9 Types of Entrepreneurship you need to know
There are various types of entrepreneurship and a list of entrepreneurs who have made it big in their niche. They all have their own missions, goals, and target markets.
The core idea of entrepreneurship has evolved over time, and there are now many different types of entrepreneurs that exist today instead of just one traditional type. Here at Helptap we will help you understand the different types of entrepreneurship and not limit it to any 8 types of entrepreneurship.
Types of Entrepreneurship:
1. Startup entrepreneurship
Startup entrepreneurship is the process of starting a business that has not yet been established. This type of entrepreneurship is riskier because the founders are trying to find an untapped market with a new idea.
Some entrepreneurs start businesses with a plan to earn profits through revenue instead of going public or selling their company to another business. Investors make money by investing in startups and providing them with capital, while some simply profit from the startups they invest in by either reselling or buying them at a higher price.
Intrapreneurship is a phenomenon where people use their current job to start a new business or new venture. It has become increasingly popular because it's an effective way for companies to grow as it brings innovation, creativity, and competitiveness into their organization.
Being an intrapreneur gives you a competitive advantage over your competition in terms of innovating your product or service, executing better marketing strategies, and attracting more clients in the process.
3. Technical Entrepreneurship
Technical entrepreneurship is a term that denotes the process of taking a technical product to market.
There are many types of technology entrepreneurship. For example, there is software development, hardware development, and IoT. There are also traditional forms of entrepreneurship such as manufacturing and service-based ventures.
Each type requires different skillsets for the entrepreneur or startup company. The most important aspect of any given skill-set is its inherent economic value which can be measured by revenue generated or the amount raised.
4. Small Business Entrepreneurship
When a person considers starting a business, they must decide which type of entrepreneur they want to be. There are three basic types that are commonly considered. These are the small-scale business model, the niche-oriented business model, and the big idea-based business model.
A small-scale or boutique operator is an individual who makes a living by designing and selling products that have an artistic touch. They might find success by opening up a shop or by building their own unique product line as opposed to mass production. They may also lack resources for marketing but thrive on word-of-mouth reputation from satisfied customers who see them as experts in their field due to years of experience.
5. Social Entrepreneurship
The social entrepreneurship ecosystem is evolving. There are different types of social entrepreneurs and the number of organizations and people involved in this industry is increasing by the day.
While people in other industries may take their own paths to success, social entrepreneurs usually start with a specific vision for how they want to change the world. They are often involved in education, healthcare, and sustainability industries.
6. Digital Entrepreneurship
Digital entrepreneurs are people that use digital technologies to offer solutions to various problems. They may build companies or come up with new products and services that are relevant in the digital age.
Digital entrepreneurs are not just typical entrepreneurs who set up their own businesses and make money from selling their own products or services but they are the founders of innovative social media giants such as Instagram, Twitter, and YouTube.
The emergence of digital entrepreneurship has led to a surge in job opportunities. According to the U.S. Bureau of Labor Statistics (BLS), by 2020 there will be more than 1 million jobs for people who choose this type of business model.
7. Agri Entrepreneurship
Agri Entrepreneurship is a type of business that involves any activity related to agriculture and agriculture technology. Companies that include agriculture in their operations can be classified as agri-businesses. This includes companies involved with agricultural production, processing, and distribution, processing food products into ingredients for other businesses, or manufacturing and marketing herbs, spices, natural dietary supplements, and probiotics.
It is an alternative to the traditional model of business and it's entering the mainstream by cutting out some middlemen who are usually unnecessary in agriculture.
Agri entrepreneurs rely on innovations, explorations, and research to grow their businesses rather than spending money on marketing and advertising which can also help them gain traction faster.
8. Imitative Entrepreneurship
Imitative entrepreneurship is the idea that people are more likely to follow the actions of someone who has already done what they want them to do, rather than following the actions of someone who hasn’t done anything.
It is a common idea in marketing and advertising due to the fact that it offers a huge opportunity for businesses. There are endless ways for businesses to benefit from imitative behavior, so why shouldn't they?
The type of entrepreneurship can vary and it can go from traditional business practices like those found in franchising or home-based companies, to multi-level marketing or e-commerce.
9. Lifestyle Entrepreneurship
A lifestyle entrepreneur is somebody who sets up a new business or relaunches an existing one or they simply want to make more money doing something they already love. They are typically people who are well-educated and have a lot of experience in their fields.
Lifestyle entrepreneurship has become an increasingly popular type of entrepreneurship where people decide to start up a new business or relaunch their existing one and make more money while doing something they already enjoy. This can be done through bootstrapping and finding funding on their own, with help from friends, family, investors, and/or other personal networks.
Lifestyle Entrepreneurship is a term that describes how many people have taken up a job or career they are passionate about in order to create something they care about and where they can give back to society. The majority of these lifestyle entrepreneurs work from home while having full control over what they work on, schedule, and location.