In my journey through entrepreneurship, I have come to understand that every entrepreneur is unique in their own way and is different. One thing that makes us stand is the desire to create jobs and contribute to the economy or service and the desire to create freedom in our “work” and life through entrepreneurship.
Though every type of entrepreneur experiences similar challenges, they may choose to address them differently. Each type of entrepreneur sees challenges in a unique way and has different resources to overcome them.
Anyone interested in starting and running their own business should consider which entrepreneurial model they prefer. Below is a list of 4 different types of entrepreneurs.
1. Small business entrepreneurship: Quite a number of businesses that exist today fall into this category. Deciding to venture into small business entrepreneurship means you are most likely doing it to make a profit that supports your family and a modest lifestyle. As a small business entrepreneur, you are not seeking large-scale funding. Small business entrepreneurs usually invest their own money to get their companies off the ground, and they only make money if the business succeeds.
2. Large company entrepreneurship: This type of entrepreneurship is when a company has a finite amount of the life cycle. This type of entrepreneurship is for an advanced professional who knows how to sustain innovation. Based on consumer preferences and market demand, large companies often create new services and products. Small business entrepreneurship can turn into large company entrepreneurship when the company rapidly grows.
3. Scalable startup entrepreneurship: Scalable startups are less common than small businesses, though they tend to attract a lot of media attention. This kind of entrepreneurship is when entrepreneurs believe that their company can make a difference in the world. These businesses begin on a very small scale, often as just the seeds of an idea. More often than not they often receive funding from venture capitalists and hire specialized employees. Scalable startups look for things that are missing in the market and create solutions for them.
4. Social entrepreneurship: This type of entrepreneur is one who is looking to solve social problems with their products and services. Their main goal is to make the world a better place. They don’t work to make big profits or wealth. Instead, these kinds of entrepreneurs tend to start nonprofits or companies that dedicate themselves to working toward social good.
Leave a Reply