The 9 types Of Entrepreneurship You Probably Did Not Know About

The 9 types of entrepreneurship you probably did not know about. The general norm or belief is that anyone with a business idea which may be executed is called an entrepreneur. However, the potential to start a business, a successful one for that matter goes beyond just a genius thought.

Entrepreneurship is the overall process of developing, launching and running a business, there are many different types of entrepreneurship. People have varying aspirations and visions for the kind of businesses they want to create. Below is a list of the 9 types of entrepreneurship one can venture into;

1.Small business entrepreneurship

A majority of businesses are small businesses. People interested in small business entrepreneurship are most likely to make a profit that supports their family and a modest lifestyle. They aren’t seeking large-scale profits or venture capital funding. Small business entrepreneurship is often when a person owns and runs their own business. They simply hire local employees and family members.

2.Large company entrepreneurship

Large company entrepreneurship is when a company has a finite amount of life cycles. They are often a part of a large team of C-level executives. Large companies often create new services and products based on consumer preferences to meet market demand. Small business entrepreneurship can turn into large company entrepreneurship when the company rapidly grows. This can also happen when a large company acquires them.

3.Scalable startup entrepreneurship

This kind of entrepreneurship involves entrepreneurs who believe that their company can change the world. They often receive funding from venture capitalists and hire specialized employees. Scalable startups look for things that are missing in the market and create solutions for them.

4.Social entrepreneurship

An entrepreneur who wants to solve social problems with their products and services is in this category of entrepreneurship. Their main goal is to make the world a better place. They don’t work to make big profits or wealth. Instead, these kinds of entrepreneurs tend to start nonprofits or companies that dedicate themselves to working toward social good.

5.Innovative entrepreneurship

Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures. They often aim to change the way people live for the better. Innovators tend to be very motivated and passionate people. They look for ways to make their products and services stand out from other things on the market. People like Steve Jobs and Bill Gates are examples of innovative entrepreneurs.

6.Hustler entrepreneurship

People who are willing to work hard and put in constant effort are considered hustler entrepreneurs. They often start small and work toward growing a bigger business with hard work rather than capital. Their aspirations are what motivates them, and they are willing to do what it takes to achieve their goals.

7.Imitator entrepreneurship

Imitators are entrepreneurs who use others’ business ideas as inspiration and focus on ways to improve them. They look to make certain products and services better and more profitable. An imitator is a combination between an innovator and a hustler. They are willing to think of new ideas and work hard, but start by copying others.

8.Researcher entrepreneurship

Researchers take their time when starting their own business. They want to do as much research as possible before offering a product or service. They believe that with the right preparation and information, they have a higher chance of being successful. furthermore, they to rely on facts, data and logic rather than their intuition. Detailed business plans are important to them and minimize their chances of failure.

9.Buyer entrepreneurship

This involves investors using their wealth to fuel their business ventures. They identify promising businesses and look to acquire them. Then, they make any management or structural changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their profits. there is less risk because the buyer is indulging an already established business.