11 Different Types of entrepreneurship
In this article, we will learn about the characteristics of entrepreneurship and discuss different types of entrepreneurship.
Entrepreneurship is the creation or extraction of value. It is developing, establishing, organizing and managing a business venture while bearing any of its risks to generate profits.
As there are different businesses, there are also different types of entrepreneurship.
The different types of entrepreneurship
Learning about the type of entrepreneurship the company pursues you can determine if you can survive in their work culture.
The type of entrepreneurship affects the qualities of the entrepreneur and affects working environment.
For example, if you are want to work in a company that fosters innovation and creativity, applying for a job in imitative or social entrepreneurship will not serve the purpose.
For you, the ideal workplace would be organizations following technology or innovative entrepreneurship.
People have different dreams, goals, visions, and aspirations for the type of business they wish to create.
For some, hard work is the success factor and for some having enough investment results in a successful venture. Some Indian entrepreneurs give social entrepreneurship good priority over other aspects.
Anyone interested in starting and running their own business should consider which entrepreneurial model they prefer: social entrepreneurship, small business, large company, or scalable startup.
Here are different types of entrepreneurship:
1. Large company entrepreneurship
Companies with a limited life cycle display large company entrepreneurship. These companies sustain because of creativity and innovation.
Innovation is the best option for advanced professionals who know how to sustain innovation.
When you work at a large organization, you are more likely to be a part of a large C-level executive team.
The products of that companies offer are different types around their core product.
Small business entrepreneurship can be become a large company entrepreneurship by witnessing accelerated growth in no time. This is also possible when a large organization acquires small business.
2. Social entrepreneurship
Non-government organisations (NGO) are the best social enterprise examples. In this type of entrepreneurship entrepreneurs recognise a social problem and tailor their activities to create social value.
Such entrepreneurs develop solutions, products, or services to solve critical social issues and bring about social change.
Achieving social benefits is the motivating factor of social entrepreneurship. Working in a social enterprise means prioritising transformative social change while ensuring financial stability.
This social change may be related to animal rights protection, environment conservation, or philanthropic activities for a less-served community.
Instead of earning wealth or making profits for the owners, social entrepreneurship aims to make the world a better place to live.
These non-profit organisations or NGOs use ethical practices such as corporate social responsibility (CSR) or conscious consumerism to facilitate success.
3. Small business entrepreneurship
Local small boutiques, milk booths, grocery shops, hairdressers, carpenters and plumbers are part of the small business entrepreneurship.
As small businesses are lack the creativity and innovative factor, they fail to attract venture capital for expansion and run smoothly.
Small businesses represent the vast majority of Indian entrepreneurial ventures. People who set up small business entrepreneurship make profits to support their families and live a modest lifestyle.
These people usually fund their ventures themselves or take loans from family and friends. The employees are usually family members or local people.
4. International entrepreneurship
Typically, international entrepreneurs sell products in the Indian market until they reach the maturity stage and then sell them in the overseas market to earn profits.
International entrepreneurship is beneficial when the demand for products and services is declining in the domestic market and demand is rising in the international market.
In international entrepreneurship, entrepreneurs conduct business activities across the Indian national borders.
This can be either opening a sales branch in another country or exporting products from India to a foreign country.
5. Innovative entrepreneurship
Innovative entrepreneurship is ambitious and requires significant investment to turn a new business idea into a breakthrough product or service.
They are business leaders and make significant contribute to the economy. Moreover, such organizations strive to make life better by providing services, solutions and products that other companies have not.
The foundation of innovative entrepreneurship is inventions and new business ideas. These entrepreneurs can think about new ways to do business and have the ability to turn a new business idea into a successful venture.
6. Environmental entrepreneurship
It is also known as green entrepreneurship. Profit generation and a concern for the environment are the primary goals of such businesses.
They adopts highly environmentally responsible business practices and values.
They also try to replace the existing services or products with service or products that are environmentally safe to use.
In short, environmental entrepreneurship prioritizes the business impact on people and the environment besides profits.
Creating SaaS software, publishing an audiobook, and Impact blogging and are a few examples of environmental entrepreneurship as they protect the environment by not cutting trees.
over-the-top (OTT) entertainment platforms and Ecommerce stores fall in the cyberpreneurship category.
Cyber entrepreneurs or Cyberpreneurs are people who leverage the benefits of information technology to do business.
These entrepreneurs understand the digital age and remove the hassle of going to a physical store. Such entrepreneurship is known as a virtual business and exists only online.
They come up with new business ideas to provide service and products to customers through the internet.
8. Hustler entrepreneurship
Hustler entrepreneurs never wait for opportunities to come because they create opportunities. They start small and work hard to grow their business.
This type of entrepreneur is a self-starter who is motivate by their goals and aspirations to succeed in entrepreneurship.
Instead of using capital or investment to achieve their business goals, they put in their best efforts.
Hustlers have a big risk-taking appetite, do not have a give-up attitude, and are always ready to face challenges.
9. Imitative entrepreneurship
This entrepreneurship imitates or imitates existing business ideas and works hard to improve them.
Such organizations imitate already operating products and services in the market, usually under a franchise agreement.
Such entrepreneurs are not interested in innovation, though they are ready to work on existing processes and improve them.
Imitative entrepreneurship works by adopting current technologies around the world and modifying their existing technologies to suit the local conditions.
Multinational conglomerate companies and Fast food companies are one of the best examples of enterprises operating on imitative entrepreneurship.
It is also known as technology entrepreneurship. Unlike an entrepreneur, who is also the manager, designer, and founder of a business.
An intrapreneur is an action-oriented and self-motivated employee who thinks out of the box and works as an entrepreneur within a company. Intrapreneur s takes calculated risks that have the potential to make a profit.
11. Scalable startup entrepreneurship
First, in order to establish a successful startup, you need to pay attention to the human resources behind your business and also need to pay special attention to the amount of money you have.
The key to starting scalable start up entrepreneurship is knowing the ways in which your company will grow and long-term plans for profitability, both for the sake of your venture capital investors, and your own.
This type of entrepreneurship focus on how to create a business model that is both scalable and repeatable. They hire specialised employees because they want rapid expansion and high returns.
Apple, Google, and Amazon are all examples of trailblazing startups that have changed the world.
Characteristics of entrepreneurship
Here are a few characteristics of entrepreneurship:
- Economic activity
- Risk-taking ability
- Creativity and innovation