In this article, I’m going to talk about different types of entrepreneurship. By the time you are done reading this article, you will have an acceptable vision about entrepreneurship and different types of it.
Types of Entrepreneurship:
Innovators are the type of entrepreneurship that every single person in the world can wish for. The most respectable of them all. They don’t answer to people’s needs! They make one! let me tell you what I mean by saying that.
An innovator entrepreneur is someone like Steve Jobs or Ellon Musk. Everybody wonders what they are doing. Every business they launch is the hottest news that could ever exist. Tesla, iPhone, and Microsoft, and Google are good product examples of this type of entrepreneurship.
Remember the first time that Steve Jobs announced the first iPhone? On that time the cellphone market king was Nokia. cellphones were shrinking, but suddenly the iPhone changed the rules! iPhone created a need in people’s life. People want a music player, an internet browsing device, and a cellphone combined now. So Nokia lost the game and Apple crushed the competition. That’s what an innovator entrepreneur knows how to do to the market. But keep this in mind that they are less than 1% of the world population, which unfortunately means it wouldn’t be easy to be one of them.
2. Scalable Businesses
Instagram, FaceBook, WhatsApp, and so many other products are in this category. Scalable business entrepreneurs are sharp and always looking for an opportunity to find a need. When they find one, the work hard and outwork every other competition. The goal for them is to find an investor and raise capital. They use the money to scale their business and either make the profit of it in long term or selling it to the big guys like Google or make it an IPO (Initial Public Offering).
An airplane can’t flight without wings. Investors are the most important part of the entrepreneurship market. every startup and business will need for money sooner or later. Investors are usually looking for a potentially successful business to invest in it. They have an exit plan for every business they invest in. When the time comes, they will sell their share and make a profit out of it and the cycle goes on.
Angel investors and venture capitalists (VCs) are examples of this type of entrepreneurship.
3+1. Social entrepreneurs
These types of entrepreneurs are looking to make the world a better place. They are non-profit or hybrid in some cases. They create social values like improving health care in the world. I wish them success and good luck, but it’s not my personal favorite in business. It’s more like a charity to me. I only mention this type of entrepreneurship because I didn’t want to miss anything in this article. If you are interested in this type of entrepreneurship you can read more about it here.
Types of Entrepreneurship All Together and Once More
The 3+1 types of entrepreneurship are Innovators, scalable business owners, investors, and social entrepreneurs. Three of them are doing business for their own interests, but one type of entrepreneurship (social entrepreneur) is a little bit different as I said earlier. So that’s why I wrote 3+1 instead of 4.
By the way, which type of entrepreneur do you want to be?