Five types of entrepreneurship and their definitions

Five types of entrepreneurship and their definitions

                 Many people aren’t even aware that entrepreneurship has types. Let’s see the five types of entrepreneurship and its definition in this blog. Each type has its own distinct goals, aspirations, and measures of success. Some types may focus on innovation, some on societal change, others on a rapid expansion in the existing business, and others to generate profit from the business. Each entrepreneur is unique, each carries different characteristics that help them to succeed in their business. A few characteristics of entrepreneurs are independence, passionate, visionaries, innovators, resilient, and tenacious. Few entrepreneurs may share the same characteristics but the type will differ from each other. 

                     Let’s see the different types of entrepreneurship and their definitions. Here, we will discuss the five types of entrepreneurship and their respective definitions. Social entrepreneurship, Scalable start-up entrepreneurship, small business entrepreneurship, large company entrepreneurship, and Innovation entrepreneurship. Understanding the different types of entrepreneurship will help to know your business well and act according to that. Social entrepreneurs are entrepreneurs who have the desire to offer solutions to prominent social issues which include addressing social inequality, engaging with environmental concerns, and supporting more equitable economic development. People who start a business in this type are of two types that are one kind will do it for profits and the other without expecting profit on this. And moreover, the main motto of this type will be to serve the world and to solve a social issue. Thus, this type is completely different from others especially scalable start-up entrepreneurship as they focus on expanding their business.

                     Scalable start-up is another type, in this type entrepreneurs’ focus will be completely on creating innovative ideas to expand their business and to get more profit in a short span of time. Their focus will be mainly on finding the gaps in the market and focusing completely on filling that. And these types of entrepreneurs are ready to expand their businesses and serve a larger market. Entrepreneurs of this kind often seek to attract venture capitalists. As they can quickly get back their investment. And small business is the third type, these types of entrepreneurs are the ones who focus on creating and running their own business, whether it may be own or with the help of their family members. Entrepreneurs of these kinds are the ones who make living from their businesses and work hard to gain profit to support their families. And they won’t find investors, instead, they get a business loan for financing. And they have the potential to grow their business into a large company.

                 Large company entrepreneurship is the kind that focuses on profit, which changes their lifestyle and continued growth in their business. The aim is the continued growth of the business. And also offer innovative services to meet large customers and to get a huge profit. And the fifth type of entrepreneur is innovation entrepreneurship. This type of entrepreneur is the one who creates their business with the intention of inventing completely new products or ideas for the market. And they mainly focus on how their idea or product changes society. Thus, five types of entrepreneurship and their definitions.