What is entrepreneurship?
Entrepreneurship is a type of economic activity aimed at creating, managing, and developing a business enterprise to make a profit.
Considering the great importance of entrepreneurship for a modern economy, we can’t help mentioning that entrepreneurship is directly related to all tasks of the economy: production, exchange, distribution, and, sometimes, even consumption.
13 Types of Entrepreneurship
Small business owner
This is one of the most popular types of entrepreneurship — most companies are small businesses. These are people who run their business alone or with their relatives or friends. Small business entrepreneurship doesn’t need to attract venture capital and, usually, earns an income that is enough to support the family.
Examples: local grocery stores, small hair salons, boutiques, consultants, plumbers, etc.
To quickly grow your business, you need to have effective instruments for that right at the start. One of them is a good website.
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Large company owner
If a small business is rapidly developing, the chances to turn it into a large company are really high!
This type of entrepreneurship may be represented by different types of entrepreneurs, but they are all experienced professionals, senior executives working in companies with limited life cycles that bring new services and products to the market.
Examples: Microsoft, Google, and Disney.
Scalable startup
The founders of such companies believe that their ideas will change the world and create something new in the market. Usually, these companies attract venture capital funding and hire specialized employees, grow rapidly, and generate large profits.
Examples: Facebook, Instagram, and Uber.
Startup vs Small Business: the Main Difference
Social entrepreneurship
These companies offer products that help to solve certain social problems. Also, they aren’t aimed at making huge profits (most often, these are non-profit organizations).
Examples: Ashoka, TOM’s Shoes, Seventh Generation.
Hustler
Starting small, these people put in a great effort but not capital and achieve great results.
Examples: Zig Ziglar, Mary Kay Ash.
Innovator
These passionate and motivated people are dedicated to constantly transforming ideas into promising businesses that often help change people’s lives for the better!
Examples: Steve Jobs, Bill Gates.
Imitator
Imitators are inspired by other people’s ideas, improving them, and increasing their attractiveness and profitability. Learning from other business owners’ mistakes, these guys are willing to work hard for achieving the best results.
Examples: Alibaba, Flipkart, Oliver Samwer (co-founder and CEO of Rocket Internet).
Buyer
These entrepreneurs have enough money and desire to invest in promising projects. They buy well-established companies they like and make managerial and/or structural changes to increase their bottom line.
Examples: Warren Buffet (Chief Executive Officer of Berkshire Hathaway), Carl Icahn (founder of Icahn Enterprises).
Researcher
These guys are crazy perfectionists!
They not only believe in their great ideas, but they do not rush to implement them, preferring to conduct deep research first. For these entrepreneurs, it is crucial to have detailed business plans that minimize their chances of failure.
Examples: Jeff Bezos (founder of Amazon), Larry Ellison (co-owner of Oracle Corporation).
The Short-Termer types of entrepreneurship
These people are innovative, have excellent communication skills, and are focused on making big profits. They strive for one thing: to build a thriving business project and sell it profitably.
Examples: Brian Acton and Jan Koum (founders of WhatsApp).
Rebel
Entrepreneurs of this type challenge existing companies in the market by introducing their unique innovations. Rebels are willing to improvise, take risks, and work hard to achieve perfect results.
Examples: Evan Spiegel (co-founder of Snap Inc.), Michael Dubin (founder of Dollar Shave Club).
Money magnet
These guys may not know the essentials of entrepreneurship and small business management; however, they initially have money to invest (rich family, personal brand). They hire a professional team that does all the hard work for them.
Examples: Paris Hilton, Kim Kardashian.
Solopreneur
These are natural-born adventurers, workaholics, and they just love to start a business all by their lonesome. Often, their corporate brand is associated with a personal one.
Examples: Neil Patel (founder of KISSmetrics, Crazy Egg, Neil Patel Digital), Brian Dean (founder of Backlinko).
Сharacteristics of entrepreneurship
- The ability to take risks is one of the key features of entrepreneurship, a kind of “classic must-have” that helps to resist uncertainty (losing money, being condemned, or even ridiculed by others).
- Ability to see prospects. Finding opportunities and seeing things that others do not notice (these might be ideas, people, investors, niches, and more) is one of the greatest talents that the business owners must-have.
- Vision and leadership. A successful entrepreneur has to be able to understand what his new venture can develop into. Then, he manages to make his team members and partners believe in success.
Read more characteristics of entrepreneurship, importance of entrepreneurship and the major functions of the entrepreneur on the our blog.
