Entrepreneurs are risk-takers. They love to innovate ideas that solve problems. They are not merely businessmen trying to generate profit. There is this thrill to do something extraordinary and shine with their perseverance, presence, and business acumen.
Even among entrepreneurs, there are differences. When you have an entrepreneurial passion, you need to focus on overcoming challenges. Understanding the different types of entrepreneurship and their goals will help you overcome these challenges.
So, if you are ready for your business journey and looking for ways to become an entrepreneur, you need to read this article.
What Are The Types Of Entrepreneurship?
The fundamental of entrepreneurship includes these major types of entrepreneurs –
- Small business entrepreneurship.
- Scalable startup business entrepreneurs.
- Social entrepreneurs.
- Large company entrepreneurs.
These types are based mainly upon different business models. But the difference in entrepreneurship is coined by a separate set of skills, characteristics, etc. the way chosen by an entrepreneur is what separates him/her from the rest.
Including the four main types, here is a list of the more different types of entrepreneurship –
Small Business Entrepreneurship
Small businesses don’t have big goals to expand in the form of a global phenomenon. They don’t want to make a huge name, but they want to be the best at what they do. Small business entrepreneurship is like an army of one.
For instance, you can open a bakery stall in your locality and employ a few local workers. Your single goal is to grow your store to be profitable and noteworthy in the locality. This type of entrepreneurship is driven by passion, commitment, and responsibility. Studies show that small business entrepreneurship is rising intensely.
Scalable Startup Entrepreneurship
Scalable startup entrepreneurship focuses on a repeatable and scalable business. This entrepreneurship is rooted in the intention of changing the world. They look for what the market lacks and creates something to renovate the business. Such models are prone to rapid expansion and massive profit.
They start from almost nothing and end up creating something indispensable for the world. You can take Google, Amazon, and Apple as examples. When starting such a project, you need to have a long-term goal and a clear understanding of the funding you have.
Large Company Entrepreneurship
Such are the types of entrepreneurship that create an irreplaceable position in the market. They keep creating and innovating their product that revolves around the core product. Consumers are almost never distracted by how many products they create.
A defining feature of such a business is that they are not starting a new business. They are basically creating new products based on their preexisting core products. They often acquire small businesses or create subsidiaries for existing products for rebranding or to acquire a new customer base.
This type of entrepreneurship does not center on a founder, designer, and manager of a business. Rather, these people are employees with entrepreneurial skills; they can innovate new ideas and have out-of-the-box thinking. It’s a method for companies to support and encourage the employees associated with the business.
For example, you may take Ken Kutaragi; he was the intrapreneur who helped Sony Launch the first play station back in 1994 in Japan.
This type of entrepreneurship starts with the acquiring of a budding business. Such entrepreneurs buy a business that is in development or well-developed. Then they help that business grow into a leader in the industry.
They are not merely investors who invest money and are done with it. They involve personally and help directly with ideas and funding to grow the b business. Most commonly, they hand out their entrepreneurship to someone else at some point. Later they often start different business ventures. But when they purchase a business, they remain active in supporting and growing it.
Imitative entrepreneurship is the result of the influence of an entrepreneur upon another. Some entrepreneurs emerge following the success of others and follow in their footsteps. Such entrepreneurship starts with minimum resources and lower financial risks.
An imitative entrepreneur often copies an idea or redefines a preexisting business idea to create an improved market solution. They often go through the mistakes of the previous businessman and apply their own creative ideas to build a business.
Social entrepreneurship revolves around social issues. Many entrepreneurs/ individuals/ startups often develop a fund solution for a social issue. A social entrepreneur, therefore, focuses on a business opportunity that offers a positive impact on a certain community. Many such non-profit organizations may be called social entrepreneurs.
Frequently Asked Questions:-
Here, I have discussed the separate types of entrepreneurship and explained them. But if you want answers to some popular questions related to entrepreneurs, you may look below –
1. What Are The 4 Types Of Entrepreneurs?
Ans: Here are the four main types of entrepreneurs –
- Innovators of ideas.
- The hustler entrepreneur.
- Imitator entrepreneur who follows in others’ footsteps.
- Buyer entrepreneurs who buy and grow a developed or underdeveloped business.
2. What Are The Two Main Types Of Entrepreneurship?
Ans: The two main types of entrepreneurship have two different ways of running a business. They also have varying business models. Here are the examples –
- The scalable startup entrepreneurship
- And small business entrepreneurship
3. What Are The Four Types Of Intrapreneurship?
Ans: Intrapreneurs are employees within a business who come up with out-of-the-box ideas. They are the best when it comes to boosting a business with new ideas. Here are the examples of some such intrapreneurs –
4. What Are 3 Characteristics Of An Intrapreneur?
Ans: The three major characteristics of an intrapreneur are –
- And hard work
Their out-of-the-box thinking is what makes them one of the best assets within an organization.
Small business entrepreneurship is noticeable in most countries. After 2020 small businesses are growing tremendously. Several other types of entrepreneurship make up for the best examples for the new ones to grow and change the world.
This article discusses several types of entrepreneurship and discusses the nature of business. Please tell us your thoughts on this article. Also, for any queries, you can contact us in the comment box.
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