We animate in a world that is developing at a pace not witnessed by our forefathers. The modern world has shrunk the space for traditional businesses because modern problems require modern solutions.

Entrepreneurs are the ones who propose modern solutions by taking the risk of propelling new ideas and making profits out of them. 

So, the society in which we all live today is a product of the changes which entrepreneurs have made by far. The categorization of the types of entrepreneurs is largely dependent on the niche in which someone plays a role in innovating.

For example, someone may want to solve social problems as a social entrepreneur, while others may intend to initiate a venture which could be scaled later as scalable startup entrepreneurs.

Entrepreneurs are people who have a passion for creating change in the world. They need a certain set of skills to be effective leaders and innovators. Since there are so many types of businesses, there are also many kinds of entrepreneurship.

In this article, you will be able to know the 10 different types of entrepreneurship with examples and types

What are types of entrepreneurship?

Before explaining the types, know what entrepreneurship is. Fundamentally, entrepreneurship is a skill to develop a business from scratch while considering all its uncertainties, to make a profit out of it. It is a risk-taking approach to prosper in a forever demanding and dynamic global market.

Anyone who can introduce innovative ideas and is smart enough to run a new business with minimal fear of failure can become an entrepreneur.

The only aim, however, is profit-seeking. Entrepreneurship ranges from local, home-based businesses to global corporations. But, all that glitter is not gold because over 19% of startups fail due to excessive competition, while another 18% fail due to mismanaged prices or costs. So, every entrepreneur may not be successful.

But, some certain set of qualities can make an entrepreneur successful, which includes the ability to take risks, visionary leadership, creativity, and business skills.

Entrepreneurship is the overall process of developing, launching and running a business, there are many different types of entrepreneurship. People have varying aspirations and visions for the kind of businesses they want to create. Everyone operates their business based on their own personality, skills and characteristics.

Some people think that with hard work they can find success, while others may use capital to help them get there. For some entrepreneurs, profits are less important than providing a social good.

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.

10 Different Types of Entrepreneurship

It’s important to know the minute differences among the types because it’s imperative for an entrepreneur to plan a venture accordingly. Each type of entrepreneur faces multiple challenges and difficulties.

However, success belongs to those who understand the nuances, make the right decisions, and solve problems efficiently. Each type of entrepreneurship is significantly different from the other and each entrepreneur has a different tool to cope with the problems.

Here are the 10 different types of entrepreneurship:

1.   Buyer entrepreneurship

2.   Hustler entrepreneurship

3.   Imitator entrepreneurship

4.   Innovative entrepreneurship

5.   Large company entrepreneurship

6.   Researcher entrepreneurship

7.   Scalable startup entrepreneurship

8.   Small business entrepreneurship

9.   Social entrepreneurship

10. Intrapreneurship

Let us study in details.

1. Buyer entrepreneurship

A buyer is a type of entrepreneur who uses their wealth to fuel their business ventures. Their specialty is to use their fortunes to buy businesses that they think will be successful. They identify promising businesses and look to acquire them. Then, they make any management or structural changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their profits. This kind of entrepreneurship is less risky because they are purchasing already well-established companies.

2. Hustler entrepreneurship

Hustler entrepreneurs are extremely passionate and put a lot of constant effort into running their businesses. They are highly motivated and courageous. They are determined to achieve their goal at any cost. If you can sell any product at any time and can calculate the potential of businesses, you can be a hustler entrepreneur.

Hustler Entrepreneurs are known for a unique quality, which is that they don’t give up easily and are willing to work through obstacles to accomplish their objectives. For example, a hustler is willing to make a lot of calls and emails to make one purchase.

3. Imitator entrepreneurship

Imitative entrepreneurs can be called copycats because they copy the ideas of other successful entrepreneurs who have minimal resources and can’t afford to take financial risks. They take others’ ideas and improve them by keeping in view their mistakes to run a profitable business.

Imitative entrepreneurs are willing to learn from the mistakes of others very actively. A combination of an innovator and a hustler makes an imitator. Imitators are very self-centered and strong individuals. Although they copy the ideas, they make them unique and creative in a way that chances of success increase significantly.

4. Innovative entrepreneurship

Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures. They often aim to change the way people live for the better. Innovators tend to be very motivated and passionate people. They look for ways to make their products and services stand out from other things on the market. People like Steve Jobs and Bill Gates are examples of innovative entrepreneurs.

5. Large company entrepreneurship

Large company entrepreneurship is when a company has a finite amount of life cycles. This type of entrepreneurship is for an advanced professional who knows how to sustain innovation. They are often a part of a large team of C-level executives.

Large companies often create new services and products based on consumer preferences to meet market demand. Small business entrepreneurship can turn into large company entrepreneurship when the company rapidly grows. This can also happen when a large company acquires them. Companies such as Microsoft, Google and Disney are examples of this kind of entrepreneurship.

6. Researcher entrepreneurship

Researchers take their time when starting their own business. They want to do as much research as possible before offering a product or service. They believe that with the right preparation and information, they have a higher chance of being successful.

A researcher makes sure they understand every aspect of their business and have an in-depth understanding of what they are doing. They tend to rely on facts, data and logic rather than their intuition. Detailed business plans are important to them and minimize their chances of failure.

7. Scalable startup entrepreneurship

Scalable startup entrepreneurs look into the gaps in the market and try to find solutions. Scalable companies focus more on developing repeatable and scalable business models. The main target of scalable entrepreneurs is to expand their business and make massive profits.

Scalable entrepreneurs know the ways to make long-term plans to gain profits and make their businesses grow rapidly. Amazon, Apple, Uber, and social media applications are innovative, scalable entrepreneurs.

8. Small business entrepreneurship

A majority of businesses are small businesses. People interested in small business entrepreneurship are most likely to make a profit that supports their family and a modest lifestyle. They aren’t seeking large-scale profits or venture capital funding.

Small business entrepreneurship is often when a person owns and runs their own business. They typically hire local employees and family members. Local grocery stores, hairdressers, small boutiques, consultants and plumbers are a part of this category of entrepreneurship.

9. Social entrepreneurship

An entrepreneur who wants to solve social problems with their products and services is in this category of entrepreneurship. 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.

10. Intrapreneurship

An intrapreneur is a person who thinks creatively and acts like an entrepreneur while performing within a company. Anyone falling in this category must be self-confident and active professional. Intrapreneurs help companies to grow and help develop individuals with innovative mindsets.

The greatest intrapreneurs in the world are Spencer Silver, who invented Post-It notes at 3M, and Steven Sassoon, who invented the portable digital camera while working at Kodak. These inventions are created by a single individual but have given an entirely new outlook to the business world.

In conclusion, the dominance of a few capitalists is now in jeopardy because the modern world has given space to innovators and entrepreneurs to sell their services and products. There is no denial of the fact that entrepreneurs have changed the outlook of the world, as a few types explained in the article narrate the nuanced approaches each type has. All in all, entrepreneurship is the key to exploring the modern world with full potential.