The thing about becoming an entrepreneur is it might sound risky, but it’s a pretty stable career alternative, considering all the different types of entrepreneurship out there. If there is something you are passionate about, you most definitely should pursue the same professionally.
This is exactly why 2021 came to be known as the great year of resignation. Why did so many people resign last year? Was it boredom or exploitation? But whatever be the reason, the fact is people didn’t want to be stuck in a job that they didn’t love at all! This is clear proof that you must consider investing your time, money, and patience in something that makes sense to you!
Keep reading to find out more on the same!
Defining Entrepreneurship: The Ship Everyone Wants To Get Up On!
The entrepreneurship boat is one boat that’s a lot like Noah’s Ark – everyone wants to get up on it, but it’s not meant for everyone. Instead, we will look at all the different types of entrepreneurs on the boat. But before finding out what are the types of entrepreneurship, let’s find out what the word entrepreneurship even means?
Investopedia defines entrepreneurship in detail. Check out the definition mentioned below.
“An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.”
Before you can even become an entrepreneur, you naturally have to find the business that’s right for you – anything that you are simply passionate about, a career alternative that you will be committed to. Think about it – becoming an entrepreneur is more than some random job, it is a type of lifestyle.
It’s not your same old job that makes you hate Mondays so much – rather, it is a career that might even keep you up for half the night, even on a Sunday! Sounds strange? Well, that’s exactly what happens when you get to do what you love.
The Different Types Of Entrepreneurship: Which Type Best Suits You?
Becoming an entrepreneur is more challenging than it sounds. For example, did you know that there are 4 types of entrepreneurship in the world? Yes, there are other types too, but there are only four distinctive types, at least that’s what the world recognizes.
So instead of wasting any further time, let’s find out in detail about the four different types of entrepreneurship. These are as follows,
1. Small Business
Do you like the idea of becoming a solo proprietor? Or do you want to privately own a business? Or do you want to form a partnership with few employees and relatively less revenue in comparison with regular companies?
If these questions make your internist perk up, then small business entrepreneurship is most definitely meant for you. A few examples of becoming a small business entrepreneur are as follows:
- Starting your thrift store or a sustainable business initiative of handmade products.
- Becoming a freelance writer, designer, or even marketer.
- Becoming a life coach or an influencer on social media.
There are so many examples that you must consider. Small business entrepreneurship offers your several benefits like:
- You can be your own boss,
- You can spend quality time in the company of your family,
- Also, you can obtain financial rewards,
- You can benefit from your hard work.
2. Scalable Startup
One of the most popular types of entrepreneurship is starting a scalable startup. Yes, startups are pretty in at the moment, but what does the word ‘scalable’ here signify? The word scalable indicates that the business model, in this case, is one that is unique – something that simply started as a unique idea.
There are so many examples of scalable startups that you must have noticed as well. Some of these are as follows,
- Amazon, and
The biggest advantage of launching your own scalable startup is finding investors who are ready to give you the money you need, but only if you are able to convince them – that is also one of the biggest disadvantages of launching a scalable startup.
3. Large Company
The large company entrepreneurship concept is all about starting a new business under the shelter of an established business. It shows both creativity and growth within any business. The examples of a successful business are as follows:
- Google, and
The advantages behind opting for large company entrepreneurship are many – check the important ones mentioned below:
- Availability of solid resources,
- Recognized brand value,
- Strong teams, and
- Optimized productivity.
However, there’s only one major, major risk. And what’s that risk? If, by any chance, the new plan fails to generate revenue, there’s always a certain level of job security.
4. Social Entrepreneurship
The term social entrepreneurship refers to doing something for society at large. From creating income and job opportunities to bringing a positive holistic impact on the society at large can go a long way while exploring the types of social entrepreneurship avenues out there.
You can identify social entrepreneurship opportunities by startups, groups, or even individuals for supporting all kinds of problem-solving solutions – cultural, social, and even environmental, when you think about it.
The risk? Yes, the risk stays the same as long as you are venturing out into the competitive world of business. Moreover, you need to be alert at all times to keep up with the market and make sure you are not falling behind.
Frequently Asked Questions (FAQs):
The 4 types of entrepreneurship are as follows:
1. Small business entrepreneurship,
2. Scalable startup entrepreneurship,
3. Large company entrepreneurship, and
4. Social entrepreneurship
The upcoming trends of entrepreneurship are as follows:
1. Investments in digital marketing and social media have increased and will further expand.
2. More growth in technology that’s brand-new.
3. Small businesses are expanding their horizons.
The different types of entrepreneurship are as follows:
1. Small business entrepreneurship,
2. Imitator entrepreneurship,
3. Scalable startup entrepreneurship,
4. Innovative entrepreneurship,
5. Hustler entrepreneurship,
6. Large company entrepreneurship,
7. Researcher entrepreneurship, and
8. Social entrepreneurship
And It’s A Wrap!
Instead of googling ‘what are types of entrepreneurship’, check out the current trends of becoming one. If you really want to become a successful entrepreneur then you must put in the right amount of hard work – without which it is impossible to go ahead in life.
Moreover, you need to be absolutely sure before you can decide about becoming an entrepreneur – consider the different types of entrepreneurship opportunities available to you, before reaching any decision on the same!
Barsha Bhattacharya is a senior content writing executive. As a marketing enthusiast and professional for the past 4 years, writing is new to Barsha. And she is loving every bit of it. Her niches are marketing, lifestyle, wellness, travel and entertainment. Apart from writing, Barsha loves to travel, binge-watch, research conspiracy theories, Instagram and overthink.