Exploring the 6 Forms of Entrepreneurship: Which One Fits Your Business Goals?
Starting a business and entrepreneurship have become buzzwords in recent times. However, every entrepreneur’s journey is distinct, and there are various forms of entrepreneurship available. Your understanding of these forms can determine which best fits your business goals.
1. Small Business Entrepreneur
Small business entrepreneurship is commonly associated with individuals who set up a business with a clear desire to make a living. They are the backbone of most economies, account for 50% of all private-sector jobs, and have a passion for making a difference in their communities.
Examples of small business entrepreneurship include local stores, restaurants, and service providers that operate in your area and have little intent of expanding.
2. Scalable Startup Entrepreneur
Scalable startup entrepreneurs start a business with the aim of revolutionizing an industry. They typically have larger goals to expand exponentially, make a significant impact, and raise venture capital.
One of the primary reasons for the rise of scalable startups is their potential for rapid growth. A typical example is Uber, which is now a household name and a nearly 100 billion-dollar empire.
3. Franchise Entrepreneurship
Franchise entrepreneurship involves buying a pre-existing brand name, operating procedures, and other support systems from a company. These entrepreneurs benefit from the franchisor’s experience and established infrastructure, receiving ongoing training and support to keep the engine running.
This form of entrepreneurship provides an established business model with a known market and a proven track record, making it a less exciting but less risky way to start a business.
4. Social Entrepreneurship
Social entrepreneurship involves setting up a business with the goal of making a positive impact on society. The focus of social entrepreneurship is to revolutionize the way things are done by using business solutions to address social problems.
A successful example of a social entrepreneurship is TOMS Shoes, a company that has donated one pair of shoes to a child in need for every customer’s purchase.
5. Lifestyle Entrepreneurship
Lifestyle entrepreneurship is ideal for people who desire to apply their passions or hobbies to earn a living. They set up businesses that complement their lifestyle. These entrepreneurs prioritize the quality of life over growth and profits.
An example of such entrepreneurship would be a yoga instructor who sets up a yoga studio in their backyard with the intention of enjoying their life’s work.
6. Intrapreneurship
Intrapreneurs are individuals who apply entrepreneurial principles within a corporate environment. They aim to bring innovation into their existing companies, working on new projects and products to create new revenue streams.
For instance, Google’s famous concept of ‘20% time’ allowed employees to use one day of each workweek to work on new projects that contribute to the company’s growth.
Conclusion
Entrepreneurship is no longer a one-size-fits-all approach to business. As you can see above, there are many forms of entrepreneurship available, depending on your business goals and aspirations. Identifying and understanding these forms of entrepreneurship can help you find the perfect fit for your venture’s success. Remember to prioritize passion, profits, and goals while making your decision.
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