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What is Entrepreneurship
What is an entrepreneur:
What is an entrepreneur? An entrepreneur is an individual who initiates a new business and bears most of the risks associated and enjoys most of the rewards. It is an entrepreneur who starts a business venture and is responsible for its development. The process of setting up a business is known as entrepreneurship. The entrepreneur is also commonly known as an innovator who sources new ideas, goods, services, and business/or procedures. Entrepreneur plays a vital role in any economy and its development. It requires the use of the skills and initiative necessary to anticipate demands and bring good ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those who are involved.
Types of Entrepreneurship:
Here are the different types of entrepreneurship:
1. Small business entrepreneurship
2. Large company entrepreneurship
3. Scalable startup entrepreneurship
4. Social entrepreneurship
5. Innovative entrepreneurship
6. Hustler entrepreneurship
7. Imitator entrepreneurship
8. Researcher entrepreneurship
9. Buyer entrepreneurship
1.Small business entrepreneurship:
People are interested in small business entrepreneurship are most likely to make a profit that supports their family and a modest lifestyle. This is why most of the businesses are small scale entrepreneurship. The people in this venture are not seeking large-scale profits or venture capital funding. Small business entrepreneurship is often when a person owns and runs his own business and typically hire local employees and family members. Local grocery stores, hairdressers, small boutiques, consultants and plumbers can be categorized in this category of entrepreneurship.
2. 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 professionals who acquire the knowledge of 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.
3. Scalable startup entrepreneurship:
This kind of entrepreneurship is when entrepreneurs believe that their company can bring an revolution in the world. They often receive funding from venture capitalists and hire specialized employees. Scalable startups hunt for things that are missing in the market and create solutions for them. Many of these types of businesses start in Silicon Valley and are technology-focused. They seek rapid expansion and big profit returns. Examples of scalable startups are Facebook, Instagram and Uber.
4. Social entrepreneurship:
An entrepreneur who wants to solve social problems with his/her products and services is in this category of entrepreneurship. The primary 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 nonprofit or companies that dedicate themselves to working toward social good.
5. Innovative entrepreneurship:
Innovative entrepreneurs are people who are continuously coming up with new ideas and inventions. They take these ideas and turn them into business ventures. They often target the change in the way people live for the better. This is why 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.
6. Hustler entrepreneurship:
People who are willing to work hard and put in consistent effort are considered hustler entrepreneurs. They often start at small scale and work hard towards growing a bigger business with developing skills rather than capital. Their aspirations are what motivates them, and they are willing to do what it takes to achieve their goals. They are willing to experience challenges to get what they want. For example, someone who is a hustler is willing to cold call many people in order to make one sale.
7. Imitator entrepreneurship:
Imitators are entrepreneurs who use others' business ideas as inspiration but work towards improving them. They look to make certain products and services better and more profitable. An imitator is a combination of an innovator and a hustler. They are willing to think of new ideas and work hard but the fact remains that they start with some one's inspiration. People who are imitators have a lot of self-confidence and determination as they learn from others' mistakes when making their own business.
8. Researcher entrepreneurship:
Researchers take their good time when starting their own business as they want to have the complete knowledge of the product before offering it. They are firm believer in the fact 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 offering. They tend to rely heavily on facts, data and logic rather than their intuition. Detailed business plans are important to them and minimize their chances of failure.
9. Buyer entrepreneurship:
A buyer is a type of entrepreneur who uses his/her wealth to fuel the business ventures.They use their fortunes and monies to buy businesses that they think will be successful. They identify promising businesses, its potential and look to acquire them. Then, they make any management or structural changes they feel are necessary. Their target to grow the businesses with potential as they invest to expand their profits. This kind of entrepreneurship is less risky because they are purchasing already well-established companies.
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