We get into business for a variety of reasons. However, because entrepreneurship is akin to a jungle, only the strongest survive, while the weak are readily removed.

According to statistics, 80 per cent of firms in existence now will collapse over the following five years.

So, what distinguishes some entrepreneurs from others? What kind of businessman are you? I want to introduce you to six different sorts of entrepreneurs and how they deal with adversity.

a. Survivalists (a.k.a.

Circumstances drove them to become business owners. For example, they may have completed college or high school and attempted to find work but were unsuccessful. They went on to the world of business because they needed to find a way to survive.

They merely sell to exist. If you are happy to acquire a job, you generally leave the business and go into the formal economy. The majority of the firms do not survive to see their second birthday.

b. The Plagiarists

Many of us fall into this type, which is why pyramid schemes and frauds frequently dupe us. We witness other people's success and want to imitate it to ride the tide as well.

A clone will remark, "Mr Juma is earning a lot of money selling quail eggs." I'll also start raising quails in great numbers and compete with him for the market."

Unfortunately, most imitators fail within the first year of business.

However, a few are fortunate to survive, and these are the ones that dare to "remodel" the concept rather than just replicating it.

c. Master of All Trades

They look for a shilling in every commercial opportunity. They own a pharmacist, a money transfer store, an LPG gas retail store, a milk shop, and other businesses, all under one roof.

They work under the assumption that if one business department fails, the other will keep on. They'll sell anything if there's money to be made.

On the other hand, they have difficulty surviving beyond ten years since scaling and responding to technological advances is tough.

d. Social Activists

These entrepreneurs develop when there is a societal need that must fill. In Kenya, where government service delivery fails, people's needs persist, and social entrepreneurs strive to address these needs through the products and services they provide.

Their company will endure as long as the problem(s) remain until the government fills the void. Social entrepreneurs can live in perpetuity if they adapt to society's shifting dynamics.

f. The Opportunity Seekers

Entrepreneurs in the opportunist class are genetically programmed to seek well-timed money-making possibilities. They understand when to leap in and when to leap out.

They make rapid decisions, which either serve them well or is a source of their downfall at times. To live, they must continue to sniff about for new chances.

Their lifespan can range from a week to an eternity, depending on the skills of the opportunity spotter.

f. The Pioneers

Most inventors become entrepreneurs when a company idea arises while they are doing something they enjoy. They assess their company's success not by how much money they make but by the influence their goods have on humanity.

They frequently claim, "I would do this for free for the rest of my life if I could." Imagine Mark Zuckerberg and Bill Gates, and you'll see innovative DNA in each of them.

Innovators will endure as long as no one else develops a superior innovation to force them out of the market. Businesses founded by inventors are by far the most stable, albeit many do not survive to see their second birthdays.

The Last Word

Understanding your motivation as an entrepreneur might be the key to expanding your business and hitting any success milestones you set for yourself. So be honest with yourself and strive to reach your maximum potential.