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
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.
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.
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
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.
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.