famous Mom Stars: Hillary Clinton (Politician), Martha Stewart (MS Living Omnimedia) & Beyonce Knowles(Singer)
3. Supporter:
The Supporter’s path to wealth is in leading teams. They are excellent networkers and make great CEOs. Supporters do best once they find a Creator who’s set up the company they want to run, as they’re not great at starting it up themselves.
Supporter Moms leading massive companies: Meg Whitman (eBay & HP), Sheryl Sandberg (Facebook)
4. Dealmaker:
A dealmaker matches investors with investment opportunities. It’s interesting to note that a Star’s value grows as she becomes less accessible, while a Dealmaker’s value grows as she becomes more accessible.
High Profile Dealmakers who are both Mothers to 5 children: Susan Wojcicki (YouTube)& Lynda Resnick, (Roll Global – Fiji Water, Interflora and Franklin Mint)
5. Trader:
Traders rely on timing as they create their wealth by buying and selling. While Dealmakers become immersed in the deal, Traders detach so that they can remain calm and calculated.
World’s Most Successful Trader and Mom Entrepreneur: Melinda Gates (Gates Foundation)
6. Accumulator:
As the name suggests, Accumulators create their wealth by accumulating appreciating assets. While Stars are quick to spend, Accumulators are quick to save. They rarely act on impulse and will fail if they do not set out criteria for action.
The Wealthiest Person in Australia is a Mother of 4 children and an Accumulator: Gina Rinehart (Hancock Prospecting)
7. Lord:
Lords are the quiet, reserved giants of industry. Lords can squeeze cash flow from assets, without owning assets. While extroverted Supporters value people over numbers, introverted Lords value numbers over people. Lords don’t have the patience for niceties, love certainty and hate risk.
Mom Lords Ruling the World: Janet Yellen (U.S. Federal Reserve), Indra Nooyi (PepsiCo) & Sri Mulyani Indrawati (World Bank)
8. Mechanic:
The Mechanic’s path to wealth is in creating systems that work. While Creators are good at starting things, Mechanics are best at finishing things. Mechanics are always asking how. Their forte is taking an existing business and finding ways to perfect it, franchise it or systematise it.
Mom Mechanics at the Top of their Game: Marissa Mayer ( Yahoo!), Christine Lagarde (IMF), Loretta Lynch (Bonus Mom and US Attorney General)
Your work is to discover your work, and then, with all your heart, to give yourself to it. – Buddha
To discover your personal Wealth Profile and start attracting wealth, take the online test.
Or take the FREE Genius Test here.
About Roger Hamilton:
Roger James Hamilton is a world-renowned futurist and social entrepreneur. He is the Founder of Entrepreneurs Institute and the creator of Wealth Dynamics, used by over 250,000 entrepreneurs to follow their flow.
Roger owns businesses in publishing, property, financing, franchising, event management, resort management, training, coaching, technology, membership, retail and education. Roger lives in Bali with his wife, Renate, and their three children.
Roger Hamilton is the author of The Millionaire Master Plan, Your Life, Your Legacy and Bestseller Wink and Grow Rich.
* If you purchase anything through a link in this article, you should assume that I have an affiliate relationship with the company providing the product or service that you purchase, and that I’ll be compensated in some small way at no extra cost to you.
Another great article Lauren!
Almost 30 years ago, I read THE E-MYTH. It breaks people down into entrepreneurs, managers, and technicians. It was then that I discovered I was an entrepreneur/manager. Or using the above dynamic, I am a creator/mechanic. “Lord, please send me a supporter!”
Haha, I hear you, CT. As a Star, I feel the same way sometimes, some support would be hugely appreciated.
Are you an Introvert or an Extrovert? A Creator can be either, but Mechanics are Introverts. Another distinction is that Creators like to start things whereas Mechanics are better at taking something that already exists and perfecting it.
Nice article Lauren and thanks for sharing.
Until now I thought that great entrepreneurs are good in everything.
However, they are just good in doing one thing. I guess that could be a lesson for many people who try to master many things instead of one.
Are there many types of online entrepreneurs also?
Great question, Ilias. I just assumed thar Online Entrepreneurs would fall into the same categories as entrepreneurs.
A very insightful post, Lauren. It is true that it’s good to know what style you favor as an entrepreneur. It makes it a heck of a lot easier to follow the path that’s easiest for you.
If you’re a mechanic attempting to be a creator, you’ll really end up frustrated at yourself and there really is no need. There are paths to success for each of the entrepreneur types. Knowing which one you are helps you move with your strengths and get where you want to go better….
Thanks for your comments Netta!
Hey Lauren,
This was a very interesting read i found my wealth profile is defiantly an accumulator. I can defiantly say i have no impulse when it comes to buying and spend my money to only produce more of it. I’m happy with the result as i can defiantly see my self doing this.
Great information all the wealth profiles.
Hi Vinnie, great that you worked out your wealth profile. and enjoyed the information in the article. Thanks for your comments.
Interesting read. I have been an entrepreneur for many years, both online and offline. I was very excited to find what my wealth profile is, but after reading the 8 different ones, I can see parts of my self in many of them. That is not a good thing, so I think it’s time to find the path I should follow and stick to it.
Time to take the test 😀 Thank you for the inspiration
Hi Marith, ooh…now I’m just as curious to find out which wealth profile you are! A good place to start is the free Genius test. It may help you narrow down your choices.
Which entrepreneurial pursuit over the years has been the most successful and enjoyable for you? That may also give you a clue to your profile.
Pleased to hear you found the article inspiring.
Hi Lauren, Mompreneurs is really an excellent word given to the multi tasking mothers. I found a lot of good information in your site. The article about eight different types of entrepreneurs (moms) is something new to know and wonder how moms of 4 or 5 kids are able to manage both home business and online business! Am mom of twin kids. I know how hard the work is. I’m very much inspired.
Hi Mani, wow, twins! I can just imagine how busy you must be! So glad you’re feeling inspired by these articles.
Hi Lauren,
This is a very insightful post on entrepreneurs. It never crossed my that there was do many different types of entrepreneurs out here. But this post has shedded a lot of light on that.
If I was put myself in one of the categories I would have to go with “creator”. It describes me perfectly. I’ve started at ten websites so far and not seen one to fruition. Guess I need to find some managers.
Thanks for sharing,
Shakem
Ha ha Shakem. Absolutely! I agree, you sound like a Creator! Glad you enjoyed the article and it gave you food for thought.
I didn’t know that there were 8 different types of wealth profiles, that was interesting. Is it normal to fall under 2 of those profiles, or should it be just one? I am one of those for sure, but also have the characteristics of another one, maybe i need to narrow it down a bit?
Hi Felina, the best way to be absolutely sure, is to take the Wealth Dynamics Profile test. I thought I was a Supporter, because I was a Massage therapist for many years, but I turned out to be a Star. I changed my career once I knew what my profile was, and it really made a difference to my income and job satisfaction to be in my flow. I discovered I’m happiest, and perform best, on stage, speaking to large audiences, something that most people fear intensely. It was a really good learning for me.
This is an absolutely interesting article and I loved reading it to the very end.
Almost, everyone I know fits into these categories perfectly.
The quotes are motivating as well.
The way you’ve mentioned the different types of personalities is really helpful because it shows people about the different types of entrepreneurs out there and not everyone has the same style.
I’ll be coming back for more intriguing posts like this!
Cheers,
Suhail.
Awesome! Happy to hear that Suhail! More posts like this coming soon, as well as a free ebook!
Hi Lauren,
This is very interesting trying to figure out which category you fit into. Is it a definite one category or could you perhaps realise parts of more than one group and display qualities which could make you both?
Great article and very thought provoking! I am going to have to spend some time exploring this further.
Thanks, Kris
Hi Kris, you definitely can have aspects of other profiles, but you will do best when you find your predominant profile. Glad you enjoyed the article.
This is a great post, very interesting, by the way what kind of entrepreneur do you think you are? I’m more the creator type, I like coming up with ideas, creating the brand, making the websites, organizing everything.
But then when it comes to the hard slog, I can sometimes get a little frustrated if progress is slow, so that’s who I am.
There are a lot of great powerful women out there, It amazes me how they do it!! We have 3 children and are trying to run a business and it is very hard, so my hats go off to them.
Thanks for the great post Lauren!!
Cheers,
Brian
Hi Brian, thanks for your comments. I know my Wealth Dynamics Profile because I took the test (many years ago). Interestingly, I thought I was a Supporter, but I’m actually a Star. I love shining the spotlight on inspirational women. Happy to hear you enjoyed this post.
A person can definitely progress faster and better when you understand who you are and how you normally do and handle things.
The best thing about these types of test to see how you fit in is to learn where you strong points are and your weakness. By understanding them, we can develop ourselves to perform better.
Always great to find better ways to improve on oneself, thanks for the information.
Agree with you Travis. Glad you found the information interesting.
I think this is really important – finding out what your personality type is when it comes to finding something to do to earn money that you’re actually going to like, or better yet, love! I’ve never really put a lot of thought into this – taking the time to find out what my strengths and interests are – what category/type I fall into. I think this is really a valuable tool for finding the right purpose.
Absolutely Debra, it is! Knowing my own wealth profile has made such a difference in my life.
Very excellent article here. I went to college for this. I will admit I learned a lot on your post than I did in school. Very good in depth information. I have contacts in my phone of some of my fellow classmates. I will be sure to send them the link to your website and see if they can gather any useful information here like I did. Thank you
Awesome thanks! Really appreciate you spreading the word.