Types of Entrepreneurship

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Entrepreneurship refers to all the processes and the qualities needed by an entrepreneur to run a business or create opportunities for others along with the uncertainties that it brings.

A very good example to qualify this is an entrepreneur starting a new business as his vision is qualified by risk taking and an ability to move in the face off those uncertainties.

Who is an Entrepreneur?.

The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a venture along with risk entitled to it, to make profits.

The entrepreneur could even have in mind the desire to start a multi-national company, a small business, or even a home based business.

In most cases entrepreneurs start small like from their homes, garage or even a roadside shop and scale to a higher level.

Types of entrepreneurship.

  • Small business entrepreneurship. The kinds of businesses that falls into these category includes hairdressers, grocery stores, travel agents, consultants, carpenters, plumbers, electrician, etc. These people run or own their own business.
  • Social Entrepreneurship. This type of entrepreneurship focuses on producing product and services that resolve social needs and problems. Their only motto and goal is to work for society and not make any profits. Charity or non-profit organizations fall under this category.
  • Start-ups. Start-up entrepreneurs starts a business knowing that their vision can change the world. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable business and experimental models, so, they hire the best and the brightest employees. They require more venture capital to back and even promote their project or business.
  • Multinational Companies. These huge companies have defined life-cycle. Most of these companies grow and sustain by offering new and innovative products that revolve around their main products. The change in technology, customer preferences, new competition, etc., build pressure for large companies to create an innovative product and sell it to the new set of customers in the new market. To cope with the rapid technological changes, the existing organisations either buy innovation enterprises or attempt to construct the product internally.

Author: Austine