Entrepreneurship is an engine for national economic growth that has far greater financial impact than most would ever realize. Not only do entrepreneurial ventures provide new jobs that fuel economic growth, but they also contribute new products, services and innovative business processes that enable even more creative thought - which leads to yet another level of new products and services. This never-ending cycle has been at work in our free enterprise system for decades and has given the United States the strongest economy in the entire world.

There are many ways to describe entrepreneurs. A common approach is to define them either by their personality traits or by the type of opportunities they pursue. The classic entrepreneur is a creative, hardworking person who has excellent leadership skills and is able to manage risk while seeking financial independence. This type of entrepreneur has been responsible for building large corporations that employ hundreds or even thousands of people, and they make a significant difference in the quality of life enjoyed by the masses.

Entrepreneurs can be found in a variety of roles in many different industries. For example, there are many bright and highly motivated people who have the drive and vision of an entrepreneur but, because they are risk averse, they choose to work within the confines of large corporations. They are dedicated and creative, and they have a clear vision about how to help the company. Those who have this entrepreneurial drive but who choose to work within the structure of a large corporation are called "corporate entrepreneurs," or "intrapreneurs." Entrepreneurial thinking within large companies is the fountain of innovation, which is the essential ingredient that enables these corporations to not only grow and prosper, but also to survive.

There are also "social entrepreneurs" who use capital to achieve a higher goal of providing food, clothing, shelter or education to the underprivileged. The social entrepreneur has all of the characteristics of the classic entrepreneur, including vision, the ability to attract resources, innovation, high tolerance for risk, the ability to deal with ambiguity and discipline.

However, the social entrepreneur differs in one major way. His primary focus is his absolute determination to create and sustain social value rather than just creating wealth. The social entrepreneur must be fiscally responsible to sustain his enterprise, but his passion - and the real measure of his success - is to do good rather than to just do well.

I have great respect for those whom I call "serial entrepreneurs." They are classic entrepreneurs, but they have an industrial-strength itch that motivates them to replicate their successful business models in different marketplaces. They are extremely bright, creative, aggressive, restless, decisive and hardworking. They have confidence in their abilities, and they are consummate risk-takers who thrive on new challenges. They delight in following the old cliche of "doing 100 things once, rather than doing the same thing 100 times."

And there has recently been an increase in the number of "lifestyle entrepreneurs" who are more focused on their desire for independence than they are on creating a thriving business that contributes to national economic growth. They want flexible schedules and the freedom to choose where and how hard they will have to work. Many of these people have great skills, but they have made a conscious decision to seek greater personal and family satisfaction by focusing on how to spend their money rather than on how to acquire the wealth. These entrepreneurs are happy with their lifestyle, but they typically don't make a significant impact on economic growth because personal fulfillment is so much more important to them.

It's wonderful to live in a nation where we can each pursue our own version of the American Dream. As an entrepreneur you will likely be more successful if you clearly identify which type of entrepreneur you want to be before you begin the journey.