Entrepreneurship is the key to unlocking the door to innovation, progress and growth in any economy. It is the spirit of entrepreneurship that prompts people to create, innovate and drive their businesses forward. With its different types, it can be overwhelming trying to choose which one suits your business model best. However, exploring the 9 types of entrepreneurship can go a long way in helping business owners determine where their businesses belong.
1. Small Business Entrepreneurship
Small business entrepreneurs are those who own and run small businesses with a long-term sustainable business model. Usually, these entrepreneurs operate businesses with limited growth prospects, serving their local communities. Small businesses can be found in any industry, including but not limited to food, retail, and services.
2. Scalable Startup Entrepreneurship
Scalable startup entrepreneurs are those who focus on creating explosive growth for their businesses in a short amount of time. These entrepreneurs usually operate in technology-based industries and seek to leverage new technologies or business models to create scalable businesses. They rely heavily on external funding like venture capital.
3. Buyable Startup Entrepreneurship
Buying startups or buyable businesses offer entrepreneurs the opportunity to take over the ownership of an existing business. This business model is aimed at those who prefer running businesses that are already established or those with a very specific business niche. These businesses are usually smaller in size.
4. Social Entrepreneurship
Social entrepreneurs create and run businesses that aim to solve social problems. Their primary goal is to have a positive impact on society while also making money. Social entrepreneurs operate in various industries, such as healthcare and education, to solve challenges in society.
5. Intrapreneurship
Intrapreneurs are employees who work within a company to develop new products, services or business models. Intrapreneurs work similarly to entrepreneurs, but their work is protected by their employers and they don’t bear the same level of risk.
6. Franchise Entrepreneurship
Franchise entrepreneurs purchase rights from established brands to operate a business under that brand. This type of entrepreneurship is ideal for those who don’t want to start a business completely from scratch. With a franchise business, entrepreneurs buy a complete business package containing everything they need to operate a business with a proven business model.
7. Digital Entrepreneurship
Digital entrepreneurship is all about creating and launching businesses that operate in the online space. Digital entrepreneurs create online products or services with the potential to scale rapidly and rapidly gain market share. They utilize various digital marketing strategies to maximize their audience.
8. Lifestyle Entrepreneurship
Lifestyle entrepreneurship seeks to create businesses that align with an entrepreneur’s lifestyle. They focus on making money while also being able to have a fulfilling life. These types of entrepreneurship are usually common in businesses like yoga studios, freelance consultants, and other businesses that lend themselves to a work-life balance.
9. Corporate Entrepreneurship
Corporate entrepreneurship is a type of entrepreneurship that takes place in a corporate environment. It is characterized by the development of innovative products or services that are usually vetted by the company’s financial resources. This type of entrepreneurship is more about meeting the company’s strategic objectives as opposed to creating businesses from scratch.
In conclusion, exploring the 9 types of entrepreneurship is key to choosing what works best for your business. It is essential to choose a business model that aligns with your personal preferences and goals. By doing so, you can build a successful and fulfilling business while reaping the benefits of entrepreneurship.
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