Discover the 20 Types of Entrepreneurship You Need to Know

The Importance of Knowing Types of Entrepreneurship

Entrepreneurship has always been viewed as an integral part of the economy. It’s the fuel that propels businesses to grow and innovate. Companies that have entrepreneurial individuals as their leaders usually have a competitive edge in the market. Knowing the types of entrepreneurship can help you foster an environment that’ll encourage creativity, driven individuals, and eventually, lucrative opportunities. In this article, we’ll discuss the 20 types of entrepreneurship you need to know.

1. Social Entrepreneurship

Social entrepreneurship involves identifying social problems and utilizing business models to provide social solutions. The main focus is always on the greater good. Many social entrepreneurs start their ventures by forming a non-profit organization and gradually converting it into a profitable business. A good example of this is Toms Shoes, which donates a pair of shoes to someone in need for every pair purchased.

2. Solo Entrepreneurship

Solo entrepreneurship is the act of establishing a business alone without a co-founder or partner. Decisions are made solely by the entrepreneur. This type of entrepreneurship is based on the fact that some people prefer working alone instead of having to rely on someone else’s input in decision making. Solo entrepreneurs have the freedom to choose their business model, direction, and pace.

3. Serial Entrepreneurship

Serial entrepreneurship is when an individual starts and runs multiple businesses in succession. Serial entrepreneurs are always on the lookout for the next opportunity to invest and grow a new venture. They often use the knowledge gained from running their previous companies to improve and grow their next ventures.

4. Corporate Entrepreneurship

Corporate entrepreneurship is the act of creating new businesses within an existing corporation. It involves individuals or teams coming up with innovative ideas and developing them into fully-fledged businesses. These new businesses operate under the umbrella of the parent company, which provides necessary resources, infrastructure, and capital.

5. Non-Profit Entrepreneurship

Non-profit entrepreneurship involves the starting and running of non-profit organizations aimed at addressing social problems. Non-profit entrepreneurs are mainly motivated by the need to make the world a better place. Their businesses are typically funded by donations and grants from individuals and organizations that believe in their cause.

6. Digital Entrepreneurship

Digital entrepreneurship involves starting and scaling internet-based businesses. Digital entrepreneurs leverage technology to create and sell products and services to customers from all over the world. Many digital entrepreneurs begin as solopreneurs before eventually scaling and hiring teams to help with the workload. A good example of digital entrepreneurship is Amazon, the world’s largest online retailer.

7. Lifestyle Entrepreneurship

Lifestyle entrepreneurs usually start businesses that allow them to integrate their personal interests with their work. This type of entrepreneurship is primarily driven by the desire to create a work-life balance. Lifestyle entrepreneurs place importance on leading a fulfilling personal life while still running a successful business.

8. Small Business Entrepreneurship

Small business entrepreneurship involves establishing and managing small-scale businesses. These enterprises are usually independently owned and operated, have few employees, and serve a particular niche in the market. The majority of businesses worldwide fall under the small business entrepreneurship category.

9. Green Entrepreneurship

Green entrepreneurship involves starting and running businesses that support sustainable development. These businesses aim to create eco-friendly products and promote environmentally sustainable practices. Green entrepreneurs focus on the triple bottom line, which is the social, environmental, and financial impact of their businesses.

10. Innovation Entrepreneurship

Innovation entrepreneurship involves creating new products or services that disrupt the current market. These entrepreneurs are often trailblazers and risk-takers who use their creativity and problem-solving skills to develop unique solutions. Companies such as Uber and Airbnb are good examples of innovation entrepreneurship.

11. Women Entrepreneurship

Women entrepreneurship entails women starting and running businesses independently. The gender gap in entrepreneurship has been closing steadily in recent years, with more women joining the entrepreneurship world. Women entrepreneurs can be found across all types of entrepreneurship listed above.

12. Academic Entrepreneurship

Academic entrepreneurship is the act of converting academic research into businesses. Academic entrepreneurs use the knowledge gained through research to create new products and services that can be commercialized. Academic entrepreneurship aims to bridge the gap between academia and industry.

13. Micro-Entrepreneurship

Micro-entrepreneurship involves establishing very small businesses that are easy to manage and require little capital. These enterprises are usually operated by one person or a small team and operate on a small scale. Examples of micro-enterprises include street vendors and small online stores.

14. Freelance Entrepreneurship

Freelance entrepreneurship involves offering services such as writing, accounting, or web design to multiple clients as an independent contractor. Freelancers have the freedom to choose their clients, hours, and rates, making it an attractive option for many entrepreneurs.

15. Family Entrepreneurship

Family entrepreneurship involves running a business as a family. This type of entrepreneurship is common in small-scale businesses such as family-owned restaurants, grocery stores, and farms. Family entrepreneurship aims to create generational wealth and a legacy for the family.

16. Corporate Social Entrepreneurship

Corporate social entrepreneurship involves established corporations using their resources to create a positive impact on society. This type of entrepreneurship focuses on creating corporate social responsibility by engaging in activities that are beneficial to society. The company’s profits are not the sole purpose, but rather a means to achieve their social objectives. Companies such as Google and Tesla are known for their corporate social entrepreneurship.

17. Political Entrepreneurship

Political entrepreneurship involves seizing opportunities that emerge from the political and economic circumstances. Political entrepreneurs use their influence and power to influence policies and create new business opportunities. This type of entrepreneurship is common in the public sector and works closely with governments.

18. Tech Entrepreneurship

Tech entrepreneurship involves starting and scaling businesses that create and provide technology-based products and services. Tech entrepreneurs make use of the latest technological advancements and innovations in developing their businesses. Companies such as Apple and Facebook fall under tech entrepreneurship.

19. International Entrepreneurship

International entrepreneurship involves starting and running businesses that operate across international borders. This type of entrepreneurship aims to create businesses that cater to different cultures and markets. International entrepreneurs face unique challenges such as legal and language barriers, cultural differences, and tough competition.

20. Intrapreneurship

Intrapreneurship involves employees within a company identifying problems and opportunities and developing innovative solutions to grow the business. Intrapreneurs are usually highly motivated individuals who take risks and make decisions to improve the company’s performance. Many companies encourage intrapreneurship by providing employees with the resources, capital, and freedom to experiment with new ideas and concepts.

Conclusion

Entrepreneurship is evolving, and it’s essential to know the various types that exist. By understanding the different types of entrepreneurship, you can identify which one aligns best with your goals, motivations, and aspirations as an entrepreneur. It’s also crucial that businesses accommodate a diverse range of entrepreneurs in their workforce since different entrepreneurial types can bring in innovative ideas that drive company growth.