9 Types Of Entrepreneurship You Need To Know

Entrepreneurship comes in all shapes and sizes, and no two businesses are exactly alike.

Ready to delve into this uncharted territory?

From small business entrepreneurship to large company entrepreneurship, there are many different types of entrepreneurs out there.

Innovative entrepreneurs always look for new and exciting ways to change the game and disrupt the market.

Regardless of the type of entrepreneurship, all entrepreneurs share one thing: the entrepreneurial spirit.

They are risk-takers who are extremely passionate about their business ventures. They know that success requires constant effort, perseverance, and the willingness to learn from other's mistakes.

In today's market, being an entrepreneur is more important than ever. As companies grow larger and competition becomes fiercer, entrepreneurship is integral to staying ahead of the game.

Whether you're an innovative entrepreneur with unique differences or a small business owner with big profits, there's a type of entrepreneurship out there for you. So, with the right preparation and the right audience, any new venture has the potential for success.

As Steve Jobs once said, "Innovation distinguishes between a leader and a follower."

So, whether you're looking to create the next big thing or just want to make a difference in your local community, entrepreneurship is the perfect way to make your mark. With the right team, the right market, and a lot of self-confidence, anything is possible.

So, let's dive in and explore the nine types of entrepreneurship you need to know!

Types of Entrepreneurship

1. Small Business Entrepreneurship

Small business entrepreneurship is a type of entrepreneurship that focuses on creating and managing small businesses.

Small business entrepreneurs are individuals who take the initiative to start and operate their own businesses. They often have a focus on profitability and are risk-averse, taking calculated risks to ensure the success of their venture.

Successful small business entrepreneurs are able to identify and exploit niche markets, meet market demand, and create unique differences that set them apart from their competitors.

No matter the type of entrepreneurship, becoming your own boss and creating your own business can be an integral part of the entrepreneurial spirit. With the right audience and a focus on success, any entrepreneur can turn their business ideas into successful ventures. Whether it's creating a small business or a large company, entrepreneurship requires constant effort, the ability to learn from others' mistakes, and a commitment to success in the market.

2. Social Entrepreneurship

Social entrepreneurship is a type of entrepreneurship that focuses on creating social impact and solving societal problems, while also generating profits.

Social entrepreneurs tend to be extremely passionate and driven individuals who use innovative ideas to create promising businesses that meet market demand and address social issues.

One characteristic of social entrepreneurs is their focus on the triple bottom line, which includes social, environmental, and financial outcomes.

These entrepreneurs seek to create a positive impact on society while generating profits for their own businesses.

Successful social entrepreneurs have found ways to balance these outcomes, using their unique differences to meet the needs of the right audience.

In contrast to small business entrepreneurship, which often involves one or a few people starting their own businesses with constant effort, social entrepreneurship can also involve large company entrepreneurship, where c-level executives use their position to integrate social responsibility into the company's mission.

Large teams in existing companies can focus on innovative solutions to social problems and meet market demand.

Innovative entrepreneurs and researcher entrepreneurs also play a critical role in social entrepreneurship. These entrepreneurs tend to have a deep understanding of the market and are constantly searching for new ideas that can help them stand out and meet the needs of the right audience.

They can be extremely successful in scalable startup entrepreneurship, creating businesses with the potential for rapid expansion and big profits.

Examples of successful social entrepreneurs include Steve Jobs, who revolutionized the technology industry with his innovative ideas.

Social entrepreneurs tend to be an integral part of their communities, using their business ideas to meet the needs of others and make a positive impact on society.

3. Green Entrepreneurship

Types of entrepreneurship can vary greatly depending on the size and focus of the business.

Green entrepreneurship is a type of entrepreneurship that is becoming increasingly popular due to its focus on sustainability and environmentally-friendly business practices.

Whether through large teams or small businesses, green entrepreneurs are making a positive impact on our planet while generating profits.

Green entrepreneurship is the fusion of innovation, passion, and sustainability.

It's about creating a business that not only generates profit but also has a positive impact on the environment.

It's a movement that's gaining momentum as more and more entrepreneurs recognize the importance of addressing environmental challenges through their business ventures.

Here an example of green entrepreneurship:

Beyond Meat. Founded by Ethan Brown, Beyond Meat is a plant-based meat substitute company that seeks to address the negative impact of the meat industry on the environment. Beyond Meat's products are made from plant-based proteins and are designed to look, taste, and cook like real meat. By offering a sustainable and environmentally-friendly alternative to traditional meat, Beyond Meat is helping to reduce greenhouse gas emissions and promote a more sustainable food system.

Green entrepreneurs are pioneers in their fields, constantly searching for new ways to reduce waste, conserve resources, and minimize their carbon footprint. They're the ones developing renewable energy solutions, designing eco-friendly products, and implementing sustainable business practices. Their businesses are built on the principles of environmental responsibility, social justice, and economic prosperity.

4. Scalable Startup Entrepreneurship

Scalable startup entrepreneurship is a type of entrepreneurship that involves creating a new venture with the intention of rapid growth and expansion. These entrepreneurs focus on developing innovative ideas and business models that can quickly meet market demand and scale up to generate big profits

They are passionate, self-confident, and constantly putting in the effort to ensure the success of their businesses.

Scalable startup entrepreneurs differ from other types of entrepreneurs, such as small business entrepreneurs, innovative entrepreneurs, researcher entrepreneurs, and social entrepreneurs.

While these other types of entrepreneurs also seek to create new businesses, they tend to focus on different goals and audiences. For example, small business entrepreneurs typically focus on serving local customers and building a loyal customer base, while social entrepreneurs seek to address social or environmental problems through their businesses.

Successful scalable startup entrepreneurs have included Steve Jobs, who co-founded Apple and helped transform the technology industry. Also, Venture capitalists often play a significant role in the success of scalable startups, providing the necessary funding and resources to help these businesses grow and thrive.

Large companies may also engage in scalable startup entrepreneurship by creating new ventures that are an integral part of the company's mission.

C-level executives may take on the role of entrepreneur, using their experience and knowledge to guide the development of promising businesses within the existing company.

5. Lifestyle Entrepreneurship

Lifestyle entrepreneurship is a type of entrepreneurship that allows individuals to create their own business ventures with the goal of achieving work-life balance.

These entrepreneurs are often small business owners who have a passion for their chosen industry and seek to align their work with their personal values and lifestyle goals.

Compared to other types of entrepreneurship, such as small business entrepreneurship and large company entrepreneurship, lifestyle entrepreneurs focus more on creating a business that allows them to live the life they want. They prioritize their personal life and strive to achieve a healthy balance between work and leisure time.

Innovative entrepreneurs are also a type of entrepreneur that can be found in lifestyle entrepreneurship.

They constantly look for new business ideas, new markets to explore, and ways to meet market demand. Successful lifestyle entrepreneurs include Steve Jobs, who was extremely passionate about technology-focused business ventures, and local restaurants that seek to stand out with their unique differences.

Social entrepreneurship is another type of entrepreneurship that can be integrated into lifestyle entrepreneurship.

Social entrepreneurs seek to make a positive impact on society and the world while still maintaining a successful business. They view their business as an integral part of their personal mission and strive to make a difference in their community.

Lifestyle entrepreneurship is a promising business idea for those who have an entrepreneurial spirit, self-confidence, and a constant effort to improve.

While large teams and rapid expansion may not be the main focus of lifestyle entrepreneurs, they can still achieve good profits and success through the right preparation, market demand, and targeting the right audience.

It is a great way for individuals to become their own boss and avoid making the mistakes that others have made, such as c-level executives who may be more focused on the company's mission rather than their own personal goals.

6. Corporate entrepreneurship

Corporate entrepreneurship refers to the process of cultivating an entrepreneurial mindset and culture within an established organization.

It involves encouraging and facilitating innovation and creativity, taking calculated risks, and exploring new business models to keep the company relevant in a rapidly changing business landscape.

Corporate entrepreneurs are individuals who are part of an established company but operate with an entrepreneurial mindset. They are characterized by their focus on exploring new ideas and technologies to drive growth, and their ability to adapt and pivot quickly in response to market changes.

They also prioritize collaboration and are comfortable with taking calculated risks.

A great example of successful corporate entrepreneurship is the tech giant, Google.

From its inception, Google has fostered a culture of innovation and experimentation, allowing its employees to dedicate up to 20% of their work time to personal projects that could potentially benefit the company. This approach has led to the creation of numerous successful products, such as Google Maps, Google Drive, and Google Chrome.

Another example of a successful corporate entrepreneur is Steve Jobs.

Steve Jobs transformed Apple into one of the world's most valuable and innovative companies. Jobs was known for his ability to push boundaries, challenge the status quo, and disrupt industries. He introduced the iPod, the iPhone, and the iPad, each of which revolutionized their respective markets.

7. Researcher entrepreneurship

As a researcher entrepreneur, you are not only passionate about your field of study but you are also driven to turn your knowledge and expertise into a great business idea.

Researcher entrepreneurs possess a unique combination of skills and traits that allow them to identify gaps in the market and develop innovative solutions to meet the needs of their target audience.

One of the key characteristics of a successful researcher entrepreneur is the ability to leverage their research findings to create a business model that is both sustainable and profitable. This requires a deep understanding of the industry and a willingness to think creatively about how to monetize their research.

To be a successful researcher entrepreneur, you must also possess a strong work ethic and be willing to put in the time and effort required to turn your great business idea into a reality.

This may involve conducting extensive market research, securing funding, and building a strong team to help bring your vision to life.

Here are a few examples of research entrepreneurship:

Dr. Jessica Alba founded The Honest Company based on her research into safe and sustainable products for families.

Dr. Brian Chesky co-founded Airbnb based on his research into the sharing economy and the need for alternative lodging options.

So, if you have a great business idea that is based on your research findings, don't be afraid to take the leap and become a researcher entrepreneur.

8. Buyer Entrepreneurship

Buyer entrepreneurship is a type of entrepreneurship that involves purchasing existing companies and turning them around by implementing new ideas, business models, and strategies.

It's a challenging yet rewarding endeavor.

It requires a keen eye for spotting opportunities and the courage to take risks.

Buyer entrepreneurs often have a unique set of skills that sets them apart from other types of entrepreneurs.

They have a keen ability to identify services that stand out from the competition, and they have a deep understanding of the various types of entrepreneurship, which helps them develop a successful business model. They are also excellent negotiators and have a knack for putting together a deal that works for both parties involved.

In the world of buyer entrepreneurship, success stories abound. One example is the story of Michael Rubin, the founder of GSI Commerce.

Rubin began his entrepreneurial journey by acquiring a small software company that specialized in creating e-commerce websites. He then expanded the company's offerings and turned it into one of the leading providers of e-commerce services in the world.

Another example of a successful buyer entrepreneur is Tom Gores.

Tom founded Platinum Equity. Gores specializes in acquiring struggling companies and turning them around by implementing innovative business models and strategies. His success has made him one of the most respected and successful entrepreneurs in the world.

9. Hustler Entrepreneurship

Hustler entrepreneurship refers to a mindset and approach to starting and running a business that prioritizes agility, creativity, and a willingness to take risks.

The term "hustler" often carries negative connotations, implying a focus on making quick cash through questionable means.

However, in the context of entrepreneurship, being a hustler means being resourceful, determined, and willing to go the extra mile to achieve success. If you're looking for a hustler entrepreneurship example, think of individuals who have capitalized on emerging trends before anyone else could see the opportunity.

Hustler entrepreneurs are often self-starters who are able to identify and capitalize on opportunities that others may overlook.

They are not afraid to take calculated risks and are willing to pivot their business strategy as needed in response to changing market conditions or customer demands.

Hustler entrepreneurs are also adept at networking and building relationships, as they understand the value of making connections and collaborating with others to achieve their goals.

One of the defining characteristics of hustler entrepreneurship is a strong work ethic. Hustler entrepreneurs are often willing to put in long hours and do whatever it takes to achieve success.

They are also adept at multitasking, juggling multiple projects and priorities at once in order to maximize their productivity and efficiency.

But don't forget!!!

Hustler is not without its challenges. Hustler entrepreneurs must be able to navigate uncertainty and adapt to changing circumstances, as well as cope with the stress and pressure that comes with running a business.

Conclusion

The world of entrepreneurship is a diverse and exciting landscape, filled with a variety of paths to success.

From small business and social entrepreneurship to green entrepreneurship and scalable startups, there is no shortage of options for those looking to make their mark on the business world.

For those who are passionate about pursuing their own unique vision of success, there is a multitude of different types of entrepreneurship to explore.

Whether you are interested in building a business that aligns with your personal values and beliefs, or you are focused on creating a scalable startup that can achieve rapid growth and expansion, there is something for everyone in the world of entrepreneurship.

Whether you are a small business owner, a corporate entrepreneur, or a researcher entrepreneur, the key to success in the world of entrepreneurship is to stay true to yourself and your vision and to never stop learning and growing.

So go out there and hustle, and see where your passion and determination can take you!

FAQs

What are scalable startup entrepreneur characteristics?

Scalable startup entrepreneurs are known for their high growth ambitions, willingness to take calculated risks, and adaptability. They often focus on disruptive innovation and are not afraid to pivot their business model in response to market needs. These entrepreneurs usually aim for rapid expansion, often backed by venture capital.