Tech vs Place-Based Entrepreneurship

In our experience, technology-based entrepreneurs - those operating a business based on a technology they invented or know very well - have a different attitude, methodology, and approach than an entrepreneur in a place-based business such as a retail store front or restaurant.

You might say What’s the difference?

In our experience, tech-based entrepreneurs are always looking for the mass approach and an exit of some type, or a mass production of their product.

Retailers or place-based entrepreneurs often are looking for a business lifestyle that provides them a place to go and have a community around them.

In reality, each has something to learn from the other.

The place-based entrepreneur can learn that you can scale, have multiple locations, maybe franchise or incorporate. That sometimes can be scary for them!

The tech-based entrepreneur thinks everyone will buy their product the minute its launched, without taking the steps that the place-based entrepreneur has taken: making sure it works, modifying as needed, getting some momentum, and THEN scaling.

It could be an opportunity for both types of entrepreneurs to collaborate on projects. If you decide to do this, consider hiring a translator - you both could be using the same words but mean two very different things!

BEFORE YOU GO

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

Those who are supporting entrepreneurs who are launching and growing businesses should think about:

1. What can you do to leverage the mindset of tech and place-based entrepreneurs, to work for and with each other?

2. What platforms do you provide to allow for exchange of ideas between them?

3. What other tools have you used to leverage the different forms of entrepreneurship?