Behind every successful business is an entrepreneur who writes its success story. Moreover, a story can’t be written without knowing these entrepreneurs in depth. Therefore, having knowledge about, who they are, what do they do, and how do they do it, is equally crucial. Keeping in mind the diverse types of entrepreneurs today, it’s important to gain insights about them. Therefore, we will discover the seven most common types of entrepreneurship in this article, with their examples.
Who are entrepreneurs?
Entrepreneurs are people who plan ideas and work on those plans to build successful businesses. An entrepreneur aims to plan and innovate to bring development to society. Entrepreneur possesses certain qualities such as decision-making, risk-taking, problem-solving, leadership, creativity, and also a passion for their work. Just as entrepreneurs possess numerous qualities, there are numerous types of entrepreneurship too. Understanding different types of entrepreneurs will make the complex idea of the business world much easier for you to grasp. Hence, let’s discover about entrepreneurs and their distinct types.
Types Of Entrepreneurship
There are several types of businesses with different entrepreneurial types, out of which the seven most common types of entrepreneurship are:
- Small business entrepreneurship
- Large company entrepreneurship
- Scalable startup entrepreneurship
- Social entrepreneurship
- Intrapreneurship
- Innovative entrepreneurship
- Hustler entrepreneurship
1. Small business entrepreneurship
Small business entrepreneurship, as the name suggests, includes small-scale businesses. Moreover, it involves businesses with less revenue and fewer employees rather than large-scale profitable businesses. Besides, small-scale entrepreneurs are held to gain financial independence and run a business of their own. Additionally, People with such businesses work to support their families and provide for their necessities. They have limited resources, capital, and networks.
Examples of small entrepreneur businesses are local bakeries, Food trucks, Small boutiques, Local ice-cream sellers, Home-based businesses, Cycle repair shops, Local pharmacies, and more.
2. Large company entrepreneurship
Large company entrepreneurship businesses include large-scale businesses with maximum profits and a vast workforce. These large companies aim to stay ahead of their competition and be well-known brands in their fields. Unlike small-scale entrepreneurship, large-company entrepreneurship tends to implement new ideas and strategies for growth. Besides, Small-scale businesses can also evolve into large-company entrepreneurship businesses with a strategic plan, innovative ideas, skills, and efforts.
Examples of large company entrepreneurship Amazon, Johnson’s Baby, Coca-Cola, Colgate, McDonald’s, Amul, Haldiram’s, and more.
3. Scalable startups
Scalable startup entrepreneurship, as the name suggests, aims to scale up innovative discoveries in the form of modern solutions. In other words, these startups prioritize societal needs. They find a solution for the unresolved societal problems by creating new markets or by revolutionizing the existing ones. Above all, scalable startups can evolve into large businesses due to them being a necessity in today’s time.
Examples of scalable startups that evolved into big successful businesses: are Microsoft, Facebook, LinkedIn, Uber, Zomato, CRED, and more.
4. Social entrepreneurship
Social entrepreneurship is a system of those entrepreneurs who have a focus on social impact. Also, it’s the best way to showcase the importance and power of business by addressing a social issue. As the name suggests, social entrepreneurship aims to monetize while bringing positive changes in society. In addition, social entrepreneurs, with their creative and innovative solutions, aim to target complex problems like education, environment, and health. They create sustainable and lasting solutions for unresolved social issues. They may also have charitable and non-profitable organizations for a profitable business model. Besides, social entrepreneurs may often tie up with other organizations and governments for more visibility.
Examples of social entrepreneurship the Akanksha Foundation, changemakers, Aravind Eye Hospital, Fabindia, HelpAge India, and more.
5. Intrapreneurship
Intrapreneurs are the employees within the company who are appointed as the entrepreneurs of the company. They with their innovative mindset and creative skills bring new ideas and perspectives for the growth and development of the company. An intrapreneur needs to have entrepreneurial skills, leadership qualities, and problem-solving abilities. An intrapreneur is temporarily or permanently, appointed as an entrepreneur, depending on the circumstances.
Overall, Intrapreneurship is a great way to bring new ideas, enhance creativity, and foster growth in the business.
Examples of intrapreneurship are Alexa (by Alexa), Facebook Live (by Facebook), Reliance Industries ( by Reliance Industries), and more.
6. Innovative entrepreneurship
Innovative entrepreneurship businesses, as the name suggests, aim to monetize innovation by turning it into a new business idea. Additionally, they are people who come up with new ideas, work on those ideas, build products out of those ideas, and bring them to the market. Innovative entrepreneurs, or simply innovators, with their qualities like creativity, learning agility, risk-taking, and modern solutions, aim to bring revolution in society, often setting a trend. Chiefly, Risk-taking and creativity are the primary skills of an innovative entrepreneur.
Examples of innovative entrepreneurship Tesla, Netflix, Uber, Amazon, Paytm, BYJU’S, and more.
7. Hustler entrepreneurship
Hustler entrepreneurs are referred to as people who are hardworking and have a passionate personality for their work. In addition, they have a strong mindset and work persistently to achieve their goals. Moreover, hustler entrepreneurs have an optimistic attitude, learning agility, and a hunger for success. They learn from their mistakes and can uplift themselves during obstacles. Along with being hardworking, they are also smart working and possess skills like resilience, adaptability, creativity, risk-taking, time management, flexibility, determination, and more.
Examples of hustler entrepreneurs Ritesh Agarwal, Steve Jobs, Deepinder Goyal, Mark Zuckerberg, and more.
Conclusion
To conclude, entrepreneurship overall is a diverse topic. There are different types of entrepreneurs in different sectors of the business world. Every entrepreneur brings their distinct skill and expertise to the table. Although, some basic qualities of every entrepreneur are, risk-taking, creativity, innovation, goal-oriented, persistence, visionary, and more. Besides, there are distinct kinds of entrepreneurship with each of them having an equally important role in the business world. Moreover, entrepreneurs aim to build a successful business with sustainable solutions. They possess excellent learning agility and strive to improve every step. Overall, all of the types are crucial because they all play a vital role in growth and development, driving change and revolution in society.
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