“If you tune it so that you have zero chance of failure, you usually also have zero chance of success. The key is to look at ways for when you get to your failure checkpoint, you know to stop.”
REID HOFFMAN, COFOUNDER OF LINKEDIN
Hi Folks, in this article, we are going to share with you that what is entrepreneurship and what are five different types of entrepreneurship. Read the article entirely and tell us in the comments section about your views.
Read also> Characteristics of Successful Entrepreneurs
What is Entrepreneurship?
In simple words, entrepreneurship means the activity through which a business or businesses are set up by taking the financial risks in the hope of profit.
Types of Entrepreneurship:
Small Business Entrepreneurship
“A big business starts small.”
Richard Branson
In this kind of entrepreneurship, a person runs their own business on a small scale. They typically hire local employees or family friends etc. for extra support.
For example, small boutiques, hairdressers, local grocery stores, etc. as the business runs on a small scale, so the profit only supports a modest lifestyle.
Large Company Entrepreneurship
“There is no passion for being found playing small – in settling for a life that is less than the one you are capable of living.”
Nelson Mandela
In this concept of entrepreneurship, larger and existing companies expand their level by the advancement of new opportunities and ideas. For example, a company may create a new product so that it may compete with its competitors. So basically, it is the environmental expansion of a company.
Social Entrepreneurship
“I’m encouraging young people to become social business entrepreneurs and contribute to the world, rather than just making money. Making money is no fun. Contributing to and changing the world is a lot more fun.”
Muhammad Yunus, Founder, Grameen Bank
These kinds of companies are made to promote social work. These companies tend to solve social problems with their products and services. Their aim is not to earn a profit; instead, these companies are nonprofit. And social entrepreneurship companies work for the social good. For example Bill Drayton and Rachel Brathen.
Innovative Entrepreneurship
Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.
Steve Jobs
As the name suggests in innovative entrepreneurship, people come up with innovations and ideas. And eventually, theses ideas turn into business ventures.
These innovators are very passionate and highly motivated people. They help to make their products and services stand out in the market competition. For example, Bill Gates and Steve Jobs are innovative entrepreneurs.
Scalable Startup Entrepreneurship
“If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.”
Mark Zuckerberg, founder of Facebook
In this type of entrepreneurship, entrepreneurs believe that their company can change the world. Generally, their funding comes from venture capitalists, and they hire specialized employees.
They create a thing that is not in a market and hence provides a solution in the market. They earn big profits and expand rapidly—for example, Instagram, Facebook, and Uber.
Conclusion
In this article, we have shared five different types of entrepreneurship. We hope that it was informative for you. If you have anything to share with us, then don’t hesitate and tell us in the comment section.