9 types of entrepreneurship

Different types of entrepreneurship

The type of entrepreneurship depends on the aspirations or goals set out by the entrepreneur. This is because while some are profit-oriented, others just want to be part of the greater good. Below are listed some of the types of entrepreneurship that entrepreneurs can venture into depending on their ambitions.

1. Small business entrepreneurship

This is probably the most widely known of the types of entrepreneurship since it involves sole proprietorship or business partnership most of the time. This entrepreneurship type is usually a local or family business with no plan for a global takeover. Freelancers, consultants, small shops like barber shops, bread ‘n’ breakfast, diners, etc. fall into this category.

2. Large company entrepreneurship

As the name implies, large company entrepreneurs are larger corporations or startups that rely on large venture capitals to function. Most often, the large company entrepreneurship cannot fund the company from shareholders’ buy-ins alone and thus have to be funded by financial institutions. This entrepreneurship type is usually global-oriented and not run by a single person.

Oftentimes, small companies can grow into large ones if they have rapid growth or otherwise get taken over or bought by larger corporations. Large company entrepreneurship can also choose to be a public limited company or private limited company. 

Choosing to be a public company means they want to raise capital through IPO while the completely private ones raise shares through venture capital, shareholders, or financial institutions.

3. Scalable startup entrepreneurship

This starts out as small business entrepreneurship with the exception that the originators have a mindset for scaling up. Examples of such are Facebook and Uber. They are mostly tech-based businesses that seek to revolutionize the world through technology. The main target is to grow rapidly while making the most profits.

4. Social entrepreneurship

A good example of this type of entrepreneurship is non-profits and charities. The aim is to solve social needs and help society become better. From providing affordable shelters to helping widows gain employable skills, social entrepreneurship is not profit oriented. They are usually funded by members, donations, or grants.

5. Innovative entrepreneurship

Innovative entrepreneurship is always coming up with new and dynamic innovations to solve world problems. Whether they are scalable startups or large corporations, they are always coming up with new inventions and ideas.

6. Hustler entrepreneurship

These start small and hope for a brighter future for their business. It is from this type of entrepreneurship that you get cold calls and emails that promote and sell their ideas to potential customers. They are willing to go to any length to see that their dreams are achieved.

7. Imitator entrepreneurship

The imitator entrepreneurship does not rely on their own startup idea. Rather, they see other people’s ideas, postulate ways to make them better, and then use that as a basis to start their own business. Amazon was one of the first online shopping businesses throughout the world but now has competitors like Ali Express, etc.

8. Researcher entrepreneurship

The researcher entrepreneurship takes time to plan and map out details of what the business will look like. The entrepreneur makes adequate research and plans ahead of time, making sure that all ducks are in a row. Before venturing out, a solid business plan is in place and if there is any reason to deviate, researcher entrepreneurship will still make research before making those changes.

9. Buyer entrepreneurship

These are the ones that do business takeovers. They look at startups and small business with potential and buys them over. After the buying, they make structural changes, nurse the business to full capacity and then sell it to move on to other takeovers.

Conclusion

Depending on your goals, motivations, and aspirations, the type of entrepreneurship you choose must be able to solve a problem in your locality or the globe at large. There is also a need for perseverance to see your business become successful.