Recently, Global Entrepreneurship Monitor (GEM) has surveyed 65 economies through Adult Population Survey (APS). And, announced more than 582 million entrepreneurs in the world. That means one in every thirteen people owns a business! So, we can say that entrepreneurship exists everywhere. Yet, most of the people fail to explain how it does. However, there are described the entrepreneurship, types of entrepreneurship with examples and its related important topics.
What is Entrepreneurship?
Entrepreneurship is the process of launching, running, developing, and designing a new business. It is often at the start of a small business. It simple terms, entrepreneurship is the willingness to launch a new business venture. The people who make such businesses are called entrepreneurs.
It is not an easy task because of that 90% of startups fail each year. Nevertheless, more and more people pick to be independent in their professional careers. According to DealSunny.com, 2 out of 3 individuals think it is a decent choice.
Types of Entrepreneurship:
Most of the people think that entrepreneurship bears just a single meaning. But there are different kinds of entrepreneurship. Steve Blank who teaches customer development and secret history; at Stanford, Berkeley, and Columbia in the USA. He wrote an article named Startup America – Dead on Arrival. In this article, he described the four types. Such as:-
- Small Business Entrepreneurship
- Scalable Startup Entrepreneurship
- Large Company Entrepreneurship
- Social Entrepreneurship
Small Business Entrepreneurship:
At present, the number of entrepreneurs and startups overwhelm the USA with different kinds of entrepreneurship. Of these, 5.7 million are small businesses. They generate 99.7% of all companies and engage 50% of all non-governmental employees.
They make up barely profits. By these profits, they live and support their families. Such businesses unable the scale to attract venture capital, their funding comes from families, friends, or small business loans.
For examples of small business, consists of grocery shops, small industrial cottage businesses, consultants, hairdresser parlors, travel agents, electricians, carpenters, etc.
Scalable Startup Entrepreneurship:
Under these entrepreneurs, dream to change the world. Venture capitalists assist financially in this business. They find out the expert and skilled person as an employee. Their, every step is a repeatable and scalable business model-based. Scalable startups make up a small percentage of startups. On account of the massive earnings, they attract almost all the risk capital.
Examples of scalable startup entrepreneurship are Instagram, Facebook, Online shopping for electronics, etc.
Large Company Entrepreneurship:
Through offering new products and sustaining innovation, these companies variant around their core product. When they launch a new product in the market, it must be given the importance to the customer needs and demands as well as using advanced technology. Often, we recognize that these types of companies do this by partnering with or buying innovative companies.
Examples of large company entrepreneurship include Microsoft, Google, Samsung, BMW, etc.
Social entrepreneurs are real innovators. They create products and services by which is solved social needs and problems. Their main focus is to keep safe the world. Profit maximization is not their theme. Under these categories of entrepreneurship may be non-profit, profit, or hybrid.
Technical Perspective Entrepreneurship Types:
We already declared that all entrepreneurship is not the same. So we can categorize in a different way, we will get here 6 kinds of entrepreneurship from a technical perspective. For examples:-
Firstly, Gifford Pinchot first introduced us with the intra-corporate entrepreneur in 1973. It was later revised intrapreneur. In 1992, this term officially recognized. Additionally, the American Heritage Dictionary was given a definition. Accordingly, a person who belongs to a large corporation and takes direct responsibility for profit maximization through assertive risk-taking and innovation, it is called intrapreneurship. Four elements require establishing successful intrapreneurship. Such as:-
- The right strategic and structural environment within the organization
- Talented, skilled, trained and motivated workforce recognized
- Ensured Collaboration and natural networking within employees
- Available of rewarded and penalized tools
Secondly, if we break the Tehnopreneurship term, we can find two separate words one Technology and another Entrepreneurship. It is a process of synthesis in engineering the future of a person, a group, an organization, an ethnic, a nation, and the world. Simply, an entrepreneur takes his all-action technology-based, it is called technopreneurship. It has some features. Such as:-
- Employment generating
- Best using local resources
- Decentralized and diversified business
- Promoting technology
- Capital forming
- Promoting an entrepreneurial culture
Thirdly, when transgender and Hijra come up with some small businesses to shine their living life, it is called transpreneurship. It operates with the third gender in where a person does not include beggars or sex works.
Anam Prem of Mumbai in India is a well-known example of transpreneurship.
Fourthly, Cyberpreneurship and E-Entrepreneurship are the alternative names of Netpreneurship. According to the Longman Dictionary of Contemporary English, Netpreneur is an individual who delivers products and services after creating through online mode.
Fifthly, Agriculture, and Entrepreneurship; these two words make together Agripreneurship. It is an agricultural-based concept that covers altering an idea or vision into a new business.
Plant Clinics, Spin Farming, Herbal Processing Units, Rantachook, are also examples of agripreneurship.
Sixthly, Green Entrepreneurship and environmental entrepreneurship are other names of ecopreneurship. It is such ecopreneurship that interest positively in environmentally responsible perspective. David Kainrath has categorized three forms of entrepreneurship (ecopreneurship), including:
Place Perspective Categories of Entrepreneurship:
From the place perspective, we can find different kinds of entrepreneurship. Here mention three types. Such as:-
1. Domestic Entrepreneurship:
In the domestic entrepreneurship of the forms of entrepreneurship, the entrepreneur creates goods and delivers service within a specific nation or country. They have to follow all existing rules and regulations of that government.
For example, Dog Walking, Freelancing, House Cleaning writing, etc.
2. State Entrepreneurship:
In the types of entrepreneurship, state entrepreneurship operates and manages the whole government of the state. Only state; not a single entrepreneur undertakes all industrial ventures as well as trading.
For example any state-based business like Investpunjab in India.
3. International Entrepreneurship:
In the varieties of entrepreneurship, international entrepreneurship is the most attractive one. When an entrepreneur’s conducting business activities across the national boundaries, it is called the international entrepreneurship. There are given some importance of international entrepreneurship. For examples:-
- Increasing sales and profit
- Utilizing the Talent and Managerial Competence
- Opportunity creation
- Developing an image of the company
- Enriching quality of product
More Categories of Entrepreneurship:
We have already described the number of entrepreneurship types. There are mentioned some more categories of entrepreneurship. Such as:-
1. Administrative Entrepreneurship:
Under this category, all administrative functions and initiatives include. it is a very effective process to enhance the future competitive and merit edge.
The old-age pension scheme of government officials or employees is the best example of it.
2. Opportunistic Entrepreneurship:
At the right time, an entrepreneur has to take the right decision. This way, opportunistic entrepreneur ensures the identifying, exploiting, and performing the upcoming opportunities. So, it is given extra priority in other types of entrepreneurship.
FedEx, Lan Hancock, Arthur Fry, etc. are well-known examples of it.
3. Incubative Entrepreneurship:
Here, nurses and generates new ventures and ideas within the organization. It manages a productive way and ensures the material gain for the business firm.
To exemplify, Nokia and Microsft always promote and discover their own new technologies in a wide range of services and products among all services in the marketplace.
4. Imitative Entrepreneurship:
It has an alternative name that is Adoptive Entrepreneurship. Here, the entrepreneur adopts an earlier product from another country or nation, but new in that particular region or country.
For instance, China mobile technologies adapt and modify to take this to a new level.
Read More: Risk Management Process
5. Cultural Entrepreneurship:
Cultural entrepreneurship is an important one in the types of entrepreneurship. Here, entrepreneurs are visionaries and cultural change agents who develop financial, social, cultural, and human capital, to generate returns from cultural doings. Examples of cultural entrepreneurs are writers, artists, musicians, dancers, actors, advertisers, as well as the newer professions of TV/music producers, game developers, graphic designers, and bloggers.
Besides, these types of entrepreneurship, we can categorize the entrepreneurship in different ways. For instance, demographic types, economic types, ethical types, etc. However, there are mentioned more names of such entrepreneurship types. Such as:-
- Public Entrepreneurship
- Private Entrepreneurship
- Individual Entrepreneurship
- Mass Entrepreneurship
- Acquisitive Entrepreneurship
- Joint Entrepreneurship
- Trading Entrepreneurship
- Commercial Entrepreneurship
- Global Entrepreneurship Monitor (GEM); GEM Consortium
- Entrepreneurship; Wikipedia
- Startup America – Dead On Arrival; Steve Blank