Types of Entrepreneurship You Must Know in 2023
Ever wondered about what business line should you approach or is it the first time you are hearing about the business having its types, well yes there are many types of entrepreneurship among which you can choose one for yourself to follow and pursue in life.
Did you know there are different types of entrepreneurship? It’s a life-changing opportunity as you are going to explore through a vast pool of options where you can figure out your choice as per your interest and ability which has some great benefits, such as less risk as you are opting for something which is in your core.
#1. Types of Entrepreneurship
It is a type in which the learner learns from the competitor’s. In it, the person tries to acquire new values and achieve the level of their competition.
This is done so that the business can be kept sustainable in the competitive market, by understanding and figuring out the competition’s technical capabilities.
It has been seen that a person with certain goof entrepreneurial skills may not be good with the competitive ones which they need to cut the edge in the market. This way they add traits of sustainability.
The highlight of the show here is that failure doesn’t set them back instead helps them to develop a new skill that they can use further to figure out things coming up in time.
EXAMPLE- FedEx, Imagesbazaar, Arthur Fry, etc.
#2. Types of Entrepreneurship
Under this, all the administrative techniques, functions, management of quality, designing, and redesigning of jobs, and new techniques are covered.
All of this is managed to improve and maximize the efficiency of the business organization and to make it more firm in the environment or the competitive marketplace.
It is a combined effort of general management and technical area to improve and develop better products and techniques than the existing ones.
The future is being kept in mind so that new opportunities can prevail and an advantage can be taken over the competition and work can be done more effectively.
EXAMPLE- R&D(research and development), the pension scheme for the old-age by the government, etc.
#3. Types of Entrepreneurship
Agriculture has always been a huge player in the growth of the economy and the development of the world. The production and distribution of the product play a vital role in improving the living of all.
It is a simple business where when the business starts to make developments in agriculture, it is known as Agripreneurship.
It includes all operations such as production, manufacturing, and distributing of farm supplies, it also includes animal husbandry, horticulture, and so on as a farming business.
It is making a profit out of farming by the use of technology, farm management, new and innovative solutions, and reduction in wastage of crops.
EXAMPLE- Plant clinics, Spin farming, etc.
#4. Types of Entrepreneurship
In it, the main focus is on the breakthroughs and new needs and gives priority to the making of the economic value, its emphasis is mainly on profitability and not on resources.
The economy also gets a chance and has been getting for many years because of it, all operations being done are viewed with the money eye only.
It creates opportunities that are going to return a revenue as it’s their main motive, many organizations earn a huge amount annually through this.
EXAMPLE- Snapchat, TikTok, Facebook, etc.
#5. Types of Entrepreneurship
These people are the agents for the cultural change who organize financial, resourceful visionaries, cultural, social, and human capital to generate revenue from a cultural activity.
Their strength is the ability to create a cultural meaning out of different perspectives and ideas, they can create social engagement and development.
The products being generated by them are good culturally as well as for the economy and society and tend to create a lot of great opportunities.
Motive can be the betterment of the world by influencing people through social media nowadays or through other ways of communication.
EXAMPLE- Artists, Singers, Writers, etc.
#6. Types of Entrepreneurship
When any product or good service serves within the boundaries of a nation then it is referred to as Domestic Entrepreneurship.
The rules and regulations being established by the government of the respective country are followed to grow the business domestically.
It moves hand in hand with the policies of the government and tries to get a better understanding of the local system which can give more opportunities to flourish in the market.
Adapting to the new technologies is highly convenient, it does contain the risk but if you grow and work hard the reward also awaits.
EXAMPLE- Freelance writing, House Cleaning, etc.
#7. Types of Entrepreneurship
Environment Entrepreneurship or also famous and referred to as by the name “Green Entrepreneurship” is working for the environment and earning profit.
The term got popular in the year of 1990s, the perspective was to gain corporation with the environment and working on problems faced by the environment.
It consists of 3 rules which are Eco-innovation, Eco-opportunity, and Eco-commitment.
The issues are taken into consideration by keeping in target the business and the profit which can be earned with the betterment.
EXAMPLE- Body Shop, Grow Green Happiness, etc.
#8. Types of Entrepreneurship
In today’s world where technology is playing a huge role in our daily life and is creating opportunities where every person can use their mobile or laptop and get access to any online service being provided all the time.
Another name being given to it is Cyberpreneurship, as it is about the reach on the internet and its provided services and the earning through it.
Now every new business person tries to take their business online as they are very well aware of the perks of being on the internet today and selling or advertising your product over there.
The people or business persons who do this are called SENs (self-employed entrepreneurs) as you can start a business online even if you don’t have one offline and with a minimal amount of money and yet earn a huge profit.
EXAMPLE- Amazon, Flipkart, eBay, etc.
#9. Types of Entrepreneurship
Imitative or we can say adoptive entrepreneurship is the name given to the act of imitating or copying the existing business type and setting up one of your own in the same manner.
Here, instead of trying onto a new idea with the involved risks people just adapt to the methods, ideology, and technology being presented or used by others.
You may modify the basic idea or the technology being used as per your requirement and the right condition which suits your local or targeted environment.
You can either get under a franchise with an agreement and spread the ongoing technology around the globe for the utilization of the people.
EXAMPLE- Zomato, Swiggy, etc, or technologies such as mobile phones or other electronic products.
Courses to try out
#10. Types of Entrepreneurship
It is a type of entrepreneurship that deals with the generation and nurturing of the new ideas coming up in the person’s mind and set it out in the firm or organization.
A person who is a business incubator acts as a catalyst for regional and national economic development as they help a new business organization or a startup by providing some sort of services like space for office work or training management.
Tech companies promote new technologies and form a wide range of products among different categories to be presented in the marketplace.
EXAMPLE- Companies such as Nokia and Microsoft.
#11. Types of Entrepreneurship
A business that is being handled and run by a person or a particular family where all the decisions and the undertaken risks and the profit being made is sole of that person or the family.
The personal ideas and motives are being used and worked on here and the person is the leader here who chooses the team which will be working for the company and it can be a small scale business or a big industry.
The usage of forms, seals, and stamps is allowed which should give out a clear message that the ownership belongs to that individual.
A family can also run a business but only the family members are the owner and no other person can make a decision other than the members.
EXAMPLE: Mark Zukerberg, Reliance industries, Steve Jobs, etc.
#12. Types of Entrepreneurship
It is a way of conducting business-related activities and procedures across the world. It can be anything such as exporting, licensing, opening a new food chain franchise, etc.
Even a new business or startup can also be taken across boundaries to create more value and get a drastic growth in business with service being provided for people.
While establishing a foreign market one needs to be aware of the local competitors as they have an already set business in the market and are aware of the local people’s needs.
You may face some barriers such as distance, language, and taxes but all of it can be resolved by following the set regulations and hiring some local people for work.
EXAMPLE- Google, Apple, Mcdonalds, etc.
#13. Types of Entrepreneurship
It refers to a pattern or a system that allows a worker or an employee to act as a decision-maker or we can say an entrepreneur within a business organization.
These people are goal-oriented, active, and ready for all working, who can take up all responsibilities and initiate to make a more useful and innovative product or service.
It provides a stage for employees where the work is challenging and they need to be highly engaged in their work. The passion which they have in themself inspires them to try new things.
Their growth is directly proportional to the company’s growth as they ensure that the business is improved and meets the regular targets and produces great results.
EXAMPLE- Intel, Sony, Dreamworks, etc.
#14. Types of Entrepreneurship
When two parties together handle one enterprise or business and among them, one belongs to the private sector and the other to the public sector.
It is a collaboration between a private business or company and the government where each one of them partly owns and manages the business.
The percentage of ownership can be dealt with and does not have a fixed percentage.
EXAMPLE- Smartphones by Microsoft and Nokia.
#15. Types of Entrepreneurship
Large Company Entrepreneurship:
The organization with the large capability has a solid set of life cycles, the investments, and the innovation of new products is sustained throughout.
The change in the product as per the customer’s tastes change and yet maintaining up with the competition as well as the creativity within the company.
Any business is considered large when there are at least 500 or more working employees and has a turnover annually in million and the production is being done in tons.
EXAMPLE- LG, Tata, etc.
16. Mass Entrepreneurship:
This term refers to the local business or startup which is in millions around the world as they make use of the local items and inputs and take care of the local needs in their locality or community.
By starting such a business you can also be a job creator as you will be providing a place for people to work and get a change in their life as well as the world.
Just initiating one move towards a change, can lead to a huge increase in the number of small and large enterprises in a nation.
You can start up your chain too by having one place in the starting and earning profit from there and moving forward in your locality or nation.
EXAMPLE- Beauty Salons, Food Chains, Local Shops, etc.
17. Opportunistic Entrepreneurship:
The title itself gives out the base meaning as it is about recognizing and grabbing any opportunity which comes in the way and making a move to use it and get capital with it.
Opportunistic people are those who can see a chance or hope in a situation and gain any advantage from it which can be taken. Such people try and seize every opportunity which can help them improve things around them.
A new opportunity may come your way by a change in the environment or a new technology being launched and is interesting people, that’s the time when you need to identify the worth it can have if you grab it.
Your timing matters as you need to be quick before a new trend gets old especially in today’s world when new items keep coming and keep taking the old ones down.
EXAMPLE- FedEx, Arthur Fry, etc.
18. Private Entrepreneurship:
It is the easiest and lightest way of forming a company and also inexpensive, you don’t need money in bulk to set it up, and also it’s a fast procedure.
As you have a private enterprise you can handle it alone or with any of your family members, as having a team depends on the vastness of your business.
Economic development also experiences a speed up and it maintains a balance by withstanding the mutual relationships between the business owner and the government of the nation.
EXAMPLE- Tesla, Disney, etc.
19. Public Entrepreneurship:
It is an alternative and newly invented approach for bringing out a change in the public realms, which can be beneficial for future new enterprises.
Having a public enterprise provides the world with some essential functions such as education, health, and reduced-price on basic commodities.
It all comes under and is handled by the government of the nation, different types of enterprises work under the government to solve public and environmental issues.
On the contrary, they are not social entrepreneurs as they work under the rules and guidelines laid by the government.
Hyman Rickover, Nancy Hank, etc.
20. Scalable Startup Entrepreneurship:
The main motive behind this entrepreneurship is to make a scalable and repeatable business structure for the upcoming future.
It is about taking up an idea and innovating it and turning it into a business model that will give out higher growth in the future and make the enterprise a more profitable company.
The procedure or the way to do so is by entering a large market and taking the current shares of the present holders or by creating a completely new market and taking growth at a rapid pace in it.
There is a huge risk involved in setting up such a business due to the large funding required so not many people find it a safe option and opt for it but some find the idea worth the risk.
EXAMPLE- E-Commerce websites, etc.
21. Small Business Entrepreneurship:
Our market is covered with a huge number of small businesses which give employment to more than 50% of people compared to those who are working for some big company or are a government employee.
The profit as compared to a large firm is less as the employers create a living for their family by working at such place and the annual earning for the whole business is also not much just giving some margin of gain.
The person who runs such a business is a small entrepreneur and hires people from the local area or works with his or her family members.
The funding is also usually in the form of loans from friends or family members and sometimes from the bank.
EXAMPLE- Grocery Stores, Hair Dressers, Electricians, etc.
22. Social Entrepreneurship:
In this, the people who are the business holders or the inventors target the development of products or the services to be provided to meet the social requirements.
The main motive here to start an enterprise is to solve social problems and to make the world a better place to live.
The groups and the companies try to develop helpful products and also raise funds to solve the issues whether they are social, cultural, or environmental.
The idea is widespread and the size of the organization may vary in size and how they aim towards the problem and their personal beliefs towards it.
EXAMPLE- AMUL, Grameen Bank, etc.
24. State Entrepreneurship:
When an enterprise is in the hands of the state or the government and is completely operated and managed by them it is referred to as “State Entrepreneurship”.
Businesses such as trading and industrial ventures are fully governed and undertaken by the state and no entrepreneur is there.
Policies are made through which the enterprises are owned as public agencies but are operated according to the standard business criteria.
EXAMPLE- Any business based on state such as Investpunjab.
It is made up of two words as can be seen in the name which is technology and entrepreneurship.
It is a kind of mix-up where immense technology is used and mixed up with entrepreneurial skills to give birth to a new kind of ability where technology plays a very essential part.
It is a kind where the person needs to be very creative and can calculate the risk involved which may occur in the future in advance.
It tends to generate employment and the utilization of resources in the best way which can be with the growth in technology for the future world and creating capital with a change in the economy.
EXAMPLE- Twitter, Instagram, Apple, etc.
26. Trading Entrepreneurship:
This is a kind that acts as a mediator between the producer or the manufacturer of a service or product and the people who are going to sell it or make use of it such as retailers, wholesalers, and customers.
All the trading between two organizations is done through this kind of entrepreneurship.
They are the middlemen needed to transport the goods and services around as they make it easy with the service provided by them.
EXAMPLE- Agents, Traders, Transporters, etc.
When people from different gender groups such as transgender people or eunuch come up with a small business idea to fulfill their basic needs and earn their daily bread.
They can either have stalled or can be a small shop owner with all sort of different kind of products such as
food, artificial jewelry, toys, flowers, and so on.
EXAMPLE- Anam Prem in Mumbai.
Also Read: 10 Must-Have Skills for Entrepreneurship
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