We animate in a
world that is developing at a pace not witnessed by our forefathers. The modern
world has shrunk the space for traditional businesses because modern problems
require modern solutions.
Entrepreneurs are the ones who propose modern solutions by taking the risk of propelling new ideas and making profits out of them.
So, the society in which we all live today is a product of the
changes which entrepreneurs have made by far. The categorization of the types
of entrepreneurs is largely dependent on the niche in which someone plays a
role in innovating.
For example, someone
may want to solve social problems as a social entrepreneur, while others may
intend to initiate a venture which could be scaled later as scalable startup
entrepreneurs.
Entrepreneurs are
people who have a passion for creating change in the world. They need a certain
set of skills to be effective
leaders and innovators. Since there are so many types of businesses, there are
also many kinds of entrepreneurship.
In this article, you
will be able to know the 10 different types of entrepreneurship with examples
and types
What are types of entrepreneurship?
Before explaining
the types, know what entrepreneurship is. Fundamentally, entrepreneurship is a
skill to develop a business from scratch while considering all its
uncertainties, to make a profit
out of it. It is a risk-taking approach to prosper in a forever demanding and
dynamic global market.
Anyone who can
introduce innovative ideas and is smart enough to run a new business with minimal
fear of failure can become an entrepreneur.
The only aim,
however, is profit-seeking.
Entrepreneurship ranges from local, home-based businesses to global
corporations. But, all that glitter is not gold because over 19% of startups
fail due to excessive competition, while another 18% fail due to mismanaged
prices or costs. So, every entrepreneur may not be successful.
But, some certain
set of qualities can make an entrepreneur successful, which includes the
ability to take risks, visionary leadership, creativity, and business skills.
Entrepreneurship is
the overall process of developing, launching and running a business, there are
many different types of
entrepreneurship. People have varying aspirations and visions for the kind of
businesses they want to create. Everyone operates their business based on their
own personality, skills and characteristics.
Some people think
that with hard work they can find
success, while others may use capital to help them get there. For some
entrepreneurs, profits
are less important than providing a social good.
Though every type of
entrepreneur experiences similar challenges, they may choose to address them differently.
Each type of
entrepreneur sees challenges in a unique way and has different resources to overcome
them.
10 Different Types of Entrepreneurship
It’s important to
know the minute differences among the types because it’s imperative for an
entrepreneur to plan a venture accordingly. Each type of entrepreneur faces
multiple challenges and difficulties.
However, success
belongs to those who understand the nuances, make the right decisions, and
solve problems efficiently.
Each type of entrepreneurship is significantly different from the other and each entrepreneur
has a different tool to cope with the problems.
Here are the 10 different types of
entrepreneurship:
1.
Buyer entrepreneurship
2.
Hustler entrepreneurship
3.
Imitator entrepreneurship
4.
Innovative entrepreneurship
5.
Large company entrepreneurship
6.
Researcher entrepreneurship
7.
Scalable startup entrepreneurship
8.
Small business entrepreneurship
9.
Social entrepreneurship
10. Intrapreneurship
Let us study in details.
1.
Buyer entrepreneurship
A buyer is a type of
entrepreneur who uses their wealth to fuel their business ventures. Their
specialty is to use their fortunes to buy businesses that they think will be
successful. They identify promising businesses and look to acquire them. Then,
they make any management or structural changes they feel are necessary. Their
goal is to grow the businesses they acquire and expand their profits. This kind of
entrepreneurship is less risky because they are purchasing already
well-established companies.
2. Hustler entrepreneurship
Hustler
entrepreneurs are extremely passionate and put a lot of constant effort into
running their businesses. They are highly motivated and courageous. They are
determined to achieve their goal at any cost. If you can sell any product at
any time and can calculate the potential of businesses, you can be a hustler
entrepreneur.
Hustler
Entrepreneurs are known for a unique quality, which is that they don’t give up
easily and are willing to work through obstacles to accomplish their
objectives. For example, a hustler is willing to make a lot of calls and emails
to make one purchase.
3. Imitator entrepreneurship
Imitative
entrepreneurs can be called copycats because they copy the ideas of other
successful entrepreneurs who have minimal resources and can’t afford to take financial risks. They take
others’ ideas and improve them by keeping in view their mistakes to run a profitable business.
Imitative
entrepreneurs are willing to learn from the mistakes of others very actively. A
combination of an innovator and a hustler makes an imitator. Imitators are very
self-centered and strong individuals. Although they copy the ideas, they make
them unique and creative in a way that chances of success increase significantly.
4. Innovative entrepreneurship
Innovative
entrepreneurs are people who are constantly coming up with new ideas and
inventions. They take these ideas and turn them into business ventures. They
often aim to change the way people live for the better. Innovators tend to be
very motivated and passionate people. They look for ways to make their products
and services stand out from other things on the market. People like Steve Jobs
and Bill Gates are examples of innovative entrepreneurs.
5. Large company entrepreneurship
Large company entrepreneurship is when a company has a finite amount of life cycles. This type of entrepreneurship is for an advanced professional who knows how to sustain innovation. They are often a part of a large team of C-level executives.
Large
companies often create new services and products based on consumer preferences
to meet market demand. Small business entrepreneurship can turn into large
company entrepreneurship when the company rapidly grows. This can also happen
when a large company acquires them. Companies such as Microsoft, Google and
Disney are examples of this kind of entrepreneurship.
6. Researcher entrepreneurship
Researchers take
their time when starting their own business. They want to do as much research
as possible before offering
a product or service. They believe that with the right preparation and
information, they have a higher chance of being successful.
A researcher makes
sure they understand every aspect of their business and have an in-depth understanding
of what they are doing. They tend to rely on facts, data and logic rather than
their intuition. Detailed business plans are important to them and minimize
their chances of failure.
7. Scalable startup entrepreneurship
Scalable startup
entrepreneurs look into the gaps in the market and try to find solutions. Scalable
companies focus more on developing repeatable and scalable business models. The
main target of scalable entrepreneurs is to expand their business and make
massive profits.
Scalable
entrepreneurs know the ways to make long-term plans to gain profits and make their
businesses grow rapidly. Amazon, Apple, Uber, and social media applications are
innovative, scalable entrepreneurs.
8. Small business entrepreneurship
A majority of
businesses are small businesses. People interested in small business
entrepreneurship are most likely to make a profit that supports their family and a modest lifestyle.
They aren't seeking large-scale profits or venture capital funding.
Small business
entrepreneurship is often when a person owns and runs their own business. They
typically hire local employees and family members. Local grocery stores,
hairdressers, small boutiques, consultants and plumbers are a part of this
category of entrepreneurship.
9. Social entrepreneurship
An entrepreneur who
wants to solve social problems with their products and services is in this
category of entrepreneurship. Their main goal is to make the world a better
place. They don't work to make big profits or wealth. Instead, these kinds of entrepreneurs tend
to start nonprofits
or companies that dedicate themselves to working toward social good.
10. Intrapreneurship
An intrapreneur is a
person who thinks creatively and acts like an entrepreneur while performing
within a company. Anyone falling in this category must be self-confident and active
professional. Intrapreneurs help companies to grow and help develop individuals
with innovative mindsets.
The greatest
intrapreneurs in the world are Spencer Silver, who invented Post-It notes at
3M, and Steven Sassoon, who invented the portable digital camera while working
at Kodak. These inventions are created by a single individual but have given an
entirely new outlook to the business world.
In conclusion, the
dominance of a few capitalists is now in jeopardy because the modern world has
given space to innovators and entrepreneurs to sell their services and
products. There is no denial of the fact that entrepreneurs have changed the
outlook of the world, as a few types explained in the article narrate the
nuanced approaches each type has. All in all, entrepreneurship is the key to
exploring the modern world with full potential.
0 Comments