9 Different Types of Entrepreneurship (And Examples)

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From starting a brick-and-mortar store to launching an online presence, this blog post will explore the various forms of entrepreneurship and give some examples of each.

Whether you’re just getting started or have been in the game for years, learning about different kinds of entrepreneurship is essential if you want to succeed in this competitive field. Get ready to start planning and strategizing!

What is entrepreneurship and how does it work?

Entrepreneurship can be defined as the practice of starting and running your own business. It is often associated with innovation, risk-taking, and hard work; however, it can also present an enormous opportunity for growth and success.

9 Different Types of Entrepreneurship (And Examples)

Many entrepreneurs are driven by a passion to create something unique or offer a service that solves a problem. For those who take on this challenge, the journey often involves identifying an idea and creating a plan to bring it to life.

This may involve market research, raising investment capital, creating partnerships, or finding other ways to bring their vision to life in the most efficient way possible. 

If you are unsure about how to tackle the entrepreneur world, programs such as the OCFO Entrepreneurship Mentoring Programmes will walk you through each step of the process! While entrepreneurship can be incredibly rewarding, it requires dedication and determination to be successful!

Types of entrepreneurship and examples

Entrepreneurship has many forms, each with its unique risks and rewards.

Despite being vastly different in scope and size, the following types of entrepreneurs share one thing: they have found comfort outside of traditional employment structures and found success in pursuing their passions while also contributing to society. 

Let's take a closer look!

Small business entrepreneurship

Small businesses are often the lifeblood of a community, providing goods and services to individuals in their local area. These can range from independent restaurants and retail stores to professional service providers such as plumbers, electricians, and landscapers.

Small business entrepreneurs have the opportunity to use their skill sets to create something that will give back to the community and provide them with a steady source of income.

Large company entrepreneurship

For those who are looking to make a bigger impact, large company entrepreneurship is the way to go. This involves creating or taking over an existing business and scaling it up.

Examples of this type of entrepreneur include Bill Gates (Microsoft) and Jeff Bezos (Amazon). These individuals have used their vision and ambition to create successful companies that have revolutionized the way we do business.

Solo entrepreneurship

Solo entrepreneurship has become a growing trend in the modern workplace. Many ambitious professionals forgo the traditional career path of joining an established company and instead take risks to fulfill their visions.

With solo entrepreneurship, individuals can leverage their knowledge and resources to create something entirely from scratch.

An example of a successful solo entrepreneur is Elon Musk, who went on his own after transitioning out of tech giant PayPal and founded Tesla Motors and SpaceX.

These entrepreneurs are often more driven than those within large companies as they use their creativity to build something entirely from their efforts.

Social entrepreneurship

There is a growing trend of people choosing to take action and change their environment through social entrepreneurship.

Rather than relying completely on government or other external sources of aid, social entrepreneurs focus on the "business" side of doing good by starting or growing their sustainable initiatives.

A great example of social entrepreneurship is the non-profit organization Grameen Bank, founded in Bangladesh in 1976 by Nobel Peace Prize winner Muhammad Yunus.

Grameen Bank provides microloans to underprivileged individuals who would otherwise not have access to banking services or capital, allowing them to become financially self-sufficient business owners.

Other examples can be found in healthcare, education, and environmental protection domains.

As more people are becoming aware of the power that we all possess for creating meaningful change in the world, social entrepreneurs serve as an inspiring reminder that individuals can make a difference.

Franchising

Franchising offers an opportunity for entrepreneurs to open a business without having to start from the ground up.

Franchising

It's a great way for individuals to compete with large companies in their industry by leveraging the existing brand recognition, recruiting and training infrastructure, and purchasing cooperation that franchisors provide.

With advantages like lower start-up costs and increased economies of scale, it's no wonder why franchise agreements are so popular. It's important to know what you're getting into before signing onto a franchise agreement though. 

Many franchisors like McDonald's or Subway take a percentage of profits, restrict how businesses may be run in certain areas, and require extensive involvement in their operations. That said, franchises are still a great chance for business owners to build something big!

Networking entrepreneurship

Networking entrepreneurship is a relatively new concept that combines traditional business models with the power of online platforms and social networks.

Networking entrepreneurs use the internet to attract customers, build relationships, and promote their products or services. They rely on technology to reach a larger audience, collaborate with like-minded professionals, and find creative solutions for their businesses.

A great example of networking entrepreneurship is the app-based delivery service DoorDash, which leverages its online platform to connect customers with restaurants and independent contractors.

This type of business model allows customers to conveniently order food from their favorite restaurants while allowing delivery drivers to make extra money.

Scalable startup entrepreneurship

Scalable startups are those businesses that have the potential to grow exponentially and reach a global audience.

This type of entrepreneurship requires creative minds who can use technology to create something entirely new, as well as individuals with a strong understanding of business strategy.

A great example of scalable startup entrepreneurship is Airbnb. Founded in 2007, the short-term rental service now operates in over 191 countries and has facilitated over 150 million check-ins.

The company’s success can be attributed to its founders' ability to think big from the beginning, leveraging technology to create a product that didn't exist before.

Hustler entrepreneurship

Hustler entrepreneurs are those individuals who don't take no for an answer and will stop at nothing to make their dreams a reality. This type of entrepreneurship is often characterized by hard work, determination, and resilience in the face of setbacks.

An example of hustler entrepreneurship is the story of Gary Vaynerchuk, a serial entrepreneur who got his start in the wine industry.

He began by creating videos about tasting and reviewing various wines, eventually launching his own brand of wine called Wine Library. His success is a testament to his hard work, unwavering optimism, and dedication to succeeding no matter what.

Researcher entrepreneurship

Researcher entrepreneurs are those individuals who use their knowledge and skills to create something entirely new. This type of entrepreneurship typically involves researching new technologies, conducting experiments, and analyzing data in order to develop innovative products or services.

A great example of researcher entrepreneurship is the story of Bill Gates. A Harvard dropout, Gates studied computer programming before founding Microsoft.

His success is a testament to his ability to think deeply and creatively about technology, making him one of the most successful entrepreneurs in history.

Benefits of different types of entrepreneurship

The type of entrepreneurship you choose to pursue can have a significant influence on the success of your venture. Each type of entrepreneurship comes with its own unique set of benefits, which should be considered when making the decision.

Benefits of Different Types of Entrepreneurship

For example, a lifestyle entrepreneur may opt for low-cost and non-scalable business activities such as providing services or consulting, allowing them to achieve quick successes and rapid cash flow while still maintaining a high level of autonomy.

Serial entrepreneurs, on the other hand, will typically put their efforts into larger projects with more financial risk but potentially greater rewards in the long run.

Tips on becoming a successful entrepreneur

As already mentioned, becoming a successful entrepreneur requires dedication and hard work. It involves taking risks, thinking strategically, and being able to tap into markets. To succeed in the entrepreneurial world, create a solid business plan with clearly defined goals. 

Tips on Becoming a Successful Entrepreneur

Additionally, entrepreneurs need to set aside time for research and market analysis to better comprehend the trends of their target industry. Finally, networking plays a major role in the success of an entrepreneur. 

Reaching out to other professionals and experts can help build relationships that have the potential of being extremely beneficial down the road.

Overall, by staying organized, devising realistic strategies and always looking for new opportunities, entrepreneurs can set themselves up for success as they journey into uncharted waters.

Conclusion

The forms of entrepreneurship listed above are all viable options for anyone wanting to enter the world of business ownership.

Each type has its advantages and disadvantages and now that you know more about them, you can make an informed decision on which one might be the best fit for you.

Entrepreneurship allows people to be their boss, work flexible hours, fulfill a passion, and even make a positive impact in the world. Though it takes hard work and dedication to become successful at it, there is a wealth of advice readily available from those who have been there before.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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