Three types of entrepreneurs

Yesterday, I read about three different types of entrepreneurs. They are the Tech Edge, the Domain Edge, and the Catalyst.

A Tech Edge is someone who's enthusiastic about a new technology. They are always following the latest news about it. This is great if you want to found a technology startup, since it allows you to see new opportunities for how this technology can be used.

A Domain edge is someone with a high degree of experience within a certain industry. They are frustrated by how their industry works and have a non-obvious insight on how it could be improved. But it's easy to confuse Edge with passion. If you’re still a student, or straight out of academia, it's unlikely that you are a Domain Edge.

A Catalyst is someone who activates and accelerates their co-founder’s Edge. This is the category for all polymaths out there. Instead of working on their own idea, they will use their diverse skill set to execute and improve the ideas of others.

Identifying your entrepreneurial type can be valuable in informing your strategy. For example, if you identify yourself as being a Tech or Domain Edge, find ways to improve said edge. On the other hand, if you are a catalyst, it's much more valuable to learn how to test ideas, or the meta game of attracting customers than to try finding a topic you are as passionate about as the other two types. I like this idea, but I don't think it's the only way to think about entrepreneurship.

I read about this idea on the blog of a tech investor. Venture capital isn't just looking for any profitable idea. They are looking for the next Instagram.
But finding the next million dollar idea is more an excuse to wait than a strategy. Because ideas don't matter. Their execution does. Only because you are working on an idea that anybody could work doesn't mean you should be looking for something else. Opening a restaurant or becoming an author aren't revolutionary ideas. You can still become successful with them. But no Venture capital firm will invest in you.

In the end the only thing that counts is to find an audience that is happy to pay for what you are offering and to keep the promises you give to them. And there's no obvious recipe on how to get there.