January 14, 2019 12:13 am

Jarrett Stone

Being an entrepreneur is all the rage these days.

It's no surprise.

More and more entrepreneurs are making millions (or even billions) each year. So naturally people want in on the action.

But how do you become an entrepreneur in today's world?
 
Fortunately, it's never been easier.

You just need to decide what type of entrepreneur you're going to be.

​Definition of "Entrepreneur"


​​One who organizes, manages, and assumes the risks of a business or enterprise.

Wouldn't it be awesome if getting rich was easy?

Definitely!

But, there's an important distinction to make before we dive in to the different types of entrepreneurs.

Just because getting rich has never been easier, it doesn't mean that getting rich is easy. It still takes a lot of work.

​Just because getting rich has never been easier, it doesn't mean that getting rich is easy. It still takes a lot of work.

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What we'll explore in this article

  • Why there's never been a better time to be an entrepreneur
  • ​Traditional Entrepreneur
  • ​Social-Media Entrepreneur
  • ​Investing Entrepreneur
  • ​E-Commerce Entrepreneur
  • ​The Ultimate Entrepreneur

The Golden Age of Entrepreneurship

In the 19th century, Manifest Destiny was the mantra for United States settlers as they tried to expand all across North America. Manifest Destiny was not only a mission for them, but a duty. 

Today, entrepreneurs have their own Manifest Destiny -- to expand all across the internet to reach anyone and everyone.

While the settlers were limited by land and time, today's entrepreneurs are not. With the internet, there is an infinite amount of "real estate" and the entrepreneur's influence can travel almost at the speed of light. 

As a result, entrepreneurs are doing everything better and faster than ever before.

​​​Thinking about becoming an entrepreneur?

Now let's talk about the types of entrepreneurship.

I've boiled them down to 5 categories.

Traditional Entrepreneur

If you're not "hip" to the latest entrepreneurial trends, then the Traditional Entrepreneur may be what you picture when you think "entrepreneur." 

The Traditional Entrepreneur is typically your mom-and-pop shop or average small business owner that stays local with their clientele. In fact, a lot of service-industry business owners (e.g. lawyers, accountants, etc.) are Traditional Entrepreneurs that have treated business the same for decades by mainly relying on word-of-mouth (as a lawyer, I see it all of the time). 

Accordingly, Traditional Entrepreneurs usually have a brick-and-mortar office and/or store. Although paying for a physical location can be pricey, there are some major benefits.

First, the Traditional Entrepreneur can develop a connection with the customer by interacting with the customer in person. Second, the customer can also be more comfortable with a product or service by judging it in real time.

The Traditional Entrepreneur doesn't rely on the internet (either at all or enough to make a difference), which can limit potential and growth. 

Social-Media Entrepreneur

The strongest evidence that we're living in a new Golden Age is the Social-Media Entrepreneur.

With social media, attention is the ultimate commodity. And people with a large following have a lot of attention, which is why they're often called "influencers."

​Attention is the single most important asset.


​- Gary Vaynerchuk

Accordingly, advertisers are willing to pay influencers a lot of money for sponsored posts, shout outs, or recommendations of their products.

Here's an example:

As you can see, one post from actor Michael B. Jordan received 1.4 million likes on Instagram. Assuming that not everyone who saw the picture did the "Instagram double-tap" (is that a phrase? You get what I mean...), that photo reached over 1.4 million people.

Meaning, Coach's ad reached over 1.4 million people and that Coach must have paid Michael B. Jordan a lot of money of this post.

Props, Michael.

As you can probably tell by now, people are turning their social-media accounts into a business because they have the following to make money from it. And by doing this, these people become Social-Media Entrepreneurs (again, the common phrase is "influencer"). 

There are some major benefits with this type of entrepreneurship. First, the overhead is going to be super low compared to other businesses. Second, the work hours are extremely flexible since the Social Media Entrepreneur isn't needing to handle customers. Third, the business risk is next to nothing.

So how much can the Social-Media Entrepreneur make?

Short answer, it depends.

Some people make hundreds per post. Others make over $100,000.

I've even seen articles about some models making over $750,000 for a sponsored post...

Excuse me as I take a second to stare in bewilderment at my law degree and license. 

Want to know more about​​ becoming an ​influencer?

Investing Entrepreneur

This type of entrepreneurship is pretty straight forward.

An Investing Entrepreneur is in the business of making investments (shocker, I know). 

This can range from investing in real estate to investing in companies to investing in the stock market (or all of the above). 

The biggest benefit of this type of entrepreneur is that you can get passive income.

Who doesn't love making money while they sleep?

And depending on the investment style, the Investing Entrepreneur may be actively trading stocks each day or may hold an investment for years. 

The downside is a sobering one though -- an investment can go south. But if you do your homework and are a smart investor, then that fear should never hold you back.

E-Commerce Entrepreneur

Remember what I said earlier about Manifest Destiny?

Well the E-Commerce Entrepreneur is all about it.

But first, what is e-commerce? 

​E-Commerce is the ​s​ale and purchase of a good over the Internet

With the Internet, the E-Commerce Entrepreneur can sell their products to anyone with an internet connection. So there's a lot more potential customers for the E-Commerce Entrepreneur than a mom-and-pop store whose customers are limited by distance and time. For me, if the drive takes more than 45 minutes, then I'm probably not going to go to that store.

So what does the E-Commerce Entrepreneur sell? 

Basically, anything worth selling.

This can range from physical products to informational products.

It's worth noting that informational products (like online courses) are becoming increasingly more popular for the E-Commerce Entrepreneur. This is because informational products, unlike physical products, have very little upfront cost and do not take up any physical space (i.e. no warehouse is needed). Plus, the customer can get the informational product instantly and doesn't have to worry about shipping.

Either way, the Internet has made entrepreneurs a lot of money and the E-Commerce Entrepreneur is no exception.

The Ultimate Entrepreneur

And now for the grand finale.

Drum roll, please...

The best kind of entrepreneur is the one that fits all of the above-mentioned types.

That entrepreneur is a rare breed -- the Ultimate Entrepreneur.

The biggest benefit of being the Ultimate Entrepreneur is that you will have multiple streams of cash flow.

​​Cash flow is KING.


​- G​rant Cardone

Imagine if this was your average day:

  • ​You're making money from your physical office/store during working hours.
  • ​While at the office, you make more money from a social-media post.
  • ​You go home and ​your investments grow as you watch Game of Thrones.
  • ​While you're sleeping, people are purchasing the products that you sell online.

Pretty incredible, right?

The best news is that it's never been easier to become the Ultimate Entrepreneur. But like I said earlier, that doesn't mean it won't take a lot of hard work getting there.

The first step to becoming the Ultimate Entrepreneur is committing to it. 

Are you ready to become the Ultimate Entrepreneur?

​Want to become the Ultimate Entrepreneur?

If you classify anyone as the Ultimate Entrepreneur, then be sure to give them some recognition in the comments below!

I'll see you in the next post!

Best,

Jarrett Stone

​Jarrett Stone

Entrepreneur. Lawyer. Total Nerd.
About the Author

Entrepreneur. Lawyer. Total Nerd.

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