1. Small Business Entrepreneurship
Small business entrepreneurship is a small business wholly created by a single individual. The company would not have the goal to expand. The individual will benefit in this form of business if the company prospers.
Tina opens a tiny yet chic beauty parlor in her hometown. Her motivation, business strategy, and vision will be the guiding factors for the success of her business.
2. Scalable Startup Entrepreneurship
Companies concentrating on finding newer ways to develop scalable and repeatable business models focusing on greater sales with greater resources are known as Scalable Startup Entrepreneurship. This form of entrepreneurship usually begins with an idea to make the world a better place to live. Scalable startups intend for rapid business growth and substantial financial gain. The narrative behind these types of entrepreneurial businesses is starting small and gaining great success with innovation.
Amazon is one of the best entrepreneurship examples of scalable startup entrepreneurship.
Intrapreneurship is a structure that permits an employee to behave like an entrepreneur within a business or other organization. Self-driven, proactive, and action-oriented individuals, known as intrapreneurs, take the initiative to explore new goods and services. An intrapreneur knows that failure does not have the exact personal costs as it does for an entrepreneur because the company bears the costs of failure.
However, intrapreneurship is a way companies motivate their employees to have an entrepreneurial spirit.
The tale of Google News’ origin is one of the fascinating examples of entrepreneurship. Krishna Bharat, a research scientist at Google, was keeping up with the most recent news from various websites in the wake of the 9/11 incident. He had the notion of developing a tool that could scan and assess numerous news websites. Google developed his concept into what is today known as Google News.
4. Large Company Entrepreneurship
Large company entrepreneurship refers to an existing corporation that can create a new business segment through entrepreneurship. In these types of entrepreneurship, current businesses may be positioned well to expand into other industries or engage in cutting-edge technologies.
Google, Microsoft, and Samsung are all examples of large company entrepreneurship as they keep innovating and developing new products and services around their core- product line.
5. International Entrepreneurship
International entrepreneurship is the practice of an entrepreneur operating their firm in another nation. This implies the firm’s expansion worldwide since an entrepreneur performs all business operations outside the national borders. These types of entrepreneurship include exporting goods, obtaining licenses, and opening a sales office abroad. These are the industries that operate outside of their country’s borders.
Most firms cross international borders to build value, expand their operations and engage in unique creative cross-border activities, increasing the chances of innovation in goods and services.
Amazon, Google, Microsoft, Yahoo, TikTok, Facebook, etc., are all international businesses run by some great minds.
6. Social Entrepreneurship
Social entrepreneurship’s essence is recognizing social issues and enacting social change through entrepreneurial practices. It all comes down to conducting a thorough study/ research to fully define a specific social problem before planning, launching, and overseeing a social enterprise to bring the desired change.
Social entrepreneurship primarily focuses on building social capital without assessing performance in profit or return in monetary terms, in contrast to general and common business entrepreneurship, which is initiating the start of a new firm or diversifying an existing one. A societal problem may or may not completely disappear due to the transformation. It might be a lifelong process that concentrates on improving the current situation.
Social entrepreneurs work for non-profit or non-governmental groups that raise money through fundraisers in their local communities.
A great example of a non-profit social enterprise is Rang De. It is an internet platform that Ramakrishna and Smita Ram founded in 2008. It was for the poor people in India’s rural and urban areas to get microcredits with interest rates as low as 2% annually. They offered direct lending to borrowers, tracking investments, and receiving recurring payments online for lenders nationwide.
7. Environmental Entrepreneurship
Environmental entrepreneurship, often known as “ecopreneurship,” is created to address environmental issues or sustainability. In the 1990s, the phrase gained acceptance.
Entrepreneurs whose commercial activities are not just motivated by profit but also by a concern for the environment are considered ecopreneurs. Under these types of entrepreneurship, entrepreneurs develop environmentally conscious firms, combining profit maximization with the desire to produce a more sustainable environment around them and their company.
Garden planning, energy auditing, composting business, green consulting, etc., are a few examples of environmental entrepreneurship.
The phrases “technology” and “entrepreneurship” are combined to form “technopreneurship.” The word was first used in 1987, but it gained popularity in the early 2000s with the spread of the Internet. These types of entrepreneurship need tech-savvy, inventive, creative people willing to take calculated risks, unlike other forms of entrepreneurship, which may frequently be a one-person show.
Jeff Bezos, founder of Amazon, Bill Gates, founder of Microsoft, Steve Jobs founder of Apple, etc., are apt examples of technopreneurship.
9. Hustler Entrepreneurship
Hustler entrepreneurship represents entrepreneurs who hustle and are independent thinkers driven by a desire to succeed in business. Hustler is also a classification of entrepreneurship. Such people strive arduously to expand their businesses after starting modestly. They put their best effort into achieving their business goals rather than using money or capital. Since they create opportunities, they never wait for them. Hustlers never give up, have a high appetite for risk, and are constantly prepared to take on difficulties.
If you can sell anything and are prepared for any challenge that may come your way, you are a hustler.
One of the most famous examples of a hustler entrepreneur is the late Ray Kroc, who did not create McDonald’s but helped mold it into the billion-dollar giant it is today. His forceful acquisition of McDonald’s from the McDonald brothers made him generally considered a villain, yet his grit and perseverance cannot be disputed. When selling milkshake makers, Kroc met McDonald’s as a potential customer, but he left with an idea of how it could be even better.
From a purely business standpoint, Kroc was the best thing to ever happen to the company, growing it from a single burger stand in San Bernardino, California, to a global franchise. He worked tirelessly, accepting rejection as a challenge rather than a barrier.
10. Innovative Entrepreneurship
Innovative entrepreneurship is the foundation for developing new business concepts to make a profit, assisting the community, and achieving commercial objectives. Innovative business owners use business models to discover the demands of an enterprise and boost its marketability. Most business owners use cutting-edge concepts to develop new versions of these models or improve the ones they already have. This inspiration can be used to create creative company success plans.
Amazon has changed the face of retailing for generations to come! It brought innovation to the entire e-commerce and made buying and selling an easy process for buyers, sellers, and business owners.
Characteristics of Entrepreneurship
Entrepreneurship is not defined by skills only but also by its characteristics. Skills and characteristics go hand in hand in making a successful entrepreneur. Here are the top characteristics you need to be successful in entrepreneurship: