Entrepreneurship is the process of developing, starting and running a business. There are many types of entrepreneurship, and the entrepreneurs involved have varying visions and aspirations for their businesses. They run their new companies based on their skills, characteristics and personality. Some people believe hard work will get them to their goals, while others believe capital will get them there.
For some entrepreneurs, providing a service or product that benefits the social good is more important than maximizing profits. All entrepreneurs experience similar challenges, but they approach them differently. As an entrepreneur, develop specific skill sets to be an effective leader and innovator. Be ready to face the challenges that are sure to come your way. If you want to become more prepared for these challenges, an entrepreneurship course can equip you with the knowledge and skills.
Here are nine different types of entrepreneurship:
Type #1: Large Company Entrepreneurship
This type of entrepreneurship is for advanced professionals who know how to sustain innovation. In most cases, they are part of a larger team of C-level executives. They strive to create new products and services based on consumer preferences to meet market demand.
Small business entrepreneurship can grow into large company entrepreneurship upon acquisition by a large company. Disney, Google and Microsoft are great examples of these types of entrepreneurship.
Type #2: Small Business Entrepreneurship
Small businesses make up a majority of enterprises today. The main aim of small business entrepreneurship is to make a profit that can support a modest lifestyle and basic family needs. People interested in this type of entrepreneurship aren’t seeking venture capital funding or large-scale profits.
Usually, small business entrepreneurship is owned, run and managed by one person. They generally hire family members and local employees. Plumbers, consultants, small boutiques, hairdressers and local grocery stores fall under this category of entrepreneurship.
Type #3: Social Entrepreneurship
These types of entrepreneurship are for businesspersons seeking to solve social issues with their services or products. Their driving force is making the world a better place, not to make big profits. People who go into social entrepreneurship tend to start companies or non-profits that dedicate their efforts for the social good.
Type #4: Scalable Start-up Entrepreneurship
In scalable start-up entrepreneurship, an entrepreneur believes their company will change the world. They hire specialized employees and are typically funded by venture capitalists. Scalable start-ups look for gaps in the market to create solutions to address them. Most of these businesses are technology-focused. They seek huge profit returns and rapid expansion. Uber, Instagram and Facebook are great examples of scalable start-ups.
Type #5: Hustler Entrepreneurship
Hustler entrepreneurs are willing to put in the constant effort and hard work. In most cases, they start small to grow into bigger businesses through hard work instead of capital. Hustler entrepreneurs are driven by their aspirations and are willing to do anything to achieve their goals. This type of entrepreneurship is for people who do not give up easily. For example, a hustler entrepreneur will be willing to cold call as many people as possible just to make one sale.
Type #6: Innovative Entrepreneurship
Innovative entrepreneurship is for people who can constantly come up with new inventions and ideas. They use these ideas to grow the business and establish new ventures. In most cases, their motivating factor is to improve the way people live.
Innovative entrepreneurs tend to be very passionate and motivated individuals. They are constantly looking for ways to improve their services and products. Bill Gates and Steve Jobs are great examples of innovative entrepreneurs.
Type #7: Researcher Entrepreneurship
Researcher entrepreneurs take their time before taking the step to start businesses. They conduct extensive research before introducing a service or product to the market. They believe that with the correct information, preparation and strategy, they are more likely to succeed.
A researcher entrepreneur ensures they have an in-depth understanding of every aspect of their business. They rely on logic, data and facts instead of intuition. Detailed business plans are non-negotiable to them.
Type #8: Imitator Entrepreneurship
Imitator entrepreneurship is for people who find inspiration in others’ business ideas but work to develop and improve them. They aim to make specific services and products better and more profitable. This type is a combination of innovative entrepreneurship and hustler entrepreneurship.
Although they start by copying others, they are willing to work hard and generate new ideas. Imitator entrepreneurship is for people with a lot of determination and self-confidence. They learn from others’ mistakes.
Type #9: Buyer Entrepreneurship
Buyer entrepreneurs use their wealth to fund business ventures. They specialize in using their fortunes to purchase businesses they think will be successful. Buyer entrepreneurs identify promising business ventures and try to buy them. If successful, they make the necessary structural or management changes.
Their main aim is growing the businesses and expanding profits. Buyer entrepreneurship is less risky compared to other types since the companies targeted are already well-established.