8 Common Types of Entrepreneurship
November 23, 2021
Becoming an
entrepreneur
requires intense passion and perseverance. Whether you are just starting out and opening your very own business, or developing an existing one, understanding the types of entrepreneurship is an important part of the journey to success.
By focusing on the unique differences of entrepreneurship, you’ll be able to gather a deeper awareness of how you should handle particular challenges you'll face and what types of resources you’ll need to make it a success. From picking which type of business you want to go into, to creating a website that targets the right audience, there are many steps you’ll need to take to become a successful entrepreneur.
And while all types of entrepreneurship involve innovation and creativity, each one has a different focus and overall intent from each other. Below we’ll go over eight different types of entrepreneurship so you can decide which one is for you.
Small business entrepreneurship
This type of entrepreneurship refers to any small business that has been created by one person, without the intended goal to expand or
franchise
. For example, if you were planning to open a beauty salon in town or a small bakery in the village, your goal would be to launch your business in just one single building. You’d likely plan on hiring family members or a small number of employees to get your business off the ground and would need to invest your resources directly into the business itself.
In this type of business, you only make a profit if your company does, meaning you need to be very driven, focussed and committed to your overall vision. No slacking at all! In fact, in 2020, there were
5.94 million
small businesses in the UK, accounting for
99.3% of the total business population
- proving that small business entrepreneurship is on the rise, especially in the UK.
Scalable startup entrepreneurship
Stemmed from the idea of changing the world, scalable startups focus on how to create a business model that is both repeatable and scalable, with the intent of rapid expansion and achieving big profit returns. Many of these kinds of startup businesses have a similar ‘garage to riches’ narrative, beginning with a simple idea that is brought to life by the determination of entrepreneurs and the support of investors. Google, Apple and Amazon are great examples of trailblazing startups that have changed the world or the better.
The key to starting this type of business is knowing the long term plans for profitability and the ways in which your company will grow globally, both for the sake of your investors, and your own. It's all information you need to know from the get go.
Social entrepreneurship
This kind of entrepreneurship is different from the other models on this list, as its extensive goal is to address a social need and less to do with generating profits. A social entrepreneur wants to address social problems with their products or services and genuinely impact and improve people’s lives.
These problems can be environmental, cultural, social, and economic issues.
Some examples include educational programmes, microfinance institutions, and companies that provide banking services in undeveloped countries. Here's
a list of social entrepreneurs
you may or may not have heard of, and what changes they have made to problems around the world.
Large company entrepreneurship
Large company entrepreneurship refers to companies like Disney, Toyota, and Microsoft who keep innovating and offering customers new products that are variants around their core product line. That means a distinguishing feature of this type of entrepreneurship is that it is not starting a new business each time, rather creating new products or subsidiaries within an existing company. Or even acquiring smaller businesses, like the time Facebook bought Instagram and WhatsApp - for more information on companies Facebook (newly branded as Meta) now owns, click
HERE. These kinds of entrepreneurs are more focused on reaching new markets, expanding the customer base and growing the business than anything else.
Hustler entrepreneurship
This refers to a hustler in business, a self-starter who is highly motivated person and driven to succeed. This type of entrepreneurship style grows directly from the entrepreneur, who must be confident, fearless and have rigorous work ethic.
If you are the type of person who can sell anything to anyone, is always aware of the next big thing/trend and is able to recognise opportunities that are out there, you might just be a hustler after all. Definitely worth looking into if it caught you attention there.
Researcher entrepreneurship
A researcher entrepreneur rely heavily on hardcore facts, data and the belief that with the right preparation and knowledge will be more likely to succeed. A great business idea paired with academic research, and an understanding of how to stretch resources to the max, no matter how limited they are.
A great example of a researcher entrepreneur is Nobel Prize winner and physicist, Theodor Hänsch, who co-founded
MenloSystems
- taking his award winning optical frequency technology and using it to make products for the niche market.
Innovative entrepreneurship
An innovative entrepreneur is on the look for the next big thing - constantly learning and moving with the times. They are always aware of the current market conditions to find original and creative ways to make a success out of their business(es). Innovative entrepreneurship is all about pushing boundaries.
If you have inventive ideas of how to start a business or specific services and products that can become business ventures, you might just be an innovative entrepreneur in the making.
Buyer entrepreneurship
Instead of figuring out how to raise money for a business, a buyer entrepreneur purchases either a developing or well-established company and helps them thrive like never before. But that sounds a bit like an investor, right? Well unlike investors, a buyer entrepreneur is involved both financially and personally in the business, becoming an active part in ensure the business grows.
It is not uncommon for buyer entrepreneurs to hand over their leadership to someone else at some point, but they always maintain an active part in the businesses they purchase, one way or another.
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