"Our strength grows out of our weaknesses."
- Ralph Waldo Emerson
Starting a business requires more than just a great idea. And once started, any kind of entrepreneurship needs commitment, passion and the willingness to tackle any challenge in order to achieve success.
Entrepreneurs. We use this word to describe all the people who start and run their own business, even though not every entrepreneur is the same and has the same business objectives.
Entrepreneurship is the overall process of developing and starting and running a business. But there are different types of entrepreneurs, businesses and different types of entrepreneurship. Although this term is used very broadly, here are the 8 types of entrepreneurship you should know :
Small Business Entrepreneurship
Small business entrepreneurship is the one where a person owns and runs their own business. Most of the small business entrepreneurship are started with the intention of making just enough profits that supports their family. Gaining large scale profits or venture capital funding is not a part of the initial plan. Employees mostly consist of family members and local people. Home baking businesses, hairdressers, local grocery stores, plumbers, etc. are all examples of small businesses.
- Large Company Entrepreneurship
All over the globe, there are many big established companies which are actually entrepreneurships. Think Google and Disney. These are examples of a large company entrepreneurship which has a finite amount of life cycles. Large companies often create new products and services based on consumer preferences to meet the market demand. A small business entrepreneurship can also turn into large company entrepreneurship when it grows rapidly or if a large company acquires it.
Scalable Startup Entrepreneurship
Entrepreneurs of a scalable startup often receive funding from venture capitalists. They hire specialized employees, look for things that are missing in the market and create suitable solutions. A scalable startup entrepreneurship is technology-focused. It seeks big profits and rapid expansion. Examples of such startups are Instagram, Facebook, Uber and Zomato.
A buyer is a type of entrepreneur who uses their own wealth to run their business ventures. They buy businesses which they think look promising and have the potential to be successful. After acquiring these businesses, they make the necessary structural or managerial changes. Their goal is to expand their profits through the growth of these businesses. A buyer entrepreneurship is less risky because they purchase already well-established companies.
Innovative entrepreneurs are the ones who are constantly coming up with inventions and new ideas. Things that have not been seen before, products and services which stand out from others in the market. They take these ideas and turn them into business ventures which is called innovative entrepreneurship.
The main objective of social entrepreneurship is to make the world a better place by solving social issues that affect the public with the help of relevant products and services. Earning big profits is not on the agenda. Nonprofits or companies that work towards doing social good are some types of social entrepreneurship.
Researchers are those who take their time to research the market and opportunities before they actually start a business. They believe that with the right information and research, they can offer the right products and services, as well as have a higher chance of being successful. They have an in-depth understanding of their business and rely on facts, logic and data to make business decisions. In researcher entrepreneurship, detailed business plans are important in order to reduce chances of failure.
An imitator entrepreneurship is the one which imitates other business ideas, uses them as inspiration and makes some changes to differ. The products or services it offers are not new and innovative but only a few tweaks are made so that they can stand out from the already existing ones, look better and more profitable. This is a common type of entrepreneurship as it can always learn from the processes and mistakes of the original businesses.