Entrepreneurship takes zeal, endurance, and devotion. But there is no one-size-fits-all approach. Understanding the different types of entrepreneurship and which type best suits your skillset and your goals is critical to your success. After reading this blog, you will better understand the different types of entrepreneurship that exist and what resources you’ll need to embark on the entrepreneurial journey of your choosing.
Most Common Types Of Entrepreneurship
In the paragraphs that follow, we will discuss the eight most common types of entrepreneurship. Each section will explain how to start a business from scratch using the different models.
As the world evolves, so does the nature of business. Those with an entrepreneurial mindset who are willing to take a chance and think outside the box will be able to make a meaningful impact on society while enhancing their own lives at the same time. Without further ado, let’s explore the eight most common types of entrepreneurship.
1. Small Business Entrepreneurship
Small enterprises formed by a single person without the goal of franchising or expanding fall under the umbrella of small business entrepreneurship. This type of entrepreneurship might be ideal for a nail salon, a general store, or a taco truck, for example. To get your business off the ground, you’d probably intend on hiring local workers or perhaps members of your own family.
2. Scalable Startup Entrepreneurship
The focus of scalable startups is to establish business models that can be scaled up and replicated numerous times. Entrepreneurs who take this route are driven by the potential of rapid expansion and strong profit margins right from the start. Apple, Amazon, and Google are just a few of the pioneering scalable startup enterprises that have reshaped the world.
It’s vital to know your company’s long-term profitability and development potential before you start scaling for the benefit of you and your investors.
3. Large Company Entrepreneurship
When a company has a limited number of life cycles, this is considered large-scale entrepreneurship. Entrepreneurship of this type is best suited to an experienced professional with a proven track record of sustaining new ideas. It is common for large corporations to develop new products and services depending on consumer demand.
When a small firm grows quickly or when it is bought out by a large corporation, it can become a large business itself. Examples of businesses that epitomize this type of entrepreneurship include Microsoft, Google, and Disney.
4. Social Entrepreneurship
So-called social entrepreneurs aim to create products and services that improve the world in some way while still making money. For-profit, nonprofit, and hybrid businesses committed to social or environmental improvement are all examples of social entrepreneurship.
While financial gains are important, the success of social enterprises is also reliant on their positive impact on society as a whole.
5. Intrapreneurship
Instead of working as an independent contractor, an intrapreneur is a self-motivated, results-oriented employee who is part of a company. Intrapreneurship helps business owners enhance their enterprises.
Annual hackathons, such as the one held by Shutterstock, are an example of intrapreneurship as they provide an opportunity for the company’s employees to come up with new and creative ideas that benefit the business.
6. Hustler Entrepreneurship
Make no mistake, a hustler in business means someone self-motivated and driven to achieve. To succeed in this sort of entrepreneurship, a person must be confident, brave, and hardworking. A hustler is someone who can sell anything to anyone, is always looking for the next big thing, and can detect opportunities where others cannot.
7. Acquisition Entrepreneurship
Rather than starting a business from scratch, acquisition entrepreneurs buy already existing companies and improve them. Although it may sound like a much easier path than building a business from the ground up, there are still many factors to consider and processes to follow when buying a business, and it isn’t a venture to be taken lightly.
