The Four Types of Entrepreneurship: Which One Do You Belong To?
Entrepreneurship comes in many forms and can be defined in numerous ways. Whether it’s a person who starts their own business, a social entrepreneur who addresses societal problems through their work, or an intrapreneur who develops new ideas and products within an existing company, entrepreneurship is all about creating and pursuing opportunities.
In this article, we will explore the four types of entrepreneurship and help you identify which one you belong to.
The Traditional Entrepreneur
The traditional entrepreneur is what most people think of when they hear the term “entrepreneur”. They start their own business from scratch, often with the goal of making a profit. These individuals are risk-takers and have a passion for their business idea, which they are willing to invest time, money, and resources into.
Examples of traditional entrepreneurs include Steve Jobs, who co-founded Apple, and Jeff Bezos, who founded Amazon. These entrepreneurs have left a mark on the world by building businesses that are now household names.
The Social Entrepreneur
The social entrepreneur uses their business skills to address social problems and bring about meaningful change. They measure their success not only by financial gain but also by the impact they have on society. Social entrepreneurs combine their passion for business with charitable efforts, using their entrepreneurial skills to bring about positive social change.
One example of a social entrepreneur is Blake Mycoskie, the founder of TOMS shoes. For every pair of shoes sold, TOMS donates a pair to a child in need. Mycoskie’s business model has been so successful that he was able to expand into other areas, such as eyewear and coffee.
The Intrapreneur
The intrapreneur is someone who applies entrepreneurial skills to innovate within an existing company or organization. They develop new products, services, or processes that improve the company’s bottom line or impact on society. Intrapreneurs work within the constraints of the company’s structure and culture, but still find ways to be creative and bring about positive change.
A famous example of an intrapreneur is Steve Wozniak, who co-founded Apple with Steve Jobs. Wozniak started working for Hewlett-Packard, but soon found that his innovative ideas were not being utilized effectively. He moved to Apple, where he developed the Apple I and Apple II computer, which changed the way we use computers today.
The Lifestyle Entrepreneur
The lifestyle entrepreneur starts a business with the goal of achieving a certain lifestyle, rather than just making a profit. They may start a business that allows them to travel, spend more time with their family, or have a flexible schedule. These entrepreneurs are often passionate about their business idea, but do not necessarily have a long-term goal of growing the business.
An example of a lifestyle entrepreneur is Tim Ferriss, the author of “The 4-Hour Workweek”. Ferriss started his own nutritional supplement company, but his real goal was to have the freedom to travel and pursue his other interests.
Conclusion
Entrepreneurship comes in many forms, and it’s important to identify which type you belong to. Whether it’s the traditional entrepreneur, the social entrepreneur, the intrapreneur, or the lifestyle entrepreneur, understanding your strengths and goals can help you succeed in your entrepreneurial journey. With hard work, determination, and a passion for success, anyone can become a successful entrepreneur.
