Exploring the 9 Types of Entrepreneurship: Which One Fits You?
Entrepreneurship today is not just about starting a business, it has evolved into various forms. It’s not a one size fits all, and there are different types of entrepreneurs out there. Here are the 9 types of entrepreneurship that you need to know.
1. Small Business Entrepreneurship
The most common form of entrepreneurship is the small business. This type of entrepreneurship is all about small-scale businesses that usually operate in a local area. Small business entrepreneurs are often self-employed and manage their businesses. They focus on the traditional aspects of entrepreneurship like income generation from sales, marketing, and handling customers.
2. Scalable Start-up Entrepreneurship
Scalable start-up entrepreneurship is focused on starting a business with a view to rapid growth and expansion. This type of entrepreneurship is all about dreams of building a future unicorn. Scalable start-ups often attract investors and need significant capital to scale.
3. Large Company Entrepreneurship
Large company entrepreneurship is all about working within an established organization. Entrepreneurship within large businesses involves identifying new market opportunities and developing new products or services within the existing company structure.
4. Social Entrepreneurship
Social entrepreneurship is all about creating businesses that have a social impact. It refers to businesses starting in the not-for-profit sector that aims to address social issues while generating profits.
5. Environmental Entrepreneurship
Environmental entrepreneurship is focused on businesses that promote sustainable products and services. The entrepreneurs that focus on environmental entrepreneurship, try to have a positive impact by reducing carbon footprints, waste reduction, and promote green business practices.
6. Online Entrepreneurship
Online entrepreneurship is all about starting a business online. It encompasses various online business opportunities such as e-commerce, social media marketing, affiliate marketing, and dropshipping.
7. Lifestyle Entrepreneurship
Lifestyle entrepreneurship is all about creating a business that supports the lifestyle that you want. It’s about starting a business that lets you have the freedom to work on your own terms.
8. Franchise Entrepreneurship
Franchise entrepreneurship involves starting a business that will operate under an established brand name. As a franchise owner, the business is often operated according to strict guidelines that are set out by the franchisor.
9. Acquisition Entrepreneurship
Acquisition entrepreneurship involves buying an existing business and turning it around. The entrepreneurs that focus on acquisition entrepreneurship often find undervalued businesses or companies that are not performing well and then add value by managing the business differently.
Conclusion
Entrepreneurship is all about taking risks, it requires courage and hard work. With all the different types of entrepreneurship, take time to reflect and think about which type of entrepreneurship is best suited for your personality, skills, and lifestyle. Regardless of the type of entrepreneurship, you choose, keep in mind that success in entrepreneurship requires constant learning, adaptability, and innovation.
