What are the types of entrepreneurship? The entrepreneurs get different according to the place they work, aim they have, things they do, etc. Entrepreneurs can be defined as the people who find a gap in the market and come up with a solution to fill that. Some entrepreneurs are work for profits and some work for welfare. Accordingly, the entrepreneurs can be divided into few parts. These Types of entrepreneurship act differently in the market. In this article, we are going to learn the types of entrepreneurship with examples.
Types of entrepreneurship
This type of entrepreneurship always try to solve a social problem with their products or services. Here they identify a gap in the society that is not concerned by the profit-oriented organizations or the government. To fill that gap, they come up with solutions. They don’t worry about the profit or other commercial benefits. The well being of the society becomes their motive factor. Social entrepreneurs can be non- profit-oriented or profit-oriented or hybrid. Social entrepreneurs always try to make the world a better place.
Ex:- Safe point Trust
Small business entrepreneurship
People select this type to support their families. In the business world, there are more small businesses than large businesses. Here these entrepreneurs don’t seek large profit and a large market. They earn a profit that is sufficient for the family. They usually run their own businesses. When it comes to recruiting employees, they usually hire local people or family members. They fund their businesses using business loans or funds of family members.
Ex:- Groceries, Plumbers, Electricians, Consultants, Plumbers, etc
Large company entrepreneurship
This type of entrepreneurship can be seen when large companies use entrepreneurs to innovate products and services over time. This type of entrepreneurs can be identified as professionals who know how to sustain innovations. Sometimes small business entrepreneurship can be converted into large company entrepreneurship with the time. However, this type of entrepreneurship often creates new products or services, matching market demand. Normally large companies acquire innovative companies or try to build new products and services inside the company. They continuously supply to the market with new products or services. Otherwise, they provide the same products and services with significant changes.
Scalable startup entrepreneurship
Never confuse scalable startup entrepreneurship with small business entrepreneurship. As I said before, small business entrepreneurship is focusing on supporting their families. When it comes to scalable startups, they start their businesses with the vision of changing the world. They find a gap in the market and come up with a solution to fill that. This Kind of entrepreneurs always hires the best and brightest employees in the market place, and they are funding from venture capitalists.
The motivating factor of a scalable startup is finding a repeatable and scalable model. After they fund it, they fund more on the businesses and expand rapidly. In the market place, the number of scalable startups remains low due to the risk of capital and return.
This type of entrepreneurs are wealthy, and they are using their wealth to acquire other businesses. Here they evaluate the other businesses around them, and they use their wealth to acquire them. Likewise, they continuously use wealth to acquire more and more to expand their profits. The best thing is, the risk they face is low because they are acquiring well-established organizations.
They acquire good businesses and do relevant management and structural changes to them in order to get a maximum profit. Also, they don’t need to worry about innovations. The main disadvantage is, they may have to pay a high price when buying other businesses.
Imitators are not just people who copy others’ strategies and apply them to their business. They use other’s strategies as an inspiration, and they always try to go beyond those. Imitators use other’s concepts as a basement to their ideas and try to improve them and apply them to businesses. They think a lot and work hard. The best thing is they have a high competitive advantage over the competitors. The reason is they copy other’s concepts and go beyond those concepts. So they are usually one step ahead than the competitors.
Imitators face less stress than competitors because they only have to work on improving existing strategies. Also, they can avoid the mistakes done by competitors and come up with strong strategies.
Ex:- Walton BD
These type of entrepreneurs often come up with new products and services which can help people. They turn their innovative ideas into business ventures which can contribute to society. This type of entrepreneurs are well motivated and passionated. They spend their wealth to market their new ideas on the market.
Innovators often using innovative marketing strategies to market their products. It simply means the processes they apply for a product or service is entirely innovating than the competitors. Due to that reason, they face low competition when introducing a new product or service.
This Kind of entrepreneurs do not act fast. They take their time to research every aspect of the business before providing products or services to the market. Even they have an idea in their mind, and they keep researching about that. They believe that they can achieve success with a proper plan and information. So mistakes and failures are not an option for this type.
This type of entrepreneurs take a huge time to analyze the business in every angle. They do in-depth research before offering a product or service. With the help of that, they gain the chance to establish in the market without making mistakes. But the bad thing is, they are risk avoiders, and they move slowly.
This type of entrepreneurs motivated by their dreams and vision. Hustlers are ready to do anything to make their dreams come true. They don’t sit and think. Hustlers put their feet into the field and work hard until their hands get dirty. They work hard to achieve their targets rather than using money to achieve those.
Hustlers don’t like to give up, and they are ready to face any challenge in the filed. Naturally, hustler entrepreneurs start small, and they make their effort to make it bigger and more successful.
Ex:- Mark Cuban
This type of entrepreneurs work for government agencies. Usually, their goal is to fill the gaps which are not concerned by the private entrepreneurs. They use their abilities to provide developments for public needs. Government rules and regulations bound public entrepreneurs; they also use their ideas to solve environmental and public issues.
The entrepreneurs who are governed by the public sector can be identified as private entrepreneurs. Usually, the government gives sufficient support to the pubic entrepreneurs as well as private entrepreneurs. The reason is to increase the speed of development by maintaining a balance and mutual relationship between both the public and private sectors.
This type of entrepreneurs are more flexible. They identify opportunities before than the others and utilize them on time. They always keep their eyes on the market. When an opportunity arises, they try to utilize is and get the maximum benefits from it. They hit the opportunity on time.
This type of entrepreneurs are also known as green entrepreneurs. This is a new trend in the entrepreneurship field. Green entrepreneurs concern about issues in the environment. They come up with a solution for those issues with keeping a profit margin. It has three main concepts; Eco- Commitment, Eco-Innovation, Eco- opportunity.
Here are the main 13 types of entrepreneurship we have found on the field.You can read more articles using the following links.