What are Types of Entrepreneur and Entrepreneurship?

Photo by Brooke Lark on Unsplash

Entrepreneurs and Entrepreneurship are so much popular among the young generation. The youngsters want to know more about entrepreneurship So ‘let’s begin with a simple definition:

Entrepreneurship is a process in which an individual/entrepreneur starts a business by taking risks.

(For those who don’t know who is an entrepreneur?)

“Entrepreneurs are innovators who make businesses by turning Ideas into reality”

According to research, entrepreneurs fall into four types of “entrepreneurial DNAs”.

1-Builder

Builders create a highly scalable business within a short period of time. Cross the first target of $5 million dollars in revenue within two-four years. And continue until they reach their next hundred million dollar target.

These individuals measure their success by looking at infrastructure. They are pied paper who are best in hiring talent, investors and as well as choosing the right customers.

Entrepreneurs with a certain type have behavior like controlling temperament. which cause difficulties in their business and personal relationships.

2-Opportunist

Opportunist entrepreneurs are positive in nature and are good at picking the right opportunities at the right time.

Ride the wave during the time of growth and leave it at its peak. They measure their success by “how much money they make”.

So they are always looking for an opportunity to create residual and renewal income. by the way, Opportunists are quite impulsive in terms of money.

3-Innovator

Innovators are those who always try to find something innovative or solve a problem in an unusual way.

For instance Elon Musk, Mark Zuckerberg, and Steve Jobs. They were doing something they loved and found business opportunities through that.

Their success is measured by the product's success. They are not good at running a business but more at generating ideas to solve problems.

4-Specialist

Specialists are analytical and risk-averse and anti-selling. They get their skills in a specific area through schooling and apprenticeships. Most of their business comes from referrals and networking.

once their personal income hits their goals. slowing the process of growth rather than builder entrepreneur.

Types of Entrepreneurship

Entrepreneurship is categorized into four:

1-Small business

Small business is the type in which an individual opens a business without a dream of scaling into a large company. Such as Grocery stores, Retail stores, plumbers, electricians, etc.

They are usually run by family members or local employees. The only motive of business is to make enough profit so they can put food on the table.

These individuals fund themselves by taking small loans from banks or loans from friends or family.

2-Scalable startup

These are the companies that start with the idea to change the world. The goal is to create a unique product or service which leads them into a scalable business.

So they hire the best talents to continue growing. These types of companies often required more venture capital to grow the idea.

3-Large company

Large company entrepreneurship is a business that focuses on innovation.

Involving in new technologies builds pressure on other large companies to create products that fulfill the customer requirements in the new market.

CEOs of these large companies either buy new innovative enterprises or company individuals to build the products internally.

4-Social Entrepreneurship

Social entrepreneurs are those who make products that solve the problems faced by local communities in the world. Their goal is to serve society and not to make any profit.

Conclusion:

At last, i just want to say, Entrepreneurs are the innovators who take the risks to make business more profitable. and also solve multiple problems for the betterment of society.

And Entrepreneurship gives us a chance to improve our living standards by adopting new products and technologies, promotes innovation, and also helps to improve existing businesses to grow more.

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